Carmax Explorations Ltd.
TSX VENTURE : CMX

Carmax Explorations Ltd.

October 19, 2006 14:51 ET

Carmax Cuts 8.078% Cu Plus .065% MO and 6.954% Cu Plus .099 Mo.

These intersections are included in the first two DDH's assayed and reported upon in this Release

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 19, 2006) - Carmax Explorations Ltd. (the "Company") (TSX VENTURE:CMX) has received assays from drill holes 60A and 61, the first two holes drilled on the Eaglehead Property located 48 kilometers east of Dease Lake in Northwestern British Columbia. To date a total of ten (10) drill holes totaling 3,076 meters (10,092 feet) have been completed on the Property since the commencement of drilling in late July. Assay results on subsequent diamond drill holes will be released immediately upon receipt.

Drilling started this year in the east zone, the last zone located by the previous operators Homestake Mining Ltd. Two sections in each of the two holes revealed Secondary Enrichment and Native Copper. Drill holes 60A and 61 were located to the East and West of Homestake's DDH 55 and 59, previously reported.

Drill hole 60A was drilled to a depth of 355 meters. Drill hole 61 was drilled to a depth of 419 meters. Both holes were bottomed out in mineralization assaying 1% or greater Cu.

Drill holes 60A and 61 are located 86 meters (282 ft.) apart. The Board of Directors are very pleased and highly encouraged by the results obtained from these two holes. Both holes revealed Secondary Enrichment and Native Copper plus mineralization over the entire length of the 419 meters in hole 61 with open mineralization at depth. These indicator mineralization support the conclusions drawn by previous operators that a large porphyry environment exists.

Significant intersections in Diamond Drill Holes #60A and #61 are listed in the following chart.



--------------------------------------------------------------------
DRILL FROM TO INTERVAL Au
HOLE (m) (m) (m) (ft) Cu% Mo% Ag g/t ppb
--------------------------------------------------------------------
60A 26.2 29.2 3.06 (10.0 ft.) 0.956 0.003 less than 2 44
--------------------------------------------------------------------
105.1 115.2 10.1 (32.9 ft.) 0.229 .0007 less than 2 20
--------------------------------------------------------------------
168.55 186.23 17.7 (58.0 ft.) 0.162 .0073 less than 2 46.4
--------------------------------------------------------------------
Inclu-
ding 180.0 182.9 2.8 (9.1 ft.) 0.595 0.008 less than 2 13
--------------------------------------------------------------------
202.7 221.4 18.71 (61.4 ft.) 0.406 0.0163 1.21 86.9
--------------------------------------------------------------------
Inclu-
ding 207.56 208.81 1.25 (4.1 ft.) 1.433 0.025 5 468
--------------------------------------------------------------------
Inclu-
ding 210.31 211.53 1.22 (3.8 ft.) 1.068 0.029 4 457
--------------------------------------------------------------------
Inclu-
ding 215.34 216.10 0.76 (2.5 ft.) 0.940 0.013 2 14
--------------------------------------------------------------------
Inclu-
ding 219.48 220.12 0.64 (2.1 ft.) 1.405 0.082 7 43
--------------------------------------------------------------------
226.5 230.1 3.56 (11.7 ft.) 0.505 0.0016 1.60 8.7
--------------------------------------------------------------------
Inclu-
ding 226.5 226.55 0.05 (0.2 ft.) 6.954 0.099 25 98
--------------------------------------------------------------------
Inclu-
ding 230.1 230.06 0.24 (0.8 ft.) 5.643 0.003 18 102
--------------------------------------------------------------------
267.6 269.8 2.15 (7.0 ft.) 0.336 0.0104 less than 2 16
--------------------------------------------------------------------
344.7 355.4 10.7 (35.0 ft.) 0.429 0.0349 1.0 61
--------------------------------------------------------------------
Inclu-
ding 344.7 348.38 3.65 (12.0 ft.) 0.551 0.037 less than 2 32
--------------------------------------------------------------------
Inclu-
ding 353.87 355.39 1.52 (5.0 ft.) 1.000 0.133 7 311
--------------------------------------------------------------------
61 13.0 36.9 23.9 (78 ft.) 0.520 0.036 2.17 25.3
--------------------------------------------------------------------
Inclu-
ding 33.8 34.89 1.09 (3.5 ft.) 0.896 0.021 4 12
--------------------------------------------------------------------
Inclu-
ding 34.89 35.65 0.77 (2.5 ft.) 8.078 0.065 54 303
--------------------------------------------------------------------
Inclu-
ding 35.66 36.90 1.24 (4.0 ft.) 1.217 0.007 5 85
--------------------------------------------------------------------
68.88 110.03 41.2 (135.0 ft.) 0.234 0.0013 less than 2 11.4
--------------------------------------------------------------------
Inclu-
ding 81.89 85.04 3.15 (10.0 ft.) 0.582 0.001 3 33
--------------------------------------------------------------------
Inclu-
ding 106.04 108.05 2.01 (6.6 ft.) 0.549 0.003 less than 2 28
--------------------------------------------------------------------
147.8 152.1 4.3 (14.1 ft.) 0.300 0.0025 less than 2 31.2
--------------------------------------------------------------------
168.55 186.23 17.7 (58.0 ft.) 0.162 0.0013 less than 2 46.4
--------------------------------------------------------------------
Inclu-
ding 168.55 170.08 1.53 (5.0 ft.) 0.709 0.076 7 360
--------------------------------------------------------------------
234.8 237.9 3.15 (10.2 ft.) 0.436 less
than
0.001 less than 2 26.8
--------------------------------------------------------------------
Inclu-
ding 234.8 236.5 1.67 (5.5 ft.) 0.712 0.001 less than 2 42
--------------------------------------------------------------------
258.3 269.3 10.99 (36.0 ft.) 0.095 0.0045 0.23 8.8
--------------------------------------------------------------------
Inclu-
ding 264.11 264.29 0.18 (0.6 ft.) 1.936 0.017 2 48
--------------------------------------------------------------------
269.6 272.9 3.3 (11.1 ft.) 0.256 0.0359 1.41 50.5
--------------------------------------------------------------------
287.6 290.2 2.5 (8.3 ft.) 0.125 0.0039 less than 2 8.9
--------------------------------------------------------------------
Inclu-
ding 289.93 290.2 0.27 (0.9 ft.) 0.541 less
than
0.001 less than 2 16
--------------------------------------------------------------------
346.3 350.8 4.5 (14.9 ft.) 0.133 less
than
0.001 less than 2 9
--------------------------------------------------------------------
Inclu-
ding 346.71 347.32 0.61 (2.0 ft.) 0.767 less
than
0.001 less than 2 43
--------------------------------------------------------------------
351.7 376.1 24.4 (80 ft.) 0.340 0.0025 less than 2 47.8
--------------------------------------------------------------------
Inclu-
ding 353.87 354.94 1.07 (3.5 ft.) 1.557 0.0032 6 169
--------------------------------------------------------------------
Inclu-
ding 355.70 356.49 0.79 (2.6 ft.) 5.126 0.002 12 41
--------------------------------------------------------------------
395.6 404.1 8.5 (28.0 ft.) 0.30 0.019 less than 2 16.8
--------------------------------------------------------------------
Inclu-
ding 398.98 401.42 2.44 (8.0 ft.) 0.608 0.001 less than 2 23
--------------------------------------------------------------------
419.2 419.4 0.2 (0.7 ft.) 1.313 less
than
0.001 13 130
--------------------------------------------------------------------


The 2006 exploration program was designed to test the 3-D induced polarization data from work completed in the 2005 season and to correlate historical information compiled from the 1960's to 1981. Prior historical exploration during this period totaled 12,233 meters of drilling in 59 drill holes.

Drill data when received for the entire 2006 program will be used in conjunction with information from previous programs to establish a digitized model for the Mineralization in order to define the 2007 program. The 2007 program will emphasize the expansion of the known mineral zones in order to create a 43-101 compliant resource base.

Recent Exploration Activity

Exploration work conducted in the fall of 2005 included a survey grid establishment and a 3-D induced polarization survey over 25 kilometers covering the Bornite Zone, East Zone and a small section of the Far East Zone. In reviewing this data it is noted that historical drilling in numerous sections did not test the better chargeability anomalies and extensions of the anomalies.

Platinum/Palladium/Nickel

To supplement geochemical data, the company had 17 soil samples previously collected in 2004 immediately to the east of the Far East Zone assayed for platinum (Pt.) and palladium (Pd.). Because of anomalous response all samples were rerun for gold/platinum and palladium. Results identified elevated nickel, gold, platinum and palladium values which are considered very significant as this area of the property borders the Hard Creek Nickel property to the east.

Past History

Past exploration on the property was undertaken by Esso Minerals Canada Limited in 1982 before it was acquired by Homestake Canada Inc. In 2001 the claims were allowed to lapse after Homestake Canada Inc. was acquired by Barrick Gold. At the time of abandonment the price of copper had reached a low of US $0.60 per pound. Copper trades today at a price exceeding US $3.00 per pound. Over the past few years Carmax has enlarged the original size of the property via additional staking and has assembled 26 contiguous claims encompassing approximately 94 square kilometers.

Extensive work was conducted on the Eaglehead property between the mid 1960's and 1982 consisting of geochemical surveying, geophysical programs and 59 diamond drill holes totaling 12,233 meters. The historical results indicate that the property has the potential to host a large copper-molybdenum-gold-silver porphyry deposit. Drilling to date has established six zones which appear contiguous extending for a distance of 5.2 kilometers across the Eaglehead Property. More recent geochemical and geophysical results indicate the possible presence of mineralization extending a further 10-12 kilometers on the property. Of the 59 holes drilled prior to 1981, 54 contained mineralization, many with multiple intercepts, 3 contained no mineralized intercepts and 2 were lost in overburden.

Of the six zones discovered to date, only the Bornite Zone has had sufficient drilling by prior owners to report volume calculations. These drilling results indicate in excess of 20.0 million tonnes grading 0.42% copper, 0.029% molybdenum, 1.60 grams of silver per tonne and 0.035 grams of gold per tonne. The limited drilling by prior owners to the west of the Bornite Zone on the Camp and Pass zones has established estimated tonnage and grades to date of 2.72 million tonnes grading 0.45% copper and 11.8 million tonnes grading 0.52% copper respectfully. These estimates demonstrate the potential of the mineralized zones, however, volume/grades were not calculated under current disclosure requirements of NI-43-101 and additional drilling will be required to increase tonnage and meet these standards.

John R. Poloni, P.Eng. is the qualified person responsible for the technical data presented in this News Release.

Additional and more detailed information about the Eaglehead Property may be obtained on the Company's website www.carmaxex.com and the SEDAR website at www.sedar.com.

ERNEST PETERS, PRESIDENT

Capitalization

Authorized: Unlimited

Issued and Outstanding: 34,287,498

The Company relies upon litigation protection for "forward-looking" statements.


Contact Information