Montreal, June 23, 2015 – Amex Exploration Inc. (TSXV: AMX) (“Amex” or the “Corporation”) is pleased to report that Agnico Eagle Mines Limited (NYSE:AEM, TSX: AEM), (“Agnico”), has made the fourth cash payment of $100,000 on time, and in accordance with the Option Agreement for the Perron property. (see PR2013-06-21).
Following the positive drilling results as outlined in the press release dated June 16, 2015, Agnico and Amex amended the Option Agreement effective June 21, 2015 to provide flexibility in the $4,500,000 exploration budget amount to be incurred to acquire a 51% interest in the Perron property.
The total exploration budget amount is to be incurred before June 21, 2017. As part of the June 21,2015 amendment to the Option Agreement, the total cash payment due to Amex increased from $450,000 to $500,000. Future cash payments are expected to be as follow: $70,000 on December 31, 2015, $100,000 on June 21, 2016 and a final payment of $50,000 on December 31, 2016. To date, Agnico has made payments to Amex totalling $280,000.
The third year of the Option Agreement is underway with a plan for an extensive drilling program on the Normetal Mine Horizon discovered in winter 2015 drilling program, as well as further follow-up on the Amex initial discovery hole PE-2013-03, and finally on the lateral contact between the Ryolite and the Andesite unit of the Beaupre bloc.
Jacques Trottier, PhD, President and CEO of Amex comments, “The amendment to the option agreement is positive for the exploration program work as it will provide sufficient time to establish the best targets to be drilled in the Perron property. We are anxious to see the drilling campaign resume.”
Amex also announces that its Board of Directors approved the granting of incentive stock options under its stock option plan to its directors and consultants to acquire up to an aggregate of 1,400,000 common shares. All of the options are exercisable for a period of 5 years at a price of $ 0.05.
Amex Exploration Inc. is a junior mining exploration company listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.
For further information please contact:
Jacques Trottier, PhD
President and Chief Executive Officer
Amex Exploration: 514-866-8209.
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.