NAMEX EXPLORATIONS INC.

NAMEX EXPLORATIONS INC.

March 03, 2005 14:16 ET

Diamond Drill Results From Namex's Woods Creek Property


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NAMEX EXPLORATIONS INC.

TSX VENTURE SYMBOL: NME

MARCH 3, 2005 - 14:16 ET

Diamond Drill Results From Namex's Woods Creek Property

MONTREAL, QUEBEC--(CCNMatthews - March 3, 2005) - Namex Explorations
Inc. (TSX VENTURE:NME) is pleased to release diamond drill results from
its Woods Creek nickel-copper-platinum group metal ("pgm") property in
Hyman Township. This property is located about 50 kms west of Sudbury
and is underlain by altered and mineralized layered mafic-ultramafic
rocks (gabbro and pyroxenite). The rocks have been crosscut by a series
of northeast-trending faults with associated
chalcopyrite-pyrrhotite-bearing quartz veins and disseminated
mineralization. The geological setting of the Woods Creek property is
similar to that identified further west where Ursa Major Minerals has
delineated a 12 million ton deposit grading 0.36% copper, 0.35% nickel,
0.02% cobalt, 0.19 grams per ton (g/t) gold, 0.34 g/t platinum and 0.38
g/t palladium. Ursa has recently received a positive pre-feasibility
study to proceed with an open pit mine to exploit this deposit.

Namex drill tested an area on the Woods Creek property characterized by
multiple induced polarization ("IP") anomalies defined by a recently
completed geophysical survey. The IP survey was undertaken to assess the
area of an electromagnetic anomaly defined by an airborne geophysical
survey completed in January of 2004 (see Namex news release for January
26, 2004). This geophysically anomalous area also hosts mineralized
outcrop with 1.22% copper, 0.95% nickel and anomalous pgm
mineralization. Namex drilled in the area of these outcrops and produced
a "23' drill intersection of up to 1.09% nickel, 0.37% copper and 329
ppb combined platinum and palladium" (see Namex news release January 20,
2003).

Results from the current program indicate the drill-tested IP anomalies
are related to a series of mineralized fault structures with quartz
veins and graphite-bearing zones that trend northeast through the Woods
Creek property. The gabbro host rocks transected by these faults are
mineralized with disseminated pyrrhotite and lesser chalcopyrite and are
also host to narrow 15-20 cm wide chalcopyrite veins accompanied by
intense biotite alteration of the gabbro. Assay results for mineralized
core samples, including samples 99718 and 99722 which are representative
of the chalcopyrite veins, are summarized in Table 1 and reflect the
copper, cobalt, nickel, gold, platinum and palladium-enriched nature of
the vein-type and disseminated mineralization encountered in the drill
holes.

The current drill program assessed a small number of the IP targets that
are present on the property. It is Namex's intention to pursue the
remainder of these targets in 2005 with a program of geological mapping,
prospecting and rock chip geochemical surveys in addition to diamond
drilling.

The qualified persons responsible for the technical content of this
press release are Oliver T. Maki, P. Geo., Chief Geologist and Director,
Namex Explorations Inc. and Mark Fedikow, Ph.D., P.Eng., P.Geo.,
Vice-President of Exploration and Director, Namex Explorations Inc.
Assays for outcrop and drill core are processed at SGS Canada Inc.
Geophysical surveys have been contracted to Matrix GeoTechnologies Ltd.
(Toronto). Drilling on the Post Creek and Woods Creek properties was
contracted to Major-Midwest.

Namex is a Canadian junior that actively explores for platinum group
metals, nickel, copper, gold, silver, zinc and lead exclusively in North
America. For further information, see Namex's due diligence site:
www.namex-explorations.com.

Table 1. Summary of assay results from mineralized core samples, Woods
Creek property, Hyman Township.

Analyses by SGS Minerals Services, Toronto. Copper, nickel, cobalt and
silver by ICP after an aqua regia digest. Gold, platinum and palladium
by fire assay.



---------------------------------------------------------------------
Sample Ident Drill Interval Au Pt Pd Co
---------------------------------------------------------------------
Scheme Code Hole (metres) FAI303 FAI303 FAI303 ICP12B
---------------------------------------------------------------------
Analysis Unit ppb ppb ppb ppm
---------------------------------------------------------------------
Detection
Limit 1 10 1 1
---------------------------------------------------------------------
99710 WC-05-1 125.1-125.8 9 less less
than 10 than 1 34
---------------------------------------------------------------------
99711 WC-05-2 6.1-6.4 8 less
than 10 2 23
---------------------------------------------------------------------
99712 WC-05-2 11-11.5 13 less
than 10 9 10
---------------------------------------------------------------------
99713 WC-05-2 30.7-31.2 3 less
than 10 10 29
---------------------------------------------------------------------
99714 WC-05-2 68.25-69 171 35 50 263
---------------------------------------------------------------------
99715 WC-05-2 83.45-83.8 70 20 31 45
---------------------------------------------------------------------
99716 WC-05-2 70-70.1 less less less
than 1 than 10 than 1 34
---------------------------------------------------------------------
99717 WC-05-2 112.45-113 4 less
than 10 5 41
---------------------------------------------------------------------
99718 WC-05-3 16.3-16.45 161 less
than 10 166 98
---------------------------------------------------------------------
99719 WC-05-3 16.6-17.1 12 13 10 56
---------------------------------------------------------------------
99720 WC-05-3 31.75-32 14 11 10 66
---------------------------------------------------------------------
99721 WC-05-3 37.1-37.3 75 less
than 10 11 54
---------------------------------------------------------------------
99722 WC-05-3 43.7-43.9 154 17 32 108
---------------------------------------------------------------------
99723 WC-05-3 48.66-48.76 13 11 77 338
---------------------------------------------------------------------
99724 WC-05-3 49.5-49.9 30 less
than 10 9 40
---------------------------------------------------------------------
99725 WC-05-3 197.1-198 4 10 12 36
---------------------------------------------------------------------



---------------------------------------------------------------------
Sample Ident Drill Interval Ni Cu Cu Ag
---------------------------------------------------------------------
Scheme Code Hole (metres) ICP12B ICP12B ICAY50 ICP12B
---------------------------------------------------------------------
Analysis Unit ppm ppm (%) % ppm
---------------------------------------------------------------------
Detection
Limit 1 0.5 0.01 0.2
---------------------------------------------------------------------
99710 WC-05-1 125.1-125.8 61 1117.6 0.6
(0.11)
---------------------------------------------------------------------
99711 WC-05-2 6.1-6.4 79 82.1 less
than
0.2
---------------------------------------------------------------------
99712 WC-05-2 11-11.5 39 531.4 0.7
---------------------------------------------------------------------
99713 WC-05-2 30.7-31.2 101 433 0.3
---------------------------------------------------------------------
99714 WC-05-2 68.25-69 1160 985.1 0.7
---------------------------------------------------------------------
99715 WC-05-2 83.45-83.8 372 5845.3 7.1
(0.58)
---------------------------------------------------------------------
99716 WC-05-2 70-70.1 157 584.1 0.5
---------------------------------------------------------------------
99717 WC-05-2 112.45-113 137 1491.6 0.9
(0.14)
---------------------------------------------------------------------
99718 WC-05-3 16.3-16.45 221 greater 1.64 9.9
than
10000
---------------------------------------------------------------------
99719 WC-05-3 16.6-17.1 124 993.9 0.8
---------------------------------------------------------------------
99720 WC-05-3 31.75-32 135 789.7 0.6
---------------------------------------------------------------------
99721 WC-05-3 37.1-37.3 155 1741.7
(0.17) 0.9
---------------------------------------------------------------------
99722 WC-05-3 43.7-43.9 858 greater 1.1 4.3
than
10000
---------------------------------------------------------------------
99723 WC-05-3 48.66-48.76 807 447.7 0.4
---------------------------------------------------------------------
99724 WC-05-3 49.5-49.9 123 566.1 0.4
---------------------------------------------------------------------
99725 WC-05-3 197.1-198 82 401 0.3
---------------------------------------------------------------------


The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. This
release was prepared by the Company's management who take full
responsibility for its contents. Some statements contained in this
release are forward-looking and, therefore, involve uncertainties or
risks that could cause actual results to differ materially. The Company
disclaims any obligation to update forward-looking statements.

Disclaimer: This news release contains certain "Forward-Looking
Statements". All statements, other than statements of historical fact,
included herein 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.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Namex Explorations Inc.
    James W. Hess
    President & C.E.O.
    (514) 935-2445 or (514) 932-7712
    (514) 935-8161 (FAX)
    info@otmining.com / www.namex-explorations.com
    4333 Ste-Catherine St. West, Suite #610 Montreal, PQ H3Z 1P9