MONTREAL, QUEBEC–(Marketwired – May 5, 2017) – Amex Exploration Inc. (TSX VENTURE:AMX) (“Amex” or the “Corporation“) is pleased to announce that it has received the approval of the TSX Venture Exchange to complete the acquisition of a 100% undivided interest in the Gowan Property as previously announced May 1st, 2017.
The Corporation wishes to clarify that the total of 400,000 common shares of the Corporation, the cash payments totalling $20,000 and, the $25,000 in exploration expenditures, are to be made over a three year period and not four years as stated by error in the previous press release.
This property is located in the Gowan Township in the Porcupine Mining Division Ontario, approximately 16 km due east of Glencore’s Kidd Creek Mine. The Kidd Creek Mine is considered to be a world class copper zinc volcanagenic massive sulphide deposit. The Kidd Mine has been in production for over 50 years and produced in excess of 150 million tons of ore (ref. Kidd Operations Glencore). The Gowan Property is a strategically located 256 hectare property covering a prospective package of felsic volcanic rocks similar to those which host the Kidd Creek Mine. The property hosts a number of historical drill hole intersections with significant copper, zinc, gold and silver intercepts. No significant work has been conducted on the property since the late 1970s. It is anticipated that “state of the art” geophysical surveys will be conducted on the project in the future to evaluate the property’s potential at depth and further examine the extent of known mineralization. Subject to favourable results from the initial geophysical program a follow up program of diamond drilling would be conducted.
This transaction remains subject to the approval of the TSX Venture Exchange and securities issued will be subject to a four months hold period.
Alain Vachon, P.Eng., who is a Qualified Person as defined by Canadian NI 43-101, have approved the technical information reported in this news release.
Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to develop and bring into production viable gold and base metals deposits in mining-friendly jurisdictions. Amex has two main projects: the 100% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 116 adjacent claims covering 4518 hectares; and the 100% owned Eastmain River gold properties consisting of 135 claims covering 7,102 hectares.
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.
President and Chief Executive Officer