Carmax Mining Corp. Closes Tranche Two of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 10, 2014) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRES.

Carmax Mining Corp. (TSX VENTURE:CXM) ("Carmax" or the "Company") is pleased to announce that it closed on July 9, 2014 the second and last tranche of the non brokered private placement of 24,000,000 units. The last tranche was oversubscribed by 660,000 units. All units were placed at a price of $0.05 per unit giving rise to the Company raising gross proceeds of $1,233,000.

Each unit placed consisted of one share and one share purchase warrant providing the holder with the right to subscribe for one additional common share for each full warrant held at a price of $0.075 per share for a period of 24 months from date of closing.

No finder's fees were paid by Carmax incidental to this placement.

The 4,660,000 units placed in the second tranche have been issued subject to a four month hold period expiring November 10, 2014.

Stock Options:

The Company also wishes to announce that with the closing of the private placement the Company has granted incentive stock options under its stock option plan on 4,050,000 treasury shares exercisable on or before the expiry of 5 years from the date of grant at a price of $0.07 per share.

On behalf of the Board of Directors

Jevin Werbes, President and CEO

Carmax Mining Corp.

For further information, please visit the website www.sedar.com to view the Company's profile.

Neither 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.