Amseco Exploration Ltd.

Amseco Exploration Ltd.

May 24, 2011 15:37 ET

Amseco Exploration Ltd.: Barry-Urban Drill Holes Intersect Significant Gold Values

MONTREAL, QUEBEC--(Marketwire - May 24, 2011) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") announces diamond drill hole ("DDH") assay results for its winter drilling campaign at Lac Rouleau property in Barry-Urban area (NTS 32G04).

Between February and April 2011 the Corporation drilled six (6) DDHs for a total depth of 1,950 meters in BQ gauge (36.5 mm). Four holes intersected the Lac Rouleau Fault ("LRF") and Zone 18, while one hole did not show evidence of the typical alteration found in the LRF and the last hole was prematurely stopped due to a technical problem and the spring thaw.

The LRF corresponds to a ENE-oriented vertical shear zone. Its average thickness is between 20 to 40 m, and is shown by historical drillings and geophysical surveys to extend over a minimum length of 2,500 meters. Zone 18 is a Gold zone interspaced within the LRF. The mineralisation is made up of native Gold (rarely visible) and auriferous pyrite (3-5%) disseminated in a highly silicified rock which is intersected by narrow veins and milky white to grey to black quartz veinlets and carbonates. Gold is found within micro-factures mostly associated with quartz veins and veinlets.

According to the "Ministère des ressources naturelles et de la Faune-Québec" (MnrF-Q"), the resources would be approximately 600,000 tonnes grading 6.9 g/t Au (No. Cogite# 32G04-0011) or 544,000 tonnes grading 7.2 g/t A (RG 2001-14). These resources are non-43-101 compliant.

Assay Results:

The DDHs from the recently completed campaign were sunk amidst a segment of the LRF where historical DDHs had identified Zone 18. The 2011 DDHs were located between metric lines L1975 E and L 2100E and at vertical depths between -150m and -300m underground. 201 samples were taken, averaging 1 meter in length, and assayed by Laboratoire Expert, Rouyn-Noranda, QC. The assay method used was (FA-GEO- detection limit 5 ppb). In the case of Au assay results of more than 1,000 ppb the laboratory submitted the sample to another assay method which was mostly Fire Assay. Amseco's sampling and the lab assays complied with "Mineral exploration best practice guidelines" as recommended by Canadian Institute of Mines (CIM).

Geological results:

DDH RL11-01

Line: 2100E Station : 109+00 N Azimuth : 346° Incline : -55° Length : 252 metres

The LRF was intersected between 152 and 217 m, over a 65 m length (37 m horizontal). The silicified zone which corresponds to Zone 18 is intersected by white quartz veins and veinlets (158.67 to 167.85 m) and by black quartz (167.85 to 179.71 m). This zone is strongly anomalous grading 882 ppb Au over a length of 20.33 m.

The individual values in excess of 1,000 ppb Au ( 1 g/t Au) are as follows:

Au ppb FA-GEOLength (m)fromtoAu g/t FA-GRAV

DDH RL11-02

Line: 2100E Station : 108+00 N Azimuth : 346° Incline : -50° Length : 363 metres

A greatly altered zone was intersected between 228 m to 298 m, over a length of 70 m (45 m horizontal). The most interesting rocks included ultramafics (228 m to 236m) and a basalt (236m to 252 m), both with up to 40% quartz veins and veinlets. The white quartz vein and veinlet interspaced section graded 87 ppb Au over a length of 23.24 m. At this time it is not possible to say whether this zone represents a section of LRF that is out of place or if it is another shear zone.

DDH RL 11-03

Line: 2075E Station : 108+00 N Azimuth : 346° Incline : -60° Length : 450 metres

The LRF was intersected between 362 m to 400 m, over a length of 38 m (19 m horizontal). Zone 18 was intersected but the rock while being silicified was not interspaced by quartz veins or veinlets. This zone grades 39 ppb Au over 27.10 m. The highest value is 374 ppb Au over 1.53 m.

DDH RL 11-04

Line: 2025E Station : 108+00 N Azimuth : 346° Incline : -60° Length : 434 metres

The LRF was intersected between 368 m to 434 m, over a length of 66 m (33m horizontal). Similarly to the previous DDH, Zone 18 was intersected but while the rock was silicified it was not interspaced by quartz veins or veinlets. This zone grades 57 ppb Au over 22.63 m. The highest value was 277 ppb Au over 1.00 m.

DDH RL11-05

Line: 2000E Station : 108+00 N Azimuth : 346° Incline : -50° Length : 400 metres

The LRF was intersected between 308 and 348 m over a length of 40 m. (28 m horizontal). The silicified zone corresponding to Zone 18 was intersected between 314.00 to 317.00 m by black quartz veinlets associated with 3% to 5% pyrite. The average is 3,448 ppb Au over 3.00 m. The individual values are as follows:

Au ppb FA-GEOLength (m)fromtoAu g/t FA-GRAV

An altered zone, preceding LRF and located 279 m to 308 m was also intersected. The better grades were obtained in basalt made up of at least 25% white quartz veins and veinlets.

Au ppb FA-GEOLength (m)fromto

The following interesting value was obtained outside of Zone 18 but within the LRF:

Au ppb FA-GEOLength (m)fromtoAu g/t FA-GRAV

A Tuft block intersected by the LRF showed anomalous Au values at a depth between 333.00 and 348.00 m. The weighted average grade was: 709 ppb Au over 15.00 m. The individual values exceeding 1,000 ppb Au are as follows:

Au ppb FA-GEOLength (m)fromtoAu g/t FA-GRAV

DDH RL11-06

Line: 1975E Station : 108+00 N Azimuth : 346° Incline : -55° Length : 51 metres

This drill hole was stopped at 51 m due to unstable casings and the advance spring thaw.

The Lac Rouleau property is located in the Barry-Urban, Quebec, mining camp and is the object of an option agreement to acquire a 50% interest from Beaufield Resources Inc. This region is also being actively explored by Metanor, Eagle Hill, Bon Terra and Key Gold Holding.

Amseco's management is encouraged by these good results. The gold assays and the width of the LRF show that this is a major structure and that it extends on both sides of Zone 18. The ongoing analysis of the drillhole resuIts together with the results from the recently completed geophysical surveys will help the Corporation plan its ongoing exploration work. The locations of all Zone 18 drill casings will be the object of a GPS based land survey and down-hole surveys using Flexit MultiSmart or the DeviToll Peewee. These instruments measure the azimuth and the drill dip. The drill data collected will be used in a new Zone 18 resource calculation and the completion of a NI 43-101 compliant report.

Diamond drilling and stripping will also be completed on other gold showings within the confines of the Zone 18 and Lac Rouleau areas. The majority of these showings are around Lac Rouleau and on the flanks of small hills, within a quasi circular area measuring 2 kilometres in radius.

This press release has been prepared by, Jean-Pierre Cloutier, P. Geo. He is a Qualified Person under National Instrument NI-43-101. He is a Director of Amseco Exploration and currently leads the company's exploration efforts in the Barry-Urban area.

We seek safe harbour

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