Montréal, Canada – January 25, 2012 – Amex Exploration inc. (AMX: TSX-V,) is pleased to announce that all necessary permitting have been obtained and all road access have been completed on the Chivas property in Sonora, Mexico. The Chivas property, optioned to Bowmore Exploration Inc. (BOW: TSX-V), is composed of two claims covering over 24,841 hectares situated at 15 kilometres to the west of the Dolores Mine owned by Minfinders Corporation Ltd. Geologically, the property is located within the Sierra Madre Occidental gold belt (“SMO”) of Mexico wich hosts reserves of more than 40 million ounces of gold and 2 billion ounces of silver.
Over the last two months, the Company completed 20 km of road maintenance and widening and also completed 12 km of road construction to allow a conventional drill rig to access the targeted zones identified by previous work programs. Work began in early December 2011 and was completed last week with access to the Silica Cap, Mesa Blanca, Mesa and Cerro Rojo zones. All drill pads have been prepared to test the IP and TerraSpect anomalies along the above mentioned altered zones where previous exploration work in 2010 and 2011 has identified a large low sulphidation epithermal system within the Chivas property (see news release October 26, 2010 and news release July 14, 2011 and news release November 21, 2011).
At this time, the company is finalizing all the set-up work in order to initiate in a very short term the first phase of drilling. The field crew of Amex (the operator under the option agreement) is in the final evaluation of selecting a drilling contractors, a drilling contract should be signed in the near term.
Dr. Jacques Trottier, President and CEO of Amex Exploration inc., stated: “Both management of Amex and Bowmore are very enthusiastic to finally test by drilling the outlined extensive hydrothermal system that Amex has identified at Chivas. It is with some high expectation that the company is about to initiate the first phase of drilling on this property.”
The company has granted a total of 1,300,000 options to its directors and officers pursuant to its stock option plan. Each option entitles its holder to subscribe to one additional common shares of the share capital of Amex at a price of $0.25 per share for a period of five years and a total of 125,000 options to two consultants pursuant to its stock option plan. Each option entitles its holder to subscribe to one additional common shares of the share capital of Amex at a price of $0.25 per share for a period of one year. The vesting and hold periods of the stock options are
subject to the Policy 4.4 of the TSX Venture Exchange and to the Amex’s incentive stock option plan.
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.
The technical information reported in this news release has been approved by Jacques Trottier, geol., Qualified Person as defined by Canadian NI 43-101
For additional information, contact: Dr. Jacques Trottier
President and Chief Executive Officer Tel.: (514) 866-8209
Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.