VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2012) - Canamex Resources Corp. (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is very pleased to announce final cyanide column leach results of +85% gold extraction in 83 days on ‐3 inch and ‐3/4 inch crush material sampled from underground within the historic resource area at the Bruner gold project, located in Nye County, Nevada. "The very positive metallurgical results support advancing the historic resource area to a level that will allow reporting both the resource and the ultimate project economics under NI‐43‐101 standards," said Greg Hahn, Chairman & CEO. The historic resource was reported at 383,000 ounces (15,000,000 tons with a grade of .025 opt Au) of contained gold by Miramar Mining Corp. in a 1992 press release. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and Canamex Resources is not treating the historical estimate as current mineral resources or mineral reserves.
The historic resource area is located about a mile west of the new discovery at Penelas East (please see news release dated July 18, 2012), and was drilled in the late 1970s thru the early 1990s by previous explorers, including Kennecott, Newmont, Viceroy, and Miramar, among others. There are very few drill holes between the historic resource area and the new discovery hole at Penelas East. The metallurgical test program was undertaken to determine if gold extractions and reagent consumptions were sufficiently favorable to warrant further drilling and advancement of the historic resource and its open extensions.
The final calculated head grade of the sample was 0.0311 opt Au (1.067 gpt), and final tail analysis was 0.0034 opt Au (0.1166 gpt). The final head grade is close to the targeted grade and the estimated average grade of the historic resource, and therefore the sample is believed to be representative of the deposit. Final cyanide consumption was 1.24 lbs./ton and lime addition was 3 lbs./ton, which are both low and which represent low reagent consumption and therefore low reagent costs for heap leaching.
The Company has completed an internal review of the impact of these results on the merits of advancing the historic resource area towards development. Comparison of these gold extractions with those from a full feasibility study completed in 2012 and reported for a nearby gold project of similar size and grade, and with similar physical characteristics and reagent consumption, indicates that advancing the historic resource area to be reportable under NI43‐101 standards is well worth doing and should add significant shareholder value as that process progresses.
"The material in columns was still leaching after 83 days, and we believe we can ultimately achieve higher column extractions by maintaining material under leach for longer periods of time. The most important aspect of the column test results is that we achieve +80% extractions in both ‐3 inch and ‐3/4 inch crush sizes in 40 days" continued Hahn. Tail screen analyses indicate the majority of what little gold remains in the tails was in the coarse fraction, suggesting either longer leach times or additional crushing could liberate the balance of the contained gold.
All metallurgical testing and analytical work was performed by Kappes, Cassidy & Associates in Sparks, Nevada, under the guidance and supervision of Mr. Eugenio Iasillo, P.E., consulting metallurgist to the Company.
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.
ON BEHALF OF THE BOARD
Gregory A. Hahn, Chairman and CEO
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.
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