MONTREAL, QUEBEC--(Marketwire - July 7, 2011) - Amex Exploration Inc. (TSX VENTURE:AMX) is pleased to announce that Bowmore (TSX VENTURE:BOW) has confirmed the continuation of the option to earn a 50% interest in Amex 100% owned Nueva Escondida property in Mexico. As such, at the first year anniversary date of the signed Option Agreement (see Press Release (PR) of 07-12-10) that was on Tuesday, July the 5th 2011, Bowmore has delivered on due time a cash payment of $ 50,000 and 50,000 shares of its capital.
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. This property has never been drilled before and is not subject to any NSR.
A 2000 meter diamond drill campaign is in process of permitting and should soon be implemented. The campaign is designed to test the anomalous gold-silver and polymetalic zones described in the PR dated May 17th 2011.
Pursuant to the Option Agreement (the "Agreement") between Amex Exploration Inc. ("Amex") and Bowmore Exploration Ltd.,("Bowmore") whereas Bowmore may acquire from Minerales X-Ore de S.A. de C.V a 50% interest in the Property and will keep the exclusive rights to explore and develop the Property over a two year period in consideration of the issuance of 150,000 common shares of the Company, a total cash payments of $200,000 and incur expenditures in the aggregate amount of at least $800,000 on or before the second anniversary date of the agreement. During the earn-in period, Amex will be the operator. At the end of this period, Bowmore and Amex will get into a Joint Venture agreement to further develop the property.
Amex Exploration Inc. is a junior mining exploration company listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.
The technical information reported in this news release has been approved by Jacques Trottier, geol., Qualified Person as defined by Canadian NI 43-101
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 press release.
Contact Information:
President and Chief Executive Officer
Tel: (514) 866-8209