Carmax Mining Corp. Announces Non-Brokered Flow Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 22, 2014) - Carmax Mining Corp. (TSX VENTURE:CXM) ("Carmax" or the "Company") is pleased to announce that it has agreed to make a non-brokered private placement of a minimum 3,000,000 flow-through units and up to a maximum 10,000,000 flow-through units of Carmax at a price of $0.05 per unit. Each unit consists of one share and one callable non flow-through share purchase warrant which allows the holder to purchase one additional share of the Company's capital stock at a price of $0.10 per share for each warrant held with the warrants expiring two years from the date of the closing of the private placement and are subject to an early acceleration event wherein the warrant will become callable on 21 days notice in the event the Company's shares trade at a price of $0.15 per share or greater for a 30 day trading period after the four month hold period expires on the securities sold. In the event the shares trade at the threshold price, the Company may give the Placees notice to exercise the warrants within 21 days failing which the warrants will thereafter expire.

On December 23, 2014, Carmax will be closing the first tranche of 3,000,000 flow through units for gross proceeds of $150,000. The securities will be issued subject to a hold period expiring April 24, 2015.

A finder's fee or commission of 8% of the proceeds raised may be paid in cash or finder's units.

The proceeds of the private placement will be used by the Company to fund the continued development of the Company's Eaglehead property located in the Liard Mining Division of the Province of British Columbia.

The private placement is subject to TSX Venture Exchange approval.

About Carmax

Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern British Columbia.

Jevin Werbes, President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release is not for distribution in the United States or over United States newswires.

Cautionary Statement on Forward Looking Statement

Certain information contained in this news release, including information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward looking statements". Actual results may differ materially from those indicated by such statements. All statements, other than historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward looking information in this news release includes, but is not limited to, statements about the exploration program at the Eaglehead project; the resource estimate at the Eaglehead project; and statements about Carmax's strategy, future operations and prospects.

A more complete discussion of the risks and uncertainties facing Carmax is disclosed in Carmax's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Carmax disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.