Amex Exploration Inc.
TSX VENTURE : AMX

Amex Exploration Inc.

July 12, 2010 09:59 ET

AMEX Grants to Bowmore an Option to Acquire 50% Interest for 1 Million $ in its Nueva Escondida Property in Mexico

MONTREAL, CANADA--(Marketwire - July 12, 2010) - AMEX Exploration Inc. ("AMEX") (TSX VENTURE:AMX) is pleased to announce that it has signed an option agreement with Bowmore Exploration Inc (BOW: TSX-V) in which Bowmore may acquire a 50% interest in the Nueva Escondida property from Minerales X-ORE S.A. de C.V. a Mexican mining corporation subsidiary of Amex Exploration inc in the State of Sonora, Mexico. Minerales X-ORE S.A. de C.V. was obtained from Blue Note Mining Inc. by the acquisition of all the outstanding shares of X-Ore International Inc as disclosed on press release dated March 18, 2010.

The Nueva Escondida Property is composed of 8 claims covering over 6,100 hectares and is located in the foothills of the Sierra Madre Occidental gold belt ("SMO"), The SMO is host of more than 40 Million ounces of gold and 2 Billion ounces of silver. Geologically, the property is situated within the Basin and Range Province located at the western edge of the Sierra Madre Occidental. Between 2005 and 2008, the property has been the object of sampling and geological mapping by X-Ore and returned significant gold-silver & polymetallic values over an area of 8 X 5 kilometers (40 Km2). This property has never been drilled before and is not subject to any NSR.

In order to acquire 50% interest in the Property, Bowmore shall make cash payments totaling $200,000 to Amex, issue a total of 150,000 of its common shares and incur expenditures in the aggregate amount of $800,000 within 24 months of the execution of the Agreement. At the end of this period, if Bowmore elects to continue to explore the property, a Joint Venture will be formed with Amex on a 50-50% ownership.

During the option period, Amex will be the operator and a management committee formed by two representatives of each company will be responsible for the planning of all exploration programs and budgets.

Jacques Trottier, Ph.D., President and CEO of Amex, comments: 'We are very pleased to associate ourselves again in a second option agreement with Bowmore (TSXV: BOW) who's is still in a strategic partnership is Osisko Mining Corporation (OSK: TSX). Our experience with their exploration team, who is participating with us in the ongoing exploration program of the Natora South project (now called the Chivas project by Bowmore), is demonstrating to be more than positive. I am personally convinced that this combination with our local dynamic technical organization will prove to be very efficient and will be reflected in the quality of upcoming results. In my opinion, this new agreement will definitely help to better and more efficiently fully develop the real potential of the Nueva Escondida property.

ABOUT NUEVA ESCONDIDA PROPERTY

The NUEVA ESCONDIDA property is located in the north-western part of Mexico, at the Foothills of the Sierra Madre Occidental in the central part of the Sonora State, 110 km East of Hermosillo. The property is easily accessible by paved road from Hermosillo and then from dirt roads directly to the property.

Geologically, the property is underlain by Paleozoic limestones, dolomites and calcareous sandstones in contact with a Tertiary porphyritic rhyolite. Andesitic tuffs cover the area in the southern part. The sedimentary rocks have been locally indurated and silicified along the contact with the porphyry. Two main structural NE and NW mineralized trends are present within the sedimentary package at the western edge of the porphyritic rhyolite. Sphalerite, galena and pyrite microcrystals are the main ore minerals associated to strongly brecciated and oxidized structures in the dolomitized limestones. These characteristics are similar to recently discovered new world class polymetalic type deposits, such as the Penasquito and Camino Rojo of Goldcorp.

Between 2005 and 2008, Minerales X-Ores made regional rock, soil and stream sediments geochemical surveys totaling 551 samples. Only from rock sampling (356 samples), very high values of up to 13.65 g/t Au, 931 g/t Ag, 23.3% Zn and 6.24% Pb were obtained. In 2006, a detailed rock geochemical survey totaling 258 samples was carried out in the original Nueva Escondida claim where the highest zinc and lead values were obtained. This survey outlined an area of 1,000 meters by 300 meters with a strong Au-Ag-Zn-Pb geochemical signature within a sedimentary sequence near the contact with a porphyry intrusive with individual values of up to 2.51 g/t Au and 767 g/t Ag. The ASTER high-resolution satellite imagery with alteration mapping shows a strong argillic alteration within the porphyry and confirms the silica alteration of the sediments at the contact with the porphyry precisely where this high Au-Ag-Zn-Pb area has been identified.

Amex management is very enthusiastic with the involvement of Bowmore in the development of the Nueva Escondida project and is looking forward with great expectation for the initiation of an aggressive exploration program that should be put in place in a very near future.

Amex Exploration Inc. is a junior mining exploration company listed of the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • AMEX Exploration Inc.
    Mr. Jacques Trottier
    President and Chief Executive Officer
    514-866-8209