Canamex Resources Corp.

Canamex Resources Corp.
GMV Minerals Inc.

July 06, 2011 08:30 ET

Canamex and GMV Enter into Option Agreement on Large Prospective Gold Acreage in Guyana

VANCOUVER, BRITISH COLUMBIA-- (Marketwire - July 6, 2011) - Canamex Resources Corp. (TSX VENTURE:CSQ)(FRANKFURT:CX6) ("Canamex") and GMV Minerals Inc. (TSX VENTURE:GMV) ("GMV") through its wholly-owned subsidiary GMV Guyana Resources Inc., are pleased to announce they have entered into an option and joint venture agreement covering a large land package containing nominally 98,000 acres in a highly prospective gold region in Guyana, subject to receipt of regulatory approval. The land package is referred to as Aranka North, and lies to the northeast of the major gold discoveries by Guyana Goldfields at Aurora and Sulfur Rose, and their reported new discovery at Aranka, all of which lie along a northeast trend. The Aranka North land package lies further to the northeast along this well-mineralized and highly prospective gold trend. There is active alluvial mining going on within the land package along the Waini River system, and management believes the source of the alluvial gold is in the outcropping and shallow bedrock at the headwaters of the gold-bearing alluvial drainages within the land package.

GMV has recently flown an airborne geophysical survey over the Aranka North land package as part of their exploration program on most of their land holdings in Guyana, and Canamex has agreed to acquire this geophysical data from GMV as part of the transaction. Regional geophysics flown previously by the Guyana government reveals a pronounced aeromagnetic anomaly in the headwaters region of the alluvial mining that will be an initial focus of Canamex's exploration on the Aranka North property.

Canamex has incorporated a wholly-owned Guyanese entity, Canamex Guyana Inc. ("Canamex Guyana"), to enter into this transaction and to do business in Guyana. Canamex Guyana has engaged Mr. Deryck Khan, a resident of Georgetown Guyana, as its Country Manager. Mr. Khan is an established businessman in Georgetown, has been an alluvial miner for many years, knows the gold-bearing districts of Guyana, the people in the gold business in Guyana, and the administrative and regulatory process and requirements for doing business in Guyana.

Canamex, through Canamex Guyana, has been granted an option to acquire up to a 100% interest in the Aranka North properties by making cash payments to GMV totaling US$520,627.62 over the next 36 months, expending US$1,000,000 in exploration work on the properties before December 31, 2013, and issuing a total of 3,750,000 shares to GMV in stages as follows: (a) 1,500,000 shares upon approval of the transaction by the TSX Venture Exchange (Approval Date), (b) 1,250,000 within 18 months of the Approval Date, and (c) 1,000,000 shares within 36 months of the Approval Date. In addition, upon exercise of the option, Canamex has agreed to pay GMV US$500,000 cash and issue 500,000 shares in the capital stock of Canamex to GMV for every 500,000 ounces of gold contained in measured and indicated resources as referenced in a National Instrument 43-101 qualifying report, up to a maximum of US$2,000,000 and 2,000,000 shares of Canamex.

A finder's fee will be paid in connection with this transaction to Bear Trade Corporation in accordance with the policies of the TSX Venture Exchange.

Canamex continues to review and negotiate on a number of other land packages in the Guyana gold region that it believes are highly prospective for significant bedrock gold deposits. Canamex intends to be in a position to commence field programs on the Aranka North properties aggressively in the fall dry season beginning in August 2011, and on the other properties as they are secured.


Gregory A. Hahn, President & CEO


Ian Klassen, President and CEO

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. 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. Canamex and GMV expressly disclaim 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.

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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