Canamex Resources Corp.
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Canamex Resources Corp.

March 08, 2012 12:31 ET

Canamex Intersects High-Grade Gold-Silver at Bruner Project Including 4.2 Meters Averaging 12.97 g/t Gold and 146 g/t Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2012) - Canamex Resources Corp. (TSX VENTURE:CSQ)(PINKSHEETS:CNMXF)(FRANKFURT:CX6) announces that it has received final geochemical results from a 13 hole Reverse Circulation (RC) drilling program at its Bruner gold-silver project located in central Nevada about 200 kilometers east-southeast of Reno. Two of the first three holes drilled by Canamex into the Penelas East Vein System intersected +10 g/t (+.292 oz/ton) gold. Drill hole B-1115 penetrated a vein nearly 400 feet below the surface and 400 feet south of the historic drill intercepts in BRU-085 and BRU-105. This vein intercept has a true width of 4.2 meters (13.7 feet) and averages 12.97 grams per tonne (g/t) gold (0.379 oz/ton) and 146 g/t (4.25 oz/ton) silver and includes 1.4 meters assaying 24.97 g/t (0.729 oz/ton) gold and 151 g/t (4.41 oz/ton) silver. The drilling program was designed to test for high-grade gold-silver veins similar to those at Newmont's Midas (Ken Snyder) Mine in northern Nevada. Three holes were drilled at the Penelas East target, and five holes were drilled at the historic Penelas Mine target.

Drill holes B-1108, 1109 and 1115 were drilled at Penelas East. Drill hole B-1115 was located 90 meters southwest of holes B1108 and B1109 and roughly 122 meters south of historic intercepts in holes BRU-085 and BRU-105. B-1115 intersected a core of 1.4 meters (4.6 feet) of 24.97 g/t (0.729 oz/ton) gold and 151 g/t (4.41 oz/ton) silver about 122 meters (400 feet) below the surface within an overall intercept of 4.6 meters (15 feet) averaging 12.97 g/t gold (0.379 oz/ton) and 146 g/t (4.25 oz/ton) silver. B-1108 intersected 1.5 meters (4.8 feet) of 11.50 g/t (0.336 oz/ton) gold and 36.3 g/t (1.06 oz/ton) silver about 55 meters (180 feet) below the surface. B-1109 intersected 1.5 meters (5 feet) of 5.57 g/t (0.163 oz/ton) gold and 3.7 g/t (0.11 oz/ton) silver about 38 meters (125 feet) below the surface. All three intercepts in the Penelas East vein are subtle and contain some banded chalcedonic quartz and microbreccias, indicative of a high level located above the boiling zone and possibly within a larger epithermal vein system. Gold in epithermal vein systems precipitates primarily at and below the boiling point of the gold-bearing solutions, so any gold in the vein system above the boiling point, as evidenced by vein textures, is a very encouraging sign. By analogy with the nearby historic Penelas Vein, which produced 100,000 tons grading 0.56 oz/ton gold, high-grade intercepts are expected to lie below the recent drill hole intercepts at elevations below 6200 feet ASL. The above intercepts lie at elevations of 6200-6400 feet ASL.

In addition, there is a halo of lower grade material surrounding the above high-grade intercepts as evidenced in the summary table below that constitute a potential bulk mineable heap leach target as an alternative to a high grade vein target.

Canamex has engaged Dr. Stuart Simmons, a world renowned expert on epithermal gold vein systems, to analyze the results of the drilling and sampling program at the old Penelas and East Penelas vein areas and throughout the property to guide future exploration towards the identification of the "boiling zone", where the majority of gold is precipitated in these systems.

Several of the holes in the other target areas intersected thicker intervals of lower grade gold and silver mineralization that comprise or are part of a separate bulk mineable heap leach target and that could complement the historic resources on the west end of the property.

The drilling program consisted of 2,434 meters (7,985 feet) in 13 angled RC drill holes. Drill cuttings were collected in 1.5 meter (5 feet) interval, consisting of two 2-3 kilogram homogenized splits, one of which was shipped to ALS Chemex in Reno for analysis and the other saved for possible check assaying or metallurgy. Blanks and standards were included in the samples shipped to the lab. Analysis for gold and silver was done using 30 gram fire assays. A summary of the results is included in the table below and a map of drill hole locations is found on the Canamex website at www.canamex.us.

Canamex intends to continue its exploration at Bruner later in the summer with a focus on testing the high-grade vein mineralization at the Penelas and Penelas East Vein System via a core drilling program.

Greg Hahn, Chairman and CEO and a Certified Professional Geologist (#7122) is the Qualified Person under NI 43-101 responsible for preparing and reviewing the data contained in this press release.

ON BEHALF OF THE BOARD

Gregory A. Hahn, Chairman and CEO

Forward-Looking Statements:

This note contains forward-looking statements regarding future events and Canamex's future results. These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Canamex operates and the beliefs and assumptions of Canamex's management. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Canamex's future financial performance, Canamex's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified elsewhere herein and Canamex's filings on www.sedar.com. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Canamex undertakes no obligation to revise or update any forward-looking statements for any reason.

2011 Phase 1 Summary Drill Results Bruner Project (≥ 1.5 meters @ ≥ 0.3 g/ton gold equivalent) 02/12
From To Interval *True Gold Silver True Gold Silver *Gold Equiv.
Hole No. (feet) (feet) (feet) Width(ft) (oz/ton) (oz/ton) Width (m) (g/t) (g/t) (oz/ton)
B1101 115 120 5 4.3 0.015 0.08 1.3 0.52 2.70 0.017
155 160 5 4.3 0.017 0.11 1.3 0.58 3.90 0.019
275 285 10 8.6 0.006 0.40 2.6 0.21 13.55 0.013
B1102 110 115 5 4.3 0.015 0.12 1.3 0.53 4.20 0.017
155 175 20 17.2 0.021 0.10 5.2 0.72 3.50 0.023
including 155 160 5 4.3 0.065 0.07 1.3 2.24 2.40 0.067
195 225 30 26.0 0.012 0.24 7.9 0.40 8.17 0.016
including 220 225 5 4.3 0.029 0.66 1.3 0.99 22.60 0.040
B1103 155 195 40 34.6 0.008 0.13 10.5 0.29 4.60 0.011
B1104 no gold equiv. values ≥0.01 oz/ton
B1105 200 210 10 7.7 0.079 0.17 2.3 2.70 5.95 0.082
including 200 205 5 4.3 0.145 0.28 1.3 4.97 9.50 0.150
290 295 5 4.3 0.018 0.16 1.3 0.62 5.60 0.021
320 325 5 4.3 0.024 0.04 1.3 0.81 1.30 0.024
355 390 35 30.3 0.010 0.15 9.2 0.35 5.09 0.013
including 385 390 5 4.3 0.035 0.41 1.3 1.20 13.90 0.042
535 660 125 108.3 0.015 0.25 33.0 0.50 8.55 0.019
including 535 540 5 4.3 0.113 0.10 1.3 3.89 3.30 0.115
& including 540 545 5 4.3 0.043 0.22 1.3 1.48 7.70 0.047
& including 635 640 5 4.3 0.037 0.77 1.3 1.26 26.40 0.050
B1106 170 180 10 7.7 0.022 0.07 2.3 0.77 2.25 0.024
460 465 5 4.3 0.067 0.08 1.3 2.30 2.90 0.068
505 520 15 13.0 0.009 0.09 4.0 0.31 2.97 0.011
570 620 50 43.3 0.009 0.88 13.2 0.30 30.20 0.024
including 585 600 15 13.0 0.005 1.50 4.0 0.16 51.50 0.030
& including 615 620 5 4.3 0.052 0.48 1.3 1.79 16.50 0.060
B1107 135 140 5 4.3 0.010 0.05 1.3 0.33 1.60 0.010
175 185 10 8.6 0.013 0.05 2.6 0.46 1.55 0.014
195 200 5 4.3 0.028 0.03 1.3 0.96 1.10 0.028
330 350 20 17.3 0.040 0.29 5.3 1.37 10.08 0.045
including 330 335 5 4.3 0.136 0.28 1.3 4.67 9.50 0.141
420 525 105 90.9 0.007 0.26 27.7 0.23 8.94 0.011
including 430 435 5 4.3 0.026 0.43 1.3 0.89 14.70 0.033
615 625 10 8.6 0.015 0.23 2.6 0.50 7.95 0.018
700 705 5 4.3 0.043 0.41 1.3 1.46 13.90 0.049
B-1108 45 95 50 47.8 0.011 0.28 14.6 0.37 9.63 0.015
including 60 65 5 4.8 0.024 0.38 1.5 0.81 13.10 0.030
165 250 85 81.3 0.032 0.30 24.8 1.11 10.29 0.037
including 210 215 5 4.8 0.336 1.06 1.5 11.50 36.30 0.353
325 330 5 4.8 0.008 0.07 1.5 0.29 2.40 0.010
480 600 120 112.8 0.014 0.10 34.4 0.47 3.33 0.015
including 480 485 5 4.7 0.064 0.40 1.4 2.19 13.70 0.071
& including 530 535 5 4.7 0.043 0.05 1.4 1.48 1.70 0.044
& including 590 600 10 9.4 0.041 0.07 2.9 1.40 2.40 0.042
745 750 5 4.7 0.012 0.06 1.4 0.42 2.10 0.013
780 785 5 4.7 0.016 0.12 1.4 0.55 4.20 0.018
B1109 25 30 5 5.0 0.006 0.26 1.5 0.22 9.00 0.011
70 90 20 20.0 0.010 0.09 6.1 0.34 2.95 0.011
195 240 45 45.0 0.035 0.06 13.7 1.21 2.19 0.036
including 205 210 5 5.0 0.080 0.16 1.5 2.74 5.40 0.083
& including 235 240 5 5.0 0.163 0.11 1.5 5.57 3.70 0.164
265 270 5 5.0 0.012 0.06 1.5 0.42 1.90 0.013
375 380 5 4.8 0.017 0.07 1.5 0.59 2.30 0.018
445 450 5 4.8 0.010 0.10 1.5 0.35 3.50 0.012
465 470 5 4.8 0.014 0.06 1.5 0.49 2.10 0.015
590 595 5 4.8 0.011 0.10 1.5 0.38 3.50 0.013
B1110 300 340 40 34.6 0.012 0.37 10.5 0.40 12.59 0.018
370 375 5 4.3 0.008 0.17 1.3 0.29 5.90 0.011
420 425 5 4.3 0.010 0.29 1.3 0.35 9.80 0.015
495 500 5 4.3 0.010 0.19 1.3 0.35 6.40 0.013
520 530 10 8.6 0.007 0.27 2.6 0.24 9.35 0.011
B1111 no gold equiv. values ≥0.01 oz/ton Hole Lost
B1114 190 205 15 13.0 0.025 0.25 4.0 0.87 8.40 0.029
including 195 200 5 4.3 0.048 0.32 1.3 1.66 11.00 0.054
315 325 10 8.7 0.018 1.47 2.7 0.62 50.50 0.043
including 320 325 5 4.3 0.033 2.42 1.3 1.15 82.90 0.074
B1115 295 430 135 122.9 0.013 0.17 37.5 0.44 5.91 0.016
including 310 315 5 4.6 0.064 0.14 1.4 2.21 4.80 0.067
& including 355 360 5 4.6 0.045 0.16 1.4 1.55 5.50 0.048
450 460 10 9.2 0.013 0.18 2.8 0.46 6.25 0.016
470 550 80 72.8 0.087 2.42 22.2 2.97 82.82 0.127
including 505 515 10 9.2 0.056 7.01 2.8 1.91 240.00 0.173
& including 520 535 15 13.7 0.379 4.25 4.2 12.97 145.67 0.450
including 530 535 5 4.6 0.729 4.41 1.4 24.97 151.00 0.803
*Gold/Silver ratio used for Gold Equivalent values is 60/1; True widths are initial estimates

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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