Canamex Resources Corp.

Canamex Resources Corp.

August 21, 2013 08:30 ET

Canamex Intersects 9.1 Meters of 7.2 G/Tonne Gold (30 Feet of 0.210 Oz/Ton) Including 1.5 Meters of 30.7 GPT Au (5 Feet of 0.900 OPT) at the Bruner Gold Project, Nye County, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2013) - Canamex Resources Corp. (the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is pleased to announce additional drill intercepts from its 2013 reverse circulation (RC) drilling program at the Bruner gold project, Nye County, Nevada.

The Company has received results from holes B-1317 through B-1320, which were drilled to test the northern extension of the high-grade structure at the Penelas East target and encountered in hole B-1316, reported previously (see news release July 17, 2013). Drill hole B-1319 intersected a high-grade structure at 635-640 feet grading 30.7 GPT Au (0.900 OPT) within a wider zone averaging 7.2 GPT Au over 9.1 meters (0.210 OPT over 30 feet) between 630-660 feet. A re-run on the interval 635-640 feet using gravimetric methods returned 32.9 GPT Au (0.960 OPT). The hole was terminated at 660 feet, so the full width of this mineralized zone has not yet been tested. These intercepts confirm continuation of significant gold mineralization to the north of previously drilled intercepts at the Penelas East target.

A complete table of summary assay results follows:

Hole From To Feet Opt Au GPT Au
B-1317 240 250 10 0.017 0.569
270 285 15 0.028 0.951
415 425 10 0.022 0.740
495 510 15 0.037 1.263
525 535 10 0.035 1.212
580 585 5 0.027 0.935
Subtotal: 65 0.028 0.971
B-1318 180 195 15 0.013 0.429
220 225 5 0.014 0.475
265 270 5 0.012 0.418
290 295 5 0.018 0.603
415 425 10 0.060 2.050
455 460 5 0.019 0.648
Subtotal: 45 0.025 0.837
B-1319 20 30 10 0.011 0.367
225 235 10 0.020 0.691
255 280 25 0.014 0.491
320 335 15 0.016 0.545
375 385 10 0.043 1.460
510 535 25 0.024 0.817
560 565 5 0.032 1.100
630 660 30 0.210 7.200
including 635 640 5 0.900 30.700
Subtotal: 130 0.065 2.212
B-1320 20 35 15 0.051 1.734
90 95 5 0.012 0.426
255 335 80 0.034 1.169
360 365 5 0.015 0.527
450 465 15 0.043 1.464
505 525 20 0.031 1.059
Subtotal: 140 0.035 1.196

Project geologists have not determined the attitude of all of the mineralized intercepts, and therefore cannot determine the true width of any of the reported intercepts at this time.

Company President and COO Greg Hahn Comments

"We continue to intersect stockwork gold mineralization in all holes drilled into the Penelas East target. There appears to be a lower grade stockwork zone surrounding the high-grade structure(s), which should allow for considering open pit mining of this gold zone".

Penelas East Drilling Continues

Meanwhile the RC drilling program has been focused on drilling the southern extension of the Penelas East target area, following up on the high grade intercept in hole B-1301 completed and reported earlier in the year (see news release dated April 23, 2013). This drilling is in progress and results will be reported when the two three-hole fans are completed, and results interpreted. Future drilling will test northern and southern extensions to the gold mineralization, as well as further characterize the gold bearing zones.

Core Drilling to Commence in September

A core drilling program for the Bruner project is planned to begin in September, and three core holes are planned to drill into the high-grade zone(s) at Penelas East to help refine the geology and attempt to resolve the several possible geological interpretations.

Geological Interpretation

The high-grade interval in B-1319 falls west of the projected contact of a steeply dipping, north-westerly striking mafic dike that was intersected higher in this hole and in several nearby holes and mapped on surface. The high-grade interval in hole B-1316 was intersected closer to but still on the west side of the mafic dike. Several possible interpretations of the geology are being considered to explain the location of these two intercepts. These include: 1) they are the same north-trending structure offset several hundred feet across the trace of a fault that the mafic dike intrudes, 2) they are sub-parallel to parallel high-grade structures, for which we have very few drill hole intercepts on the deeper structure, 3) they are en-echelon structures offset slightly from one another due to the nature of the fracturing of the host silicified rhyolite, and 4) this is a high grade structure that trends more northwesterly than northerly as previously thought and the two intercepts are from the same northwesterly trending structure.

The previous holes intersected possible strike extensions of the mineralized zone on the east side of the mafic dike, but did not go deep enough to fully test the possible extensions of the zone encountered in B-1319 on the west side of the mafic dike. Further drilling at the northern extension of the Penelas East target will be planned to test both possible mineralized structures.

Quality Control

Drill samples are stored on a locked storage facility on site until retrieved by ALS-Chemex personnel, then transported in their custody to the ALS-Chemex laboratory in Reno/Sparks, Nevada, where they were dried, crushed, and split, and representative splits sent to the ALS-Chemex laboratory in Vancouver for analyses. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.

Greg Hahn, President & COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI 43-101 responsible for preparing and reviewing the scientific and technical information contained in this press release.


Robert Kramer, Chairman and CEO

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 with respect to the estimated costs and timing of drill programs on the Bruner property, 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 2013 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 2013 exploration programs will proceed as planned and within budget. Canamex 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.

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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