Amseco Exploration Ltd.

Amseco Exploration Ltd.

August 15, 2011 09:00 ET

Amseco Ltd: Signature of a Letter of Agreement for the Acquisition of a 50% Interest in 28 Claims in the Monster Lake Region

MONTREAL, QUEBEC--(Marketwire - Aug. 15, 2011) - Amseco Exploration Ltd (Amseco) (TSX VENTURE:AEL) is pleased to announce that a partnership agreement has been reached with Vantex Resources Ltd (TSX VENTURE:VAX).

According to this agreement, Amseco is acquiring a of 50% interest in 28 claims owned by Vantex in the Monster Lake region, on properties adjacent to those where Stellar Pacific Ventures Inc. recently began a significant drilling program.

The Monster Lake region is also known for multiple gold deposits, namely, the Joe Mann, Chevrier and Philibert deposits.

The agreement between Amseco and Vantex comprises one cash payment of 5 000 $ and issuance from treasury of 400 000 common shares. In the near future, Amseco and Vantex will carry out joint exploration work on the 28 claims included in the agreement. The planned budget for this joint venture is a minimum of 100 000 $ for the first year.

This agreement is conditional upon approval of the regulatory authorities as well as the release of the official documents of title by the government.

Erratum: In the last news release, Amseco failed to mention the share options exercise price of 0.10 $ on the 1.85 million shares issued to the directors.

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