Ottawa, Ontario--(MARKET WIRE)-Apr. 2, 2008 - AmMex Gold Mining Corp. (OTCBB: AMXG) (FWB: R5E, WKN:
A0KE72) is pleased to announce that it has jointly acquired the 7,767 hectare Concha mineral concession located in the Melchor Ocampo mining district of Zacatecas, Mexico in conjunction with EXMIN Resources Inc. AmMex provided confidential exploration data in order for EXMIN to stake an area with known potential for polymetallic mineralization in an area with intense exploration and mining activity.
Concha covers a 7 km by 2 km magnetic anomaly in a valley near outcropping mineralization with several small mines and prospects that were exploited in the past. Mineralization in the region is characterized by Ag-Zn-Pb-Au replacement deposits related to intermediate intrusions and by diatremes, as at Penasquito. Stream sediment and soil samples in the area of the magnetic anomaly show anomalous metal values. Seven samples of loose rock fragments, or "float", collected in the valley fill material in the region of the anomaly averaged 0.435 grams per metric ton (g/t) gold, and 5 g/t silver, with one sample yielding 1.0 g/t gold and 229 g/t silver; one sample also reported 1.46% lead.
Bill Reed, VP Exploration for AmMex, stated: "I have known of the Concha property for many years and was pleasantly surprised when I learned it had become available. EXMIN held some adjacent ground and their ability to move quickly to claim the concession was key with the acquisition. The property has never been drilled and I am looking forward to the potential that an initial drill program could yield."
A work program with the objective to establish drill targets on the property has commenced and a detailed update regarding progress is expected near term.
Under the terms of a Joint Venture Agreement between the two companies, AmMex will provide detailed data and fund the first round of exploration drilling up to US $150,000 to earn a 70% project interest while EXMIN will earn a 30% project interest for staking the concession and being the project operator for the initial phase of exploration. Costs incurred after the initial US $150,000 will be split as per the joint venture interest.
Quality Assurance
Sample geochemical data were not taken by AmMex but are believed to be reliable. Assays were completed by ALS Chemex. Gold analyses were performed by fire assay with an AA finish or as part of an ICP package, and silver and other elements were analyzed as part of a multi-element ICP package.
Dr. Craig Gibson, PhD., Certified Professional Geologist, and Executive Vice President of Exploration is the authorized professional geologist for EXMIN and the direct manager of all technical programs and information.
About AmMex Gold
AmMex Gold Mining Corp. is a precious metals exploration company which aims to build shareholder value by acquiring precious metals assets in proven, resource-rich areas located in politically safe areas of the world with emphasis in North and South America where the Company has strong expertise.
About EXMIN
EXMIN Resources Inc. is currently focused on the exploration and development of precious metal properties of exceptional merit in the Sierra Madre gold belt of Northwestern Mexico as well as in other highly mineralized areas of Mexico.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to commencement of drilling operations, concentration in mineral deposits, delays in testing and evaluation of ore samples, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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