Mr. Victor Cantore reports

AMEX EXPLORATION TO OPTION NEWMAN, NOSEWORTHY AND HEPBURN PROPERTIES IN ONTARIO

Amex Exploration Inc. has entered into an option agreement to acquire a 100-per-cent undivided interest in 216 non-contiguous, unpatented mining claims in the Noseworthy, Newman and Hepburn townships in the province of Ontario, representing a total area of approximately 11,600 hectares.

The Newman property holds 11 historical gold showings as well as 2 two copper showings. The majority of the gold showings came from overburden drilling that were never investigated further. Highly anomalous gold results from these historical reports start at 170 parts per billion gold (0.17 gram per tonne gold) and range all the way to 38,000 parts per billion gold (38 grams per tonne gold). Seven showings contain values in excess of one gram per tonne gold, which are extremely anomalous when it comes to overburden drilling.

The Hepburn property is an important addition to the Perron West property as it contains the important regional structure the Chicobi fault, which separates the metasediments to the south from the volcanics to the north. By controlling all important geological features in the immediate area, Amex can ensure that no stone is left unturned when it comes to exploration of new high-grade gold zones.

Transaction details

The company, as optionee, entered into the option agreement with certain arm's-length optionors in respect of the properties. Pursuant to the option agreement, the company will:

1. Pay to the optionors aggregate cash consideration of $104,000 over a three-year period commencing on the date of the option agreement;
2. Issue to the optionors a total of 250,000 common shares in the capital of the company, subject to the approval of the TSX Venture Exchange;
3. Grant to the optionors, upon acquiring a 100-per-cent interest in the properties, a 1.5-per-cent net smelter return royalty on the properties, one-third of which may be repurchased by the company for $1-million to reduce the royalty to a 1.0-per-cent net smelter return royalty.

Pursuant to the option agreement, the optionors will transfer the properties to the company upon payment of the final cash consideration payable on the third anniversary of the option agreement.

The transaction remains subject to the satisfaction of a number of closing conditions and postclosing obligations, including payment of certain cash consideration, the net smelter return royalty, certain deeds and instruments of conveyance, the approval of the TSX-V, and standard closing conditions for transactions of this nature.

Qualified persons and quality assurance/quality control

The technical information in this news release has been reviewed and approved by Aaron Stone, PGeo (OGQ No. 2170 and PGO No. 3708) for the properties in Ontario and Dr. Jerome Augustin, PGeo, PhD (OGQ No. 2134), for the Perron project in Quebec.

The potential grades of exploration targets discussed in this news release are conceptual in nature. The qualified persons have not completed sufficient work to verify historical information on the properties and it is uncertain if further exploration will result in any targets being delineated as a mineral resource. The company has not independently verified and cannot guarantee the accuracy or completeness of any third party data discussed in this news release and investors should use caution in placing reliance on such information. The information provides an indication of the exploration potential of the properties but may not be representative of expected results.

About Amex Exploration Inc.

Amex Exploration has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100-per-cent-owned Perron gold project, located approximately 110 kilometres north of Rouyn-Noranda, Que. The Perron project in Quebec consists of 183 contiguous claims for a surface area of 65.75 square kilometres. The project hosts both bulk-tonnage and high-grade gold mineralization styles.

When combined with the adjacent and contiguous Perron West project and Abbotsford and Hepburn projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 502.53 square kilometres. This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS (volcanogenic massive sulphide) mineralization.

The Perron project benefits from excellent infrastructure: It is accessible by a year-round road, located just 30 minutes from an airport, and approximately 6.5 kilometres from the town of Normetal. It is also in close proximity to several process plants owned by major gold producers.

We seek Safe Harbor.