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Press Release Source: AmMex Gold Mining Corporation
AmMex Gold Mining to Acquire 100% Interest in a Drill Indicated Copper/Molybdenum Discovery in Arizona
Monday July 9, 6:36 pm ET
OTTAWA, ONTARIO--(MARKET WIRE)--Jul 9, 2007 -- AmMex Gold Mining Corp. (OTC BB:AMXG.OB - News) (Frankfurt:R5E.F - News) (WKN: A0KE72) is pleased to announce that they have signed a letter of intent setting out the terms of an option to acquire a 100% interest in the Castle Copper property, located in Arizona, U.S.A., from Lone Tree Exploration LLC.
To date, 55 core holes have been drilled at Castle Copper. Most of these holes (38 of 55) were carried out by Phelps Dodge between 1963 and 1966. Bear Creek Mining drilled 2 holes in the 1960s and Utah International drilled 8 holes between 1968 and 1981 before dropping the lease prior to their merger with BHP Minerals. The best drill hole on the property to date was by Phelps Dodge, where hole SM-20 cut about 170 feet of enriched ore averaging 1.7% copper plus an additional 550 feet of primary ore with some supergene ore averaging 0.46% copper. Molybdenum (MoS2) values generally follow copper with an average of about 0.05 to 0.07% in the enriched copper zone.
A technical report completed in 1992 by Donald A. Bourne of Watts Griffis and McOuat in Toronto estimated a drill indicated inventory of just over 29 million tons proven/probable and 10.4 million tons possible for a total of 39,434,484 tons grading 1.27% copper and 0.044% molybdenum. There are substantial widths of primary copper-molybdenum mineralization below the supergene enriched blanket but no tonnage was ever calculated for this material. Watts Griffis also completed a preliminary economic valuation in 1992 and reported a reasonable return could be realized mining via an underground ramp and conveyor system with constant copper prices of $US1.20/lb and $US2.10/lb molybdenum.
AmMex Gold would like to caution investors that although it believes the historic data is accurate, it will have to be confirmed and the project advanced to modern standards with more exploration drilling and current feasibility studies. However, AmMex Gold believes that with current prices of copper around $US3.60/lb and molybdenum prices over $US30.00/lb the project could be very robust. Since precious metal prices were substantially lower in the 1960s, the drill core was never assayed for precious metals, although it is now known that most copper deposits in the area contain silver or gold.
The mineral system at Castle Copper is an extremely large one where significant sulphide mineralization has been identified over 3 or 4 square miles although the better copper-molybdenum appears to be located within or adjacent to the Sheep Mountain stock (a composite body of Laramide age). This forms a slightly elongated dome measuring 3,400 feet by 2,300 feet whose long axis strikes N 45 degrees W and plunges 50 degrees North West.
Under the terms of the agreement, AmMex Gold may earn a 100% interest in the Castle Copper project subject to a 2.5% NSR of which 1% may be purchased at any time for US$2,000,000. In the first two years of the agreement, AmMex must make payments to Lone Tree of US$105,000 and conduct a minimum of 7,000 feet of drilling and issue 800,000 AmMex restricted shares. In year three, AmMex must make an advance royalty payment of $US 125,000, followed by an advance royalty payment of $US150,000 in year 4; and an advance royalty payment of $US 225,000 in year 5. All advance royalties will be credited against a total purchase price (capped royalty) of $US 12,000,000, payable over 20 years. After year five AmMex must also pay Lone Tree a $US 2,000,000 advanced royalty payment and issue 4,000,000 AmMex restricted shares.
Contact:
Contacts:
AmMex Gold Mining Corp.
Bill Reed, VP of Exploration
520-907-9986
Investor Relations: 613-226-7883
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Source: AmMex Gold Mining Corporation
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