gold related news



Montreal, Canada – November 22, 2011 – AMEX EXPLORATION INC (AMX: TSX-V, ” Amex”) and its partner Bowmore Exploration Ltd (BOW: TSX, “Bowmore”) are pleased to announce the results of ground geophysics surveys that has identified three significant IP (Induced Polarization) anomalies associated with a large low-sulfidation epithermal system previously identified by detailed mapping, sampling and PIMA surveys (see Press Release Bowmore, July 14th 2011) on the Chivas Property in Mexico.

From these surveys, two out of three identified target areas, namely Silica Cap and Mesa Blanca, were selected for a ground geophysics survey ( Pole-dipole IP multi-separation survey) to better define drill targets. The results allowed defining three IP anomalies named IP1, IP2, and IP3. All these three anomalies are overlapping well defined wide-spread occurrence of surface buddingtonite alteration, typical of surface expression of high grade gold-silver bonanza zones of low-sulfidation system located at depth.

The three chargeability anomalies are described as follows:

Anomaly IP1:
This anomaly extends at depth in the western part of the grid. The chargeability values are week to moderate and occupied a large volume of rock of 500-800 meters in width extending in the SE-NW direction. IP2 anomaly (here under described) extends at shallow depth along the eastern flank of IP1.The weak to moderate chargeability amplitude reflects a pervasive oxidation of the disseminated sulphides throughout the anomalous corridor.

Anomaly IP2:
This anomaly extends at shallow depth along the eastern flanks of IP1. It corresponds to a high resistivity anomaly at the sub-surface indicating the presence of anomalous silica content associated with disseminated sulphide. It corresponds at surface to local silicification and a large area with presence of anomalous buddingtonite from PIMA samples.

Anomaly IP3:
This anomaly extends at shallow depth between lines 183500N and 183900N and remains open towards the northwest. It has the same SE-NW trends as IP1 and IP2. It corresponds to a high resistivity anomaly suggesting the presence of anomalous silicification. It corresponds to the silicified outcrops along the projection of IP3 at surface, and also it corresponds at surface to anomalous buddingtonite from PIMA samples

Note: The I.P. survey was initiated in late June and completed in August 4th , 2011. Six lines (two hundred east-west spaced lines, 3217900N to 3218900N) were surveyed for a total of 19.7 linear kilometers. The fieldwork was initiated by Geofísica TMC SA de CV from Mexico. After completing the first two IP lines, the results appeared quite noisy and the objective of surveying at depth was not achieved. VDG del Peru S.A.C. was then consulted in order to improve the survey procedures and the quality of the raw data being gathered. Thus, VDG del Peru S.A.C. recommended using galvanized metal plates instead of metal rods to increase the conductivity in order to get reliable responses at depth. The change to metal plates allowed the amplitude of the current improved in average by a factor of 67 %, the average amplitude of the Primary Voltage was increased by a factor of 65%, and the ground contact impedance measured between the potential electrodes lowered by a factor 6.8. According to VDG del Peru S.A.C., the amplitude of the chargeability anomalous targets is described as weak to moderate, indicating pervasive oxidation along a favourable corridor. The resistivity results outlined zone of high resistivity indicating the presence of anomalous silica content. High resistivity and high chargeability anomalies were derived from the 3D block modelling and projected on the interpretation map.(Source; VDG del Peru S.A.C., “Report on Induced Polarization surveys on behalf of Amex Exploration inc., Natora South Project, State of Sonora, Mexico”. November 2011, 13 pages with 4 appendix).

Following these significant results, Amex, with its partner Bowmore, are preparing an aggressive drill program of at least three thousand meters to test those IP anomalies, together with some follow-up drilled targets such as the mineralized Piedra Rodante Breccia Zone.

First phase of drilling by Amex-Bowmore at Chivas should commence upon reception of all required drilling permitting for the officials and land access from the land owners that we are expecting to get in the next coming weeks.

Dr Jacques Trottier of Amex stated: “The combination of already identified wide-spread occurrence of buddingtonite associated with surface silica-caps and high-level low-sulfidation breccia zone such as Piedra Rodante over an impressive area of about more than 4 km long by near 2 km of width, together with overlapping typical IP (Chargeability + Resistivity) anomalies gives us all the reasons to be very optimistic about the results from the near coming drilling phase at Chivas”.

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

Forward-looking statements:

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 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.