Carmax Explorations Ltd.
TSX VENTURE : CMX

Carmax Explorations Ltd.

November 08, 2006 21:04 ET

Carmax Explorations Ltd.: Drill Hole 69A Cuts 421.39 Meters of 0.319% Cu. Eq. in the East Zone

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2006) - Carmax's (TSX VENTURE:CMX) drilling on the Eaglehead property has intersected in drill hole 69A, 421.39 meters or 1382ft grading 0.319 % Cu. Eq. that includes four higher-grade intersections within this interval. In the last high grade intersection of 542.5ft (165.36m) grading 0.498% Cu. Eq., a 2.5ft (0.76m) section assayed a 35.807% Cu. Eq. made up of 21.291% Cu., 3979 ppb Au., 138 g/t. Ag. and 1.761% Mo. Drill hole 69A is located 30 meters south of historic drill hole 55 that reported an intersection of 452.8ft (138.01m) of similar grades.

Carmax is pleased to announce the remainder of the most significant intersections from the balance of the 10 hole 2006 drill program conducted from July to Sept. All drill holes were mineralized throughout but only significant sections assaying at 0.30% Cu. or better is published in this release. Full results for drill holes 65, 66 and 68 will be posted to the company's website and are also available at the company's office.

Hole 66 was drilled 1,800 meters to the east of the East Zone, and is considered as part of a new discovery first established by the 3-D Induced Polarization survey completed in 2005 but not previously drill tested. Carmax's 2006 program extended the previously known boundaries of mineralization of the East zone further east. The program has established that the mineralization now extends over a total distance of 6.7 kilometers.



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DRILL Cu
HOLE FEET METERS Equivalent
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69A 71.5--1454.0 equals 1382.5 21.79--443.18 equals 421.39 0.319
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Included 204.0--256.0 equals 52.0 62.18--78.02 equals 15.84 0.481
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Included 385.5--486.0 equals 100.5 117.50--148.13 equals 30.63 0.461
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Included 786.0--1328.5 equals 542.5 239.6--404.93 equals 165.36 0.498
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Included 790.5--793.0 equals 2.5 240.94--241.70 equals 0.76 35.807
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62 125.5--296.7 equals 166.2 38.25--88.90 equals 50.6 0.418
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634.4 --657.1 equals 23.1 193.24--200.28 equals 7.04 0.563
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66 202.7--526.0 equals 323.0 61.78-160.32 equals 98.5 0.330
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Included 202.7--285.0 equals 82.3 61.78--86.86 equals 25.08 0.515
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Included 230.5--277.0 equals 46.5 70.256--84.42 equals 14.17 0.818
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Included 476.0--526.0 equals 55.0 143.56--160.32 equals 16.76 0.418
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63 492.0--522.5 equals 30.5 149.9--159.26 equals 9.2 0.742
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Included 514.0--517.0 equals 3.0 156.66--157.58 equals 0.92 6.041
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64 298.0--299.3 equals 1.3 90.83--91.22 equals 0.39 4.025
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316.0--317.0 equals 1.0 96.35--96.62 equals 0.31 1.452
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494.8--499.8 equals 5.0 150.81--152.33 equals 1.53 1.724
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1169.0--1169.3 equals 0.3 356.31--356.40 equals 0.09 1.711
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Management is extremely pleased with the success of the 2006 drill program. Testing of the East Zone, in particular with holes 61 and 69, indicates extended mineralization for a distance greater than 400 meters with extensive intersections of good grades in each hole. This program has shown the potential for a considerable deposit in this new zone which will be tested in the Company's 2007 exploration program.

Drill hole 66, situated approximately 1,800 meters to the east, is also considered as an extension of the East Zone. Previously this area was called the Far East Zone an area that had not previously been drill tested. In this area, holes 65, 67 and 68 contained mineralization throughout with higher grade stringers, however, the significant sections were below 0.30% Cu. Eq. for reporting purposes in this release. More drilling is required to define the new zone.

Carmax's target is a porphyry Cu, Mo, Ag and Au deposit at the Eaglehead property.

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:

34,405,473

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


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