Canamex Resources Corp.
TSX VENTURE : CSQ
FRANKFURT : CX6

Canamex Resources Corp.

February 22, 2011 13:54 ET

Canamex Confirms Bruner Potential

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - Canamex Resources Corp. (TSX VENTURE:CSQ)(FRANKFURT:CX6) is pleased to announce that it has completed Phase 1 reverse circulation drilling at its Bruner project located in central Nevada, 68 km northwest of the Round Mountain Mine. A total of 11 holes totaling 5,000 feet or 1,525 m were drilled and all geochemical results have been received. Results of initial metallurgy are also in hand.

Out of the 11 holes drilled, 8 have +100 feet (30.5 m) true thicknesses of +0.01 oz/ton (0.34 g/t) Gold Equivalent (abbreviated as "+0.01 GE"), and 5 have +200 feet (61 m) +0.01 GE. Drill hole B1006 has the thickest interval, containing a true thickness of 320 feet (97.5 m) averaging 0.015 oz/ton (0.51 g/t) GE. A few higher grade veins were intersected within the thick low grade zones including 5 feet (1.5 m) averaging 0.289 oz/ton (9.89 g/t) gold and 4.58 oz/ton (157.0 g/t) silver and 5 feet at 0.220 oz/ton (7.53 g/t) gold and 0.81 oz/ton (27.6 g/t) silver. Summary results are shown in the table attached.

Canamex commissioned ALS Chemex Laboratory of Sparks, Nevada to conduct a set of initial metallurgy "bottle roll" tests from selected mineralized intervals of the recently completed drilling program. A total of seven composites at various grades were subjected to a grinding and 24 hour cyanide leach to determine recovery of contained gold (only) by cyanide-leach methods. Results of this testing indicate average gold recoveries in excess of 90%. These favorable results suggest that gold at Bruner may be recoverable by standard heap leaching methods. 

A systematic QA/QC program including check and repeat assays for each drill hole, secure transport and analysis by an ISO 9001:2000 certified lab has insured the reliability of the results. Analysis was performed by ALS Chemex in their Nevada facilities.

Initial interpretation of the drilling results indicates the gold/silver mineralization occurs as a moderately southwest dipping tabular body beginning at or near the surface. The Company drilled -45 degree angle holes to the east-northeast and intersected the body perpendicular to its dip. The location of the bulk low grade body appears partially controlled by the location of a welded tuff unit that is the primary host. This unit may be receptive to the brittle fractures that appear to host most of the mineralization. Complete oxidation of sulfides occurs to at least 800 feet (244 m) beneath the surface.

The Bruner project is associated with a paleo-hot springs system in a caldera associated volcanic setting very similar to the Round Mountain mine. Round Mountain is an open pit, heap-leach mine that has produced over 10 million ounces of gold over a 30 year period, with the average grade currently being mined of 0.018 oz/ton (0.62 g/t) gold. Cut-off grades for Round Mountain and several other oxide ore heap leach operations in Nevada range from 0.003 to 0.005 oz/ton (0.10-0.17 g/t) gold. 

Canamex is encouraged by the results of Phase 1 drilling, and will continue to attempt expansion of the mineralized zone which is currently open to the north and east.

Canamex has an option agreement with Provex Resources Inc., a Nevada corporation, to earn a 75% interest in the Bruner property. The property covers virtually all of the significant mines of the district, and consists of 98 unpatented and 21 patented mining claims covering a total of approximately 963 hectares (2,380 acres). Historic work by Morrison-Knudsen, Miramar, Glamis, Newmont, Kennecott and others have identified the resource Canamex is currently drilling, along with several other poorly tested gold/silver anomalies. Canamex will first determine the size and grade of the July-Duluth resource using National Instrument 43-101 guidelines, and then test the other identified anomalies. A map of completed drill holes is shown on the Canamex website (see attached Phase I Summary Drill Results).

Richard Kern (P. Geol.) is the Company's qualified person on this project. Mr. Kern prepared the technical information contained in this news release.

For more information on Canamex and the Bruner project please visit the Company's website at http://www.canamex.us.

ON BEHALF OF THE BOARD

Herb Duerr, Director

Phase 1 Summary Drill Results Bruner Project (≥ 5 feet @ ≥ 0.01 oz/ton gold equivalent) 02/11
              True     Gold
Hole From To Interval True Gold Silver Width Gold Silver Equiv.
No.  (feet) (feet) (feet) Width (oz/ton) (oz/ton) (m) (g/t) (g/t) (oz/ton)
B1001 180 185 5 5.0 0.011 0.07 1.5 0.37 2.30 0.012
B1002 15 75 60 60.0 0.010 0.12 18.3 0.33 3.94 0.012
  95 100 5 5.0 0.009 0.07 1.5 0.32 2.40 0.011
B1003 10 15 5 5.0 0.019 0.03 1.5 0.66 1.10 0.020
  150 160 10 10.0 0.014 0.07 3.0 0.49 2.30 0.015
  180 200 20 20.0 0.013 0.10 6.1 0.44 3.38 0.015
B1004 155 165 10 10.00 0.010 0.16 3.0 0.35 5.40 0.013
  200 225 25 25.0 0.008 0.29 7.6 0.26 9.80 0.012
  270 345 75 75.0 0.004 0.36 22.9 0.14 12.47 0.010
  385 390 5 5.0 0.009 0.08 1.5 0.33 2.70 0.011
B1005 0 10 10 10.0 0.076 0.05 3.0 2.61 1.80 0.077
  150 155 5 5.0 0.014 0.06 1.5 0.49 2.00 0.015
  325 455 130 130.0 0.017 0.20 39.6 0.59 6.72 0.020
Including 350 355 5 5.0 0.220 0.81 1.5 7.53 27.60 0.237
  495 525 30 30.0 0.004 0.47 9.1 0.12 16.13 0.011
  565 570 5 5.0 0.005 0.41 1.5 0.17 14.08 0.011
  565 595 30 30.0 0.005 0.41 9.1 0.17 14.08 0.011
B1006 115 120 5 5.0 0.013 0.05 1.5 0.43 1.60 0.013
  140 265 125 125.0 0.010 0.20 38.1 0.33 6.69 0.013
  290 455 165 165.0 0.008 0.47 50.3 0.29 16.26 0.016
  560 585 25 25.0 0.009 0.41 7.6 0.30 14.10 0.016
B1007 0 50 50 50.0 0.079 1.63 15.2 2.70 55.87 0.106
Including 20 25 5 5.0 0.289 4.58 1.5 9.89 157.00 0.365
  125 165 40 40.0 0.016 0.18 12.2 0.54 6.18 0.019
  190 225 35 35.0 0.028 0.41 10.7 0.96 13.97 0.035
  325 335 10 10.0 0.007 0.32 3.0 0.25 10.90 0.013
B1008 60 165 105 105.0 0.035 0.52 32.0 1.21 17.87 0.044
  185 190 5 5.0 0.022 0.20 1.5 0.76 6.70 0.025
B1009 5 10 5 5.0 0.029 0.03 1.5 1.00 0.90 0.030
  35 40 5 5.0 0.010 0.09 1.5 0.35 3.10 0.012
  80 85 5 5.0 0.013 0.03 1.5 0.44 1.10 0.013
  155 205 50 50.0 0.025 0.26 15.2 0.85 8.90 0.029
Including 185 190 5 5.0 0.158 0.25 1.5 5.41 8.40 0.130
  235 250 15 15.0 0.011 0.07 4.6 0.38 2.30 0.012
  285 300 15 15.0 0.012 1.06 4.6 0.41 36.30 0.029
  445 455 10 10.0 0.025 0.29 3.0 0.87 9.85 0.030
  480 500 20 20.0 0.009 0.08 6.1 0.30 2.70 0.010
  530 610 80 80.0 0.016 0.07 24.4 0.55 2.51 0.017
B1010 5 55 50 50.0 0.011 0.04 15.2 0.39 1.25 0.012
  160 165 5 5.0 0.013 0.01 1.5 0.45 0.50 0.013
  265 405 140 140.0 0.005 0.83 42.7 0.16 28.33 0.018
  540 550 10 10.0 0.018 0.09 3.0 0.61 3.00 0.019
B1011 15 210 195 195.0 0.016 0.42 59.4 0.54 14.40 0.023
Including 155 160 5 5.0 0.149 2.48 1.5 5.09 84.90 0.198
  345 355 10 10.0 0.011 0.08 3.0 0.37 2.65 0.012
  390 395 5 5.0 0.006 0.26 1.5 0.19 8.80 0.010
*Gold/Silver ratio used for Gold Equivalent values is 60/1
Metallurgical recoveries and net smelter returns are assumed to be 100%.

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.

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