FOR IMMEDIATE RELEASE
Amerix Reports the Discovery of New Gold Zones and Refines the Ouro Roxo Gold Resource Model
Toronto, Ontario – March 26, 2008 – Amerix Precious Metals Corporation ("Amerix") (TSX VENTURE:APM) (FRANKFURT:NJG) today reports additional results of its recently completed drilling program in the Ouro Roxo mining prospect in the Vila Porto Rico (VPR) Exploration Licenses in the Tapajós Gold Province in Brazil. Thirty-eight new holes were drilled and approximately 5800 metres of core were recovered. Assays have been reported already for eight of these holes (news release of 12/12/2007). New assays are now available for 16 additional holes; 12 in the Ouro Roxo North gold-bearing zones and 4 in Ouro Roxo Middle. Highlights from the new drilling results include 4 meters of 14.4 g/t gold in hole AORN-60 and 1.1 meters of 37.38 g/t gold within a 11.65 meter interval grading 4.28 g/t gold in hole AORN-85.
Including the drilling by RTZ in the late 1990’s, Amerix now has 115 drill holes over the +3.5-km long Ouro Roxo area for review. As a result of the extensive database the Company’s technical team is working to re-define the geological model for the area. From this work, it is now believed that the gold mineralization is hosted in numerous en echelon ore zones and/or lenses along the +3.5-km long north-south trending Ouro Roxo shear zone. Each of the gold zones generally trends northeast and dips to the southeast. All of the past drilling was directed to the west which is now considered not the optimal drilling direction. This new model provides a more reasonable structural interpretation and greatly enhances the resource potential of the Ouro Roxo Gold prospect.
To test this new structural model, seven holes were drilled (AORN-83, 84, 85, 86, 87, 88 and 89) in a northwest direction in the area of extensive surface gold workings. Results from the drilling confirm multiple gold-bearing zones with values up to 37.38 g/t gold over intervals of 1.1 meters in the 30- to 70-m thick saprolite cover. Several of these drill holes (AORN 83, 84, 87, and 88) did not reach their target depth because the drill intersected old garimpeiro workings and circulation was lost. (It should be understood that based on earlier results from many garimpeiro workings, these workings were most likely following very high grade gold veins with grades as high as 475g/t as reported in Amerix news release of 25/06/2007.)
Drilling several hundred meters north of above mentioned holes confirm the existence of more separate high-grade gold zones with the Ouro Roxo North area. Drill hole AORN-60 collared almost 400 meters north of AORN-85 intersected 4 meters of 14.4g/t gold. Drill holes AORN-56, 62 and 64 located in the same area of AORN-60 may now represent a new high-grade northeast trending gold zone. AORN-64, as reported in the news release of 12/12/2007, has an intercept of 10.2 g/t gold over 10.7 meters. Furthermore AORN-68 collared approximately 190 meters north of AORN-64 intersected 3 meters of 7.81 g/t gold. By applying the new structural interpretation, the mineralized zones in AORN-68 represents another new discovery.
To expedite the quantification of the Ouro Roxo gold resource, a closely spaced mechanized and hand auger drill program is underway and will be expanded to encompass much of the VPR area. The initial hand auger program will consist of several hundred closely spaced one meter hand auger holes designed to locate and define the surface expression of the known gold zones. These zones will be followed up by mechanized auger drilling capable to drill to depths of 30 meters. It is the company’s intention to include the mechanized auger drill samples in the overall gold resource at Ouro Roxo. The company believes that hand and mechanized auger drilling is most efficient and cost effective exploration method in this type of terrain. In addition, a topographic survey of the entire VPR area is in progress.
The following table presents significant gold intercept assay data for these 16 holes.
Management’s Discussion and Analysis: The Vila Porto Rico Property (VPR) contains 570 square kilometres of mining rights (100% APM), located in the Tapajós District, one of the largest gold producing provinces in Brazil. VPR contains extensive hydraulic mining areas, placer mining operations, and mine shafts, from which garimpeiros have produced an estimated +2 million ounces since 1958. Gold occurs within the N-S trending Ouro Roxo shear zone, which is 1-2 kilometres wide, and has been traced along a strike length of more than 25 kilometres. Goldbearing zones are present in a variety of structures, but the best gold values have been found within faults, shears, and brecciated zones that dip moderately to the east and southeast. The Ouro Roxo area is +3.5 kilometre long segment of this structural zone. In 2006 the Company and SRK Consultants prepared a NI 43-101 Assessment Report which identified an inferred gold resource of 1.336 Mt @ 5.8 g/t for 250,000 oz Au. This resource was based on 27 drill holes from two small areas at Ouro Roxo North and Ouro Roxo South, which are separated by more than two kilometres of strike length. These two areas have now been enlarged and connected by the 116 drill holes totalling more than 17,383 metres and additional auger drilling. This exploration has demonstrated that the Ouro Roxo structure is one continuous feature having a multitude of goldbearing
ore shoots within the east-dipping shear zone.
QA/QC: The drilling operations were conducted by GEOSOL and Kluane under the direct guidance and supervision of Amerix geologists and management. Both companies are well established and have worked with Amerix in the past. All cores were split and described at the Amerix camps near the drill sites. Chemical analyses were performed by SGS Lakefield/Geosol of Belo Horizonte, Brazil, an ISO/IEC 17025 and ISO 9002 certified assayer. A quality control program of standards, blanks and duplicates is maintained.
About Amerix Precious Metals Corporation
Amerix Precious Metals Corporation is an Ontario company exploring for precious metals in Brazil. Amerix’s objective is to create value for shareholders through expansion of bedrock gold resources, and development of placer and tailings gold resources. Brazil has enormous gold potential and is a proven mining-friendly country. Amerix staff has more than 50 years of combined experience in Brazil, and the Company has been active for more than 10 years. The Corporation’s shares trade on the TSX Venture Exchange under the symbol “APM” and at the Frankfurt Stock Exchange under the symbol “NJG.”
The technical and scientific information has been reviewed by Dr. Lawrence W. Snee, Amerix’s senior consulting geologist, a geologist with more than 30 years of geologic experience throughout the World and a Qualified Person as described in NI 43-101. Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Amerix Precious Metals Corp. It is uncertain if further exploration will result in discovery of an economic mineral resource on any of the properties. Actual results may differ materially from those currently anticipated in such statements.
For further information, please contact:
Amerix Precious Metals Corporation
Jeffrey Reeder, CEO and President
Phone: 647-302-3290
Jenny So, Broker Relations Specialist
CHF Investor Relations
Phone: 416-868-1079, Ext. 225
Tom Berner
Berner Information
Phone: 416-324-8322, Ext. 202
Marlies E. Studer
Studer Consulting
Phone: +41 44 215 28 03
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adequacy or accuracy of this release.