VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 10/18/11 — Canamex Resources Corp. (the Company) (TSX VENTURE: CSQ)(PINK SHEETS: CNMXF)(FRANKFURT: CX6) announces that it has contracted Harris Exploration Drilling to complete reverse circulation (RC) drilling at the Bruner oxidized gold-silver deposit located in Nye County, Nevada. Drilling is scheduled to commence by the end of October 2011. Road and drill site construction will commence this week.
A drilling program totaling approximately 9,150 meters (30,000 feet) in 57 drill holes has been designed in two phases. Phase one is scheduled to commence this month, with a total of 12 holes designed to test two target types: 1) high-grade veins that were mined historically the first half of the 20th century but largely ignored by exploration drilling in the second half of the century; and 2) the extension of the 385,000 ounce historical resource reported by Miramar Mining in 1993. This resource is not NI 43-101 compliant, and the Company cannot currently verify the resource.
Phase 1 drilling will test historical high-grade mining areas and historical drill hole intercepts on several veins outside of the historical resource area, where previous mining and limited drilling reveals open extensions of some old mine workings where production averaged +17 gpt Au (grams per tonne gold) or +0.5 opt Au (ounces per ton gold), and drill hole intercepts that range up to 3 meters (10 feet) at 25.69 gpt Au or 0.824 opt Au. Recent evaluation of the historical production areas on these veins reveals the high grade was mined between depths of 180 and 240 meters (600-800 feet) below the surface, and very few drill hole tests to these depths. Phase 1 drilling will also test the possible extension of the historical resource area to the northwest of historical drilling within a +50 ppb (parts per billion) gold-in- soil anomaly, with one hole designed to test the +200 ppb hot spot within the +50 ppb area. Phase 1 drilling should be completed before the winter season sets in. A new drill hole location map is posted to the Company-s web site at . The map shows proposed drill hole locations, the historical resource area, soil anomaly outlines, and high grade veins in the central portion of the property.
Phase 1 drilling results will be analyzed and compiled for finalization of the Phase 2 program, intended for the 2012 field season. The Phase 2 drilling program is intended to: 1) follow up on the results of exploration drilling of the high-grade vein targets; and 2) extend the historical resource area and test the peripheral extensions of that resource to allow a new resource estimate and report to be written that is compliant with NI 43-101. The goal of the program is to be able to issue a NI 43-101 compliant resource report.
„We are very excited to be testing both the high-grade vein components of the Bruner property and the extension of the historical resource area inferred by drilling there in the 1980s and 1990s by Newmont, Miramar, Viceroy, and Kennecott. These were all gold producing companies who knew what they were doing, and we believe we can use their combined 200 drill holes comprising over 26,500 meters (87,000 feet) of drilling to lever into a new NI 43-101 compliant resource that the market can value appropriately,“ said Greg Hahn, Chairman and CEO of the Company.
Gregory A. Hahn, Chairman and CEO of the Company, and a Certified Professional Geologist (CPG#7122), is the Qualified Person who has reviewed the content of this press release for compliance with NI 43-101 reporting requirements.
ON BEHALF OF THE BOARD
Gregory A. Hahn, Chairman and CEO
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Canamex expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the 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.
Contacts: Canamex Resources Corp. Robert Kramer (604) 718-2800 (ext 311) (604) 718-2808 (FAX)
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