Carmax Explorations Ltd.
TSX VENTURE : CMX

Carmax Explorations Ltd.

September 15, 2008 13:22 ET

Carmax Explorations Ltd.: Clarifying News Release on the East Zone Mineralization of the Eaglehead Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2008) - Carmax Explorations Ltd. (the "Company") (TSX VENTURE:CMX) announces that as a result of a review by the British Columbia Securities Commission it is issuing this News Release to clarify previous disclosure made by the Company on April 10, 2008 concerning the estimated volume of mineralized material and the weighted average grade calculations for the East Zone of the Company's Eaglehead property.

On April 10, 2008, the Company reported a volume of material that would represent in excess of 34,000,000 tonnes at a specific gravity of 2.8 with average grade of 0.347% Cu, 0.012% Mo, 1.268 Ag gm/t and 0.104 Au gm/t assuming a strike length of 450 meters, intercept widths as shown in the accompanying Table #1 and a plunge depth of 300 meters derived from results of an 11 hole drill program covering 1,559 meters.

The Company wishes to clarify its previous disclosure by retracting the incorrectly stated weighted average. The disclosure made by the Company failed to state that the 1,559 meters were not continuous but represented the total sum of all the intercepts used in the calculation of the reported volume.

The disclosure of weighted average results by the Company failed to provide the information in a conventional manner which requires that the disclosure be given in the context of geological continuity, the effect of waste partings and information on the true widths of mineralized intersections encountered in the drill holes.

The tabulation of results with appropriate reference to the intervals of mineralization is now included as amended Table 1. In this table the intervals of mineralization are referenced.

To view the table accompanying this news release please click on the following link: http://media3.marketwire.com/docs/Carmax%20Table%20One.pdf

This retraction relates only to the weighted average disclosure issued in the Company's April 10, 2008 News Release for the East Zone. The remainder of the disclosure is based on information available to the Company and believed compliant and accurate.

The information set out in this amended Table 1 will be updated following receipt of additional drill results from the Company's 2008 exploration program. In 2008, 13 additional holes were drilled in the East Zone.

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 S. PETERS, PRESIDENT AND CEO

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

WARNING: The Company relies upon litigation protection for "forward-looking" statements. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Carmax Explorations Ltd. relies upon litigation protection for forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Carmax Explorations Ltd.
    Investor Relations
    (604) 408-2212 or 1-888-408-2212
    (604) 689-4143 (FAX)
    Website: www.carmaxex.com