Canamex Resources Corp.

Canamex Resources Corp.

March 24, 2014 08:00 ET

Canamex Acquires Additional Patented Claim (Private Land) and Provides Drilling Update at Bruner Gold Project, Nye County, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 24, 2014) - Canamex Resources Corp. (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) (the "Company") is pleased to announce it has closed on the purchase of an additional 20-acre patented mining claim (private land) at the Bruner gold project located in Nye County, Nevada.

Elk Lode Patent

The 20-acre Elk Lode patented claim was purchased to complement the patented and unpatented land covered in the option to purchase agreement under which the Company is earning its interest at Bruner (see Canamex News Release dated October 15, 2010). The Elk Lode claim was identified during a due diligence land search and lies nearly adjacent to the existing patented land package at the property. Altogether the patented (private) land position totals approximately 500 acres, and includes the historic resource area* where drilling is currently underway to provide sufficient modern drill hole data to allow preparation of a maiden NI 43-101 report on the gold mineralization contained therein.

Engineering Studies

The Company has commenced engineering studies on portions of the patented claim group. Once sufficient drilling of the historic resource area is completed to allow preparation of a maiden NI 43-101 report, the Company will be in a position to address permitting the project for development. Doing the engineering studies in parallel with completing drilling of the historic resource area may shorten the timeframe to development, should a decision be made to advance the project to the development stage.

Drilling Update

The first core hole (B-1401C) at the historic resource area has been completed and delivered to ALS Minerals in Reno, Nevada for photographing, sawing, sampling and analyses. Results will be reported after they have been received and analyzed. Drilling of the planned 53 hole program (see Canamex News Release dated March 7, 2014) is proceeding on a two-week on, one-week off schedule.

President & COO Comments

"We are pleased to have concluded the purchase of the Elk Patent, which we have been pursuing for over six months, as it offers the Company more flexibility as it contemplates how best to develop the property down the road," said Greg Hahn, President and COO. "We have initiated engineering studies on the Bruner property in parallel with drilling of the gold mineralization, in order to be in a position to advance the project rapidly in the event our drilling continues to be successful and financial markets and gold prices are favorable," concluded Hahn.

Greg Hahn, Certified Professional Geologist (#7122) is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.

*The historic resource area refers to an area on the Bruner property that was the subject of a historical resource estimate reported on the property not in compliance with NI 43-101 standards. A qualified person (within the meaning of NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resource or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves. The historical estimate is relevant solely for purposes of directing target areas for the Company's current exploration programs.


SIGNED: Robert Kramer, Chairman and CEO

Neither the 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.

Forward-Looking Statements:

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the planned 2014 drilling program on the Bruner property; the potential for establishing a NI 43-101 mineral resource estimate; the potential mineralization and geological merits of the Bruner property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's planned 2014 drilling program(s) on the Bruner property, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2014 exploration programs will proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

Contact Information

  • Canamex Resources Corp.
    Robert Kramer
    Chairman and CEO
    (604) 828-0067