Amseco Exploration Ltd.
TSX VENTURE : AEL

Amseco Exploration Ltd.

November 22, 2010 14:45 ET

Amseco Exploration Ltd.: Acquisition of Half of the Outstanding Net Smelter Royalties Yasinski Project, James Bay Lowlands, Quebec

MONTREAL, QUEBEC--(Marketwire - Nov. 22, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") announces the signature of three (3) Net Smelter Royalty (« NSR ») purchase agreements for half of the outstanding NSRs payable in the event of production from the Yasinski project which is composed of 64 Map Designated Cells (¨CDC¨), covering an area of approximately 4,672 hectares, spread amongst two blocks in the Lower James Bay region of Quebec, sector 33F04.

As a consequence of the Yasinski purchase agreement due diligence, Amseco wishes to correct the press release issued on October 20, 2010, which stated that there was only a 1% NSR on the project. In reality there was three (3) separate 1% NSR on the project

The corporation has negotiated the purchase of half of these NSRs. One half of the Vanstar 1% NSR is being bought back in consideration of the issuance of 150,000 treasury shares. One half of the other two 1% NSRs payable to Terry O'Connell and Real Gauthier, of Rouyn-Noranda, QC, have been bought back in exchange of 100,000 shares payable to each NSR holder. Following these NSR acquisitions the project now carries a total NSR of 1.5%. One half of the remaining NSRs, that being 0.25% per NSR, can be bought back by Amseco in consideration of a cash payment of $125,000 for each purchase.

A 43-101 Report was filed on the project was filed in October 2008, by Vanstar and written by Pierre O'Dowd, P. Geo. and Gilles Laverdière, P. Geo. Amseco will soon be issuing a technical press release on the project as well as a description of its planned work and budget.

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