Amex signs option for 11,600 ha of Ont. mining claims

Executive Summary

• Amex Exploration Inc. entered into an option agreement to acquire a 100% undivided interest in 216 unpatented mining claims (~11,600 hectares) across the Newman, Noseworthy, and Hepburn townships in Ontario.
• The transaction consideration includes $104,000 in cash payable over three years, the issuance of 250,000 common shares (subject to TSX-V approval), and a 1.5% net smelter return (NSR) royalty.
• The properties offer significant exploration potential, featuring historical gold showings with anomalous values up to 38 g/t Au, and the Hepburn property strategically incorporates the Chicobi fault structure into Amex’s regional land package.

Key Details

• Transaction Structure: Option agreement to acquire 100% undivided interest in 216 non-contiguous, unpatented mining claims.
• Property Location & Size: Newman, Noseworthy, and Hepburn townships, Ontario; approximately 11,600 hectares total.
• Cash Consideration: Aggregate $104,000 payable to optionors over a three-year period commencing on the option agreement date.
• Equity Consideration: 250,000 common shares issued to optionors, subject to TSX Venture Exchange approval.
• Royalty Terms: 1.5% net smelter return (NSR) royalty granted upon acquiring 100% interest; one-third of the royalty may be repurchased by the company for $1 million to reduce the royalty to 1.0% NSR.
• Closing Conditions: Properties transfer to the company upon payment of the final cash consideration on the third anniversary; subject to TSX-V approval, standard closing conditions, and post-closing obligations.
• Newman Property Geology: Hosts 11 historical gold showings and 2 copper showings; historical overburden drilling results range from 0.17 g/t to 38 g/t Au, with seven showings exceeding 1 g/t Au.
• Hepburn Property Geology: Contains the Chicobi fault, a critical regional structure separating metasediments and volcanics, complementing the adjacent Perron West property.
• Qualified Persons: Aaron Stone, PGeo (Ontario properties) and Dr. Jerome Augustin, PGeo, PhD (Quebec Perron project).
• Technical Disclaimer: Historical exploration data is conceptual in nature; qualified persons have not verified historical information, and there is no guarantee that further exploration will delineate a mineral resource.