July 07, 2010 09:26 ET

eResearch Issues Update Report on Amerix Precious Metals Corporation

TORONTO, ONTARIO--(Marketwire - July 7, 2010) - Amerix Precious Metals Corporation (TSX VENTURE:APM) is a junior mining company involved in the acquisition, exploration, and development of mineral properties, focusing on potential high-grade gold properties in central Brazil. 

Amerix has an option, which expires on April 30, 2011, to purchase a 100% interest in the Limão gold property. Early in 2010, the Company confirmed the high-grade gold potential on Limão. Historical data taken from eleven samples indicated a range of 2.37 grams per tonne gold to 106.6 grams per tonne gold. The average grade of the samples was 38.5 grams per tonne gold (1.22 oz per tonne gold). In May 2010, the Company completed the first phase of exploration on Limão, with the overall aim to further define drill targets near the old working zone.

Amerix will receive a Gross Royalty from Ouro Roxo beginning this year. The initial royalty interest is 0.5%, but Amerix has an option to increase this to 2.5%. At that rate, and with a build up in gold production from the deposits, the monthly cash flow in 3-4 years could approach US$200,000.

We are maintaining our Speculative Buy Recommendation on Amerix with a 12-month Target Price of $0.23.

This Press Release was prepared by eResearch and was not vetted by Amerix Precious Metals Corporation. Further, the Recommendation and Target Prices contained in this Press Release and in the Update Report are strictly those of eResearch and, due to securities laws, are not endorsed by Amerix Precious Metals Corporation.

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Amerix Precious Metals Corporation paid eResearch a fee to conduct research on the Company, on an Annual Continuous Coverage basis.

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Contact Information

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    Bob Weir, CFA
    Managing Director, Research Services
    (416) 643-7650 Ext 1