VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/08/12 — Canamex Resources Corp. (TSX VENTURE: CSQ)(PINKSHEETS: CNMXF)(FRANKFURT: CX6) announces that it has received final geochemical results from a 13 hole Reverse Circulation (RC) drilling program at its Bruner gold-silver project located in central Nevada about 200 kilometers east-southeast of Reno. Two of the first three holes drilled by Canamex into the Penelas East Vein System intersected +10 g/t (+.292 oz/ton) gold. Drill hole B-1115 penetrated a vein nearly 400 feet below the surface and 400 feet south of the historic drill intercepts in BRU-085 and BRU-105. This vein intercept has a true width of 4.2 meters (13.7 feet) and averages 12.97 grams per tonne (g/t) gold (0.379 oz/ton) and 146 g/t (4.25 oz/ton) silver and includes 1.4 meters assaying 24.97 g/t (0.729 oz/ton) gold and 151 g/t (4.41 oz/ton) silver. The drilling program was designed to test for high-grade gold-silver veins similar to those at Newmont-s Midas (Ken Snyder) Mine in northern Nevada. Three holes were drilled at the Penelas East target, and five holes were drilled at the historic Penelas Mine target.
Drill holes B-1108, 1109 and 1115 were drilled at Penelas East. Drill hole B-1115 was located 90 meters southwest of holes B1108 and B1109 and roughly 122 meters south of historic intercepts in holes BRU-085 and BRU-105. B-1115 intersected a core of 1.4 meters (4.6 feet) of 24.97 g/t (0.729 oz/ton) gold and 151 g/t (4.41 oz/ton) silver about 122 meters (400 feet) below the surface within an overall intercept of 4.6 meters (15 feet) averaging 12.97 g/t gold (0.379 oz/ton) and 146 g/t (4.25 oz/ton) silver. B-1108 intersected 1.5 meters (4.8 feet) of 11.50 g/t (0.336 oz/ton) gold and 36.3 g/t (1.06 oz/ton) silver about 55 meters (180 feet) below the surface. B-1109 intersected 1.5 meters (5 feet) of 5.57 g/t (0.163 oz/ton) gold and 3.7 g/t (0.11 oz/ton) silver about 38 meters (125 feet) below the surface. All three intercepts in the Penelas East vein are subtle and contain some banded chalcedonic quartz and microbreccias, indicative of a high level located above the boiling zone and possibly within a larger epithermal vein system. Gold in epithermal vein systems precipitates primarily at and below the boiling point of the gold-bearing solutions, so any gold in the vein system above the boiling point, as evidenced by vein textures, is a very encouraging sign. By analogy with the nearby historic Penelas Vein, which produced 100,000 tons grading 0.56 oz/ton gold, high-grade intercepts are expected to lie below the recent drill hole intercepts at elevations below 6200 feet ASL. The above intercepts lie at elevations of 6200-6400 feet ASL.
In addition, there is a halo of lower grade material surrounding the above high-grade intercepts as evidenced in the summary table below that constitute a potential bulk mineable heap leach target as an alternative to a high grade vein target.
Canamex has engaged Dr. Stuart Simmons, a world renowned expert on epithermal gold vein systems, to analyze the results of the drilling and sampling program at the old Penelas and East Penelas vein areas and throughout the property to guide future exploration towards the identification of the „boiling zone“, where the majority of gold is precipitated in these systems.
Several of the holes in the other target areas intersected thicker intervals of lower grade gold and silver mineralization that comprise or are part of a separate bulk mineable heap leach target and that could complement the historic resources on the west end of the property.
The drilling program consisted of 2,434 meters (7,985 feet) in 13 angled RC drill holes. Drill cuttings were collected in 1.5 meter (5 feet) interval, consisting of two 2-3 kilogram homogenized splits, one of which was shipped to ALS Chemex in Reno for analysis and the other saved for possible check assaying or metallurgy. Blanks and standards were included in the samples shipped to the lab. Analysis for gold and silver was done using 30 gram fire assays. A summary of the results is included in the table below and a map of drill hole locations is found on the Canamex website at .
Canamex intends to continue its exploration at Bruner later in the summer with a focus on testing the high-grade vein mineralization at the Penelas and Penelas East Vein System via a core drilling program.
Greg Hahn, Chairman and CEO and a Certified Professional Geologist (#7122) is the Qualified Person under NI 43-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
Gregory A. Hahn, Chairman and CEO
Forward-Looking Statements:
This note contains forward-looking statements regarding future events and Canamex-s future results. These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Canamex operates and the beliefs and assumptions of Canamex-s management. Words such as „expects“, „anticipates“, „targets“, „goals“, „projects“, „intends“, „plans“, „believes“, „seeks“, „estimates“, „continues“, „may“, variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Canamex-s future financial performance, Canamex-s anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified elsewhere herein and Canamex-s filings on . Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Canamex undertakes no obligation to revise or update any forward-looking statements for any reason.
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)
Renmark Financial Communications Inc. Erica Lomonaco (514) 939-3989 or (416) 644-2020
Renmark Financial Communications Inc. Barbara Komorowski (514) 939-3989 or (416) 644-2020
