February 19, 2008 12:41 ET

Property Updates

MONTREAL, QUEBEC--(Marketwire - Feb. 19, 2008) - Namex (TSX VENTURE:NME) is pleased to report the results of its 2007 exploration work programs.

The Huffman Property:

Namex is most encouraged with the results of the channel sampling carried out on the Huffman Property. A 200 m. by 40 m. band of anomalous gold values has been outlined in a finely mineralized intrusive felsic porphyry. Gold values range from 0.20 g/t to 1.34 g/t. This area has never been explored and this pathfinder makes the potential of outlining a deposit amenable to open pit extraction possible.

Grab samples taken in 2006 (see press release of December 14, 2006) encountered up to 92.6 grams/tonne gold, 1,620 grams silver/tonne, 8.63% copper, 12.6% lead, 2.3% zinc, and 5.9% antimony over a narrow width. This mineralization which is hosted by a narrow quartz vein in a felsic porphyry can now be characterized as an epithermal style of mineralization based on its contained accessory ankerite, anglesite, azurite, malachite and tetrahedrite mineralization.

The two shallow drill holes, 92.8 m. and 99.9 m., completed in November 2007, tested the central portion of the exposed 200 m. strike length of this zone. Drilling encountered anomalous gold mineralization averaging 200 ppb within a pyritic alteration halo and the down dip (plunge) extension of the narrow quartz vein zone at a depth from 90.0 to 91.1 m. which gave 1.22 g/t gold, 13.2 g/t silver, 0.11% copper, and 0.10 % antimony. Namex is very encouraged by these results. Epithermal veining of this type and the associated finely disseminated pyrite are often indicative of favourable mineralizing environments associated with felsic porphyritic intrusions of this type. The geology and controlling structures are now known to be a continuation of those which control the mineralization at the former Jerome Gold Mine, 10 km. to the west, and are also considered to be extensions of the richly endowed Cadillac-Larder Lake deformation zone which hosts the famous gold deposits of the Timmins and Kirkland Lake areas.

The 2007 Mobile Metal Ions ("MMI") soil geochemical survey has also identified a new gold anomaly 300 m. east along trend from the 2006 discovery zone. This new zone 250 m. long by 50 m. wide has a response of 180 times "background" within the same range as those from the 2006 survey. A single high gold response, 144 times background was also obtained 10 m. from the edge of Huffman Lake, 210 m. west of the original discovery.

The association of the anomalous gold with the fine-grained disseminated pyrite will also allow Namex to utilize induced polarization or "IP" geophysical surveys to outline zones of higher pyrite concentrations along the entire structure (including under the lake) to target future sites for stripping and drilling. Additional MMI sampling will also be conducted on extensions of the currently gridded area.

The Golden Pine Property:

The 2007 exploration program on the Golden Pine East Property has extended to 475 m. the MMI anomaly originally defined for 200 m. in 2006. This strong anomalous gold-in-soil anomaly has responses between 100 and 1,100 times background. Namex intends to test this anomaly with a program of stripping followed by channel sampling as soon as conditions permit.

The Post Creek Property:

On the Post Creek Property, earlier than expected frozen ground conditions precluded the planned MMI survey to further explore the extension of the Whistle Offset, which hosts the FNX Podolsky Mine, plus the zinc-copper area to the west. This work will be carried out in the spring.

The Woods Creek Property:

On the Woods Creek Property, Namex cut several one half m. channel samples on the Raven's Cliff showing. Assay results of +0.5% copper and +0.5% nickel confirm the presence of nickel-copper mineralization. Further follow up sampling is planned for the spring as Namex investigates the relationship of this mineralization to that on the neighboring Ursa Major orebody. Namex will also conduct local MMI surveys over areas identified to be underlain by stratigraphy favourable to hosting Elliot Lake type uranium occurrences.

Oliver T. Maki is the qualified person overseeing the Namex exploration programs and has approved this press 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Namex Exploration Inc.
    James W. Hess
    (514) 935-2445
    (514) 935-8161 (FAX)