Carmax Explorations Ltd.
TSX VENTURE : CMX

Carmax Explorations Ltd.

March 19, 2008 16:46 ET

Carmax Explorations Ltd.: Eaglehead Property Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2008) - Carmax (TSX VENTURE:CMX) has received drill results from Holes #80 and #81 completed in the fall of 2007. These holes were drilled to test a high chargeability anomaly located along the 40N baseline between lines 177E to 187E. This anomaly located about 2.0 km southeast of the Far East Zone is 1200m x 500m in size and contains greater than 25 mv/v interpreted chargeability. The holes were spotted prior to the final completion of a 3-D geophysical report and were located on the basis of pseudo-section data only.

- Drill Hole #80 at (-65 degrees SW) intersected argillite for the most part but did contain a section of 177' (53.9m) of massive graphite with only low copper values. This intersection was further analyzed for total carbon and also graphitic carbon, giving values of 1.6% - 3.47% total carbon and 0.03 - 0.04% graphitic content.

- Drill Hole #81 was drilled 800 meters southeast of hole #80 also at (-65 degrees SW). Slightly higher copper values were intersected to 0.013%. Three gold intercepts were obtained; 5.79m @1.6 gm/t; 11.28m @0.041 gm/t and 2.43m @ 0.10gm/t. It is noted that, as only the NW and SE margins of the anomaly have been drill tested, further drilling will be conducted in this area in 2008.

- Soil geochemistry was completed over a section of 1.0 km x 2.5 km extending the area covered by prior exploration programs undertaken by the company. One hundred and thirty-nine samples were collected and delivered to Acme Labs for analysis for 36 elements using the Aqua-Regia digestion I.C.P.-M's analysis. Previously defined anomalies of copper, molybdenite and gold now appear to extend for an additional 1.0 km to the southeast based on the new results.

- No holes have yet been drilled in the nickel anomaly which has been expanded by the geochemistry program conducted in 2007.

The final results of the 2007 exploration season are currently being interpreted with earlier released exploration data for the 2007 season in order to arrive at plans for a comprehensive 2008 exploration program. Specifics of the 2008 program will be announced in the near future. In addition, the Company expects to release a resource calculation which will only be conceptual in nature and qualified as historical data predating 2001 cannot be relied upon in defining a mineral resource that complies with the requirements of NI 43-101.

A recent independent research report has been recently released by Fundamental Research Corp. and is now available on the Company's website www.carmaxex.com under subtitle "Research Report".

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

ERNEST S. PETERS, PRESIDENT/DIRECTOR

The Company 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.
    Chuck Underhill
    (604) 408-2212 or Toll Free: 1-888-408-2212
    (604) 689-4143 (FAX)
    Website: www.carmaxex.com