SAMEX Mining Corp.
OTC Bulletin Board : SMXMF

SAMEX Mining Corp.

September 14, 2005 10:13 ET

SAMEX Mining Corp.: Clarification of News Release No. 8-05

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 14, 2005) - SAMEX Mining Corp. (TSX VENTURE: SXG)(OTCBB:SMXMF) has been requested by the TSX Venture Exchange to clarify certain statements made in News Release No. 8-05 dated September 9, 2005 as follows:

The NORA High-Grade Gold Target within Exploration Area III now encompasses Target zones A, B, C, D, & E that were previously described in News Release No. 2-05 dated April 5, 2005. Based on information gleaned from re-logging of Phase I drill core and further geologic mapping it was determined that these five target zones were inter-related and best explored and described as a single comprehensive target, namely, the NORA target.

In regards to the potential size of the NORA target, in News Release No. 8-05 it was stated:

"If the gold-rich mantos layer should prove to be extensive beneath much of the NORA prospective area that measures 1,200 meters by 1,000 meters (See Figures A, C & D) and maintains the average thickness intersected, a large target of 20 million to greater than 25 million metric tons could be present (a possible multi-million ounce high-grade gold deposit)."

The potential target size is based on a model developed by the Company using available geological information which, although thought by the Company to be a reasonable explanation for the occurrence of identified mineralization in the NORA target area, has yet to be proven by drilling and other exploration activities.

Phase I drilling in Exploration Area III (DDH-N-04-01 to 06 and 08 to 10) indicated that grades of up to 16 g/t (grams/tonne) gold over significant thicknesses are present in the target area.

This target potential is conceptual in nature, there has been insufficient exploration to define a mineral resource within Exploration Area III and it is uncertain if further exploration will result in discovery of a mineral resource within the NORA target.

Robert Kell, Vice President Exploration

This News Release has been prepared by Robert Kell, Vice-President Exploration for SAMEX MINING CORP. and Philip Southam, P. Geo. Mr. Kell and Mr. Southam are "qualified persons" pursuant to Canadian Securities National Instrument 43-101 concerning Standards Of Disclosure For Mineral Projects. All geochemical analyses were performed by ALS Chemex, an internationally recognized and ISO certified laboratory complying with the international standards ISO 9001:2000 and ISO 17025:1999.

This News Release includes certain "forward looking statements". Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: risks inherent in mineral exploration; risks associated with development, construction and mining operations; the uncertainty of future profitability and uncertainty of access to additional capital.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • SAMEX Mining Corp.
    Robert Kell
    Vice President Exploration
    (604) 870-9920 or Toll Free: 1-800-828-1488
    (604) 870-9930 (FAX)