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File: NR151202.docx

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142 - 1146 Pacific Blvd., 
Vancouver, British Columbia V6Z 2X7 Canada 
Telephone: (604) 620-7737
www.carmaxmining.com


NEWS RELEASE 

TSX-V: CXM               December 9, 2015


CARMAX ANNOUNCES RELATED PARTY LOAN 


December 9, 2015, Vancouver, British Columbia- Carmax Mining Corp. ("Carmax") is pleased to announce that it has arran
--->ged for a credit facility with Copperfox Metals Inc. pursuant to which Carmax may receive up to $400,000CAN if, as and
---> when required for ongoing exploration expenses and administrative costs during the ensuing year. The loan advances be
--->ar interest at the rate of 1% per annum and the advances are convertible into shares of Carmax at a price equal to the
---> greater of $0.05 or the 10-day TSX.V average stock price, calculated over the period after notice is given, subject t
--->o the prior approval of the TSX Venture Exchange. The loan matures on November 30, 2016.

To date $100,000CAN has been advanced under the credit facility to pay for Drilling and Geological expenses associated
---> with Carmax's 2015 exploration program.

The credit facility is an arrangement between non-arm's length parties as a result of which the agreement is subject t
--->o prior Exchange approval.

Copperfox Metals Inc. shares two common Directors with Carmax and owns and controls 50.97% of the issued and outstandi
--->ng shares of Carmax.

About Carmax

Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern Briti
--->sh Columbia. 

For further information, please visit the website at www.carmaxmining.com to view the Company's profile or contact Jev
--->in Werbes at 604-620-7737.

"Jevin Werbes"
_____________________________
Jevin Werbes, President

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.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities des
--->cribed herein in the United States. The securities described in this news release have not been and will not be regist
--->ered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities la
--->ws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securit
--->ies Act and applicable state securities laws or an exemption from such registration is available. This news release is
---> not for distribution in the United States or over United States newswires.

Cautionary Statement on Forward Looking Statement
Certain information contained in this news release, including information as to our strategy, projects, plans or futur
--->e financial or operating performance and other statements that express management's expectations or estimates of futur
--->e performance, constitute "forward looking statements".  Actual results may differ materially from those indicated by 
--->such statements.  All statements, other than historical fact, included herein, including, without limitations statemen
--->ts regarding future production, are forward-looking statements that involve various risks and uncertainties.  There ca
--->n be no assurance that such statements will prove to be accurate and actual results and future events could differ mat
--->erially from those anticipated in such statements. Forward-looking information in this news release includes, but is n
--->ot limited to, statements about the exploration program at the Eaglehead project; the resource estimate at the Eaglehe
--->ad project; and statements about Carmax's strategy, future operations and prospects.

This news release contains "forward-looking information" within the meaning of the Canadian securities laws. In the fo
--->rward-looking information contained in this news release, Carmax has made numerous assumptions regarding, the analytic
--->al results of drill holes from the 2015 drilling and sampling program and the interpretation on the different phases o
--->f mineralization as suggested by the current analytical results.  While Carmax considers these assumptions to be reaso
--->nable, these assumptions are inherently subject to significant uncertainties and contingencies.  Additionally, there a
--->re known and unknown risk factors which could cause Carmax's actual results, performance or achievements to be materia
--->lly different from any future results, performance or achievements expressed or implied by the forward-looking informa
--->tion contained herein.  Known risk factors include, among others: the possibility that the analytical results for the 
--->remaining drill holes sampled in 2015 does not return significant mineralization; the copper-molybdenum mineralization
---> does not extend beyond the limit established by the analytical results; uncertainties relating to interpretation of d
--->rill results and the geology, continuity and grade of the mineralization;  the uncertainty as to the availability and 
--->terms of future financing; the possibility of delay in the exploration program and uncertainty of meeting anticipated 
--->program milestones; uncertainty as to timely availability of permits and other governmental approvals