Carmax Explorations Ltd.
TSX VENTURE : CMX

Carmax Explorations Ltd.

February 19, 2009 14:58 ET

Carmax Fulfills Earn-In Commitment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2009) - Carmax (TSX VENTURE:CMX) is pleased to announce that it has now fulfilled the minimum exploration commitment of $4,000,000 on the Eaglehead property and paid on an accelerated basis the balance of the cash consideration of $50,000 and issued the balance of 500,000 shares otherwise due to be issued on October 31, 2009 in order to acquire a 60% interest in and to the property.

The actual amount spent in exploration on the Eaglehead property to date is approximately $5,200,000. The surplus of $1,200,000 will be applied towards the additional exploration commitment of $2,000,000 otherwise required to be spent on or before October 31, 2011 in order to acquire the remaining 40% interest in and to the property subject to a 2.5% net smelter return royalty. In addition, an additional $50,000 and 500,000 shares remain to be issued by October 31, 2010 in order for the balance of the interest in and to the property to be earned by Carmax.

All or part of the balance of $800,000 required to be spent in exploration on the Eaglehead property on or before October 31, 2011 is expected to be spent in 2009.

Carmax is currently assembling all information from historical drill programs and from Carmax's exploration efforts in an attempt to establish tonnage for the project and in order to delineate future drill targets.

CHARLES S. UNDERHILL, DIRECTOR & CFO

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.
    Charles S. Underhill
    Director & CFO
    (604) 408-2212 or Toll Free: 1-888-408-2212
    (604) 689-4143 (FAX)
    Website: www.carmaxex.com