VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/19/13 -- Canamex Resources Corp. (the "Company") (TSX VENTURE: CSQ)(OTCQX: CNMXF)(FRANKFURT: CX6) is pleased to announce the results of bottle roll cyanide leach tests on composite coarse reject drill cuttings from two drill holes from the 2012 exploration drilling program on the Penelas East discovery area at the Bruner gold project, Nye County, Nevada.
Bottle Roll Cyanide Leach Test Results
Bottle roll cyanide leach tests returned an average of 97% gold extraction from 21 composites from drill holes B-1201 and B-1207C from the Penelas East discovery area on coarse rejects ground to 80% passing 200 mesh screen size. These tests were run to assess the cyanide solubility from two holes which demonstrated a wide range of grades and vertical extent of gold mineralization within two distinctly different rock types. The positive results indicate that there is no material difference in gold solubility in samples ranging from less than 200 feet below the surface to samples from greater than 500 feet below the surface, no difference in gold solubility between head grades from 0.01 opt Au (0.34 g/t) to 0.64 opt Au (21.94 g/t), and no difference in solubility between gold hosted in strongly silicified quartz rhyolite and partially silicified / argillized volcanic agglomerate. Gold grade of all 21 composites averaged 0.0956 opt Au (3.28 g/t). Leach residue ("tailings") retained on average only 0.001 opt Au (0.034 g/t), ranging from 0.0005 opt Au (0.017 g/t) to 0.0027 opt Au (0.093 g/t), indicating that essentially all of the gold was soluble in cyanide. Although the bottle roll tests were run for 96 hours, almost all of the gold was leached in 24 to 48 hours. Cyanide consumption was very low in all of the bottle roll tests. Silver solubility was encouraging, with an average silver cyanide solubility of 79% at an average head grade of 0.19 opt (6.5 g/t) Ag. Silver is not a strong economic driver at the Bruner project, but these silver extractions bode well for silver contributing to the economics of the project, even at low silver grades.
"We are very encouraged by these metallurgical test results" exclaimed Greg Hahn, President & COO. "These results support the observations of consulting geologist Don White, in his report on logging of core hole B-1207C that the gold-bearing event appears to accompany last-stage fracture filling and to be the latest event at the Penelas East, post-dating at least five previous periods of silica veining or flooding. Thus the gold does not appear to be encapsulated in silica" continued Hahn. "Further, the gold extractions in bottle roll tests from Penelas East are indistinguishable from those performed on the bulk sample from the historic resource area, which returned +85% gold extractions in column leach tests, which bodes well for future column leach tests on the Penelas East discovery area" concluded Hahn.
To view "Bottle Roll Test Results - Gold", please click the following link: http://www.canamex.us/wp-content/uploads/2013/03/Bottle-Roll-Test-Results-Gold.jpg.
To view "Bottle Roll Test Results - Silver", please click the following link: http://www.canamex.us/wp-content/uploads/2013/03/Bottle-Roll-Test-Results-Silver.jpg.
Metallic screen analyses performed on seven of the highest grade composite samples indicate high variance with standard head grade analyses but good correlation with calculated head grades from cyanide leach results, indicating the presence of particulate gold. However the test results indicate the particulate gold is all soluble in cyanide, indicating it must be relatively fine-grained.
The Company plans on performing further bottle roll tests to continue to quantify the metallurgical characteristics of the gold-bearing material at the Bruner project.
All of the test work referenced herein was performed by Kappes, Cassidy & Associates ("KCA") metallurgical laboratory located in Reno, Nevada, and summarized in a report from KCA dated March 2013. KCA is a world-renowned metallurgical testing laboratory specializing in cyanide leach processing.
Greg Hahn, President & COO and a Certified Professional Geologist (#7122) is the qualified person under N I 43-101 ("NI 43-101") responsible for preparing and reviewing the data, and for reviewing and approving all other scientific and technical information, contained in this press release.
In an unrelated matter, Herb Duerr has resigned from the Board of Directors to pursue other business interests. Mr. Duerr has agreed to remain available for the balance of the year to answer any questions relating to Bruner that may arise. "We thank Herb for his years of service to Canamex, and wish him well in his future endeavors," stated Company Chairman and CEO Robert Kramer.
ON BEHALF OF THE BOARD
Robert Kramer, Chairman and CEO
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements with respect to the estimated costs and timing of drilling programs on the Bruner property, the potential mineralization and geological merits of the Bruner property, the preparation of one or more NI 43-101 mineral resource reports and a follow-on preliminary economic assessment and the timing thereof, and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's planned 2013 drilling program(s) on the Bruner property, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2013 exploration programs will proceed as planned and within budget. Canamex expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
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.
Canamex Resources Corp.
Chairman and CEO
Andrew Mugridge: firstname.lastname@example.org
Benjamin Curry: email@example.com
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