WEST VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2013) - Carmax Mining Corp. ("Carmax") (TSX VENTURE:CXM) is pleased to announce that a four-person team will be visiting the Dominican Republic this week to perform an initial site inspection and reconnaissance of the two concessions, La Angostura and El Rio. Additional objectives for the team include establishing legal representation in the country and meeting with various government officials.
About La Angostura and El Rio
Carmax has signed a Letter of Intent (see company release January 21, 2013) to acquire a 100% interest in two mineral concessions covering approximately 14,000 Ha. They are located in central Dominican Republic, in a geological setting that is considered highly prospective for the discovery of bulk tonnage gold deposits. The LOI requires aggregate payments of $500,000 ($15,000 paid), issuance of 5,000,000, and a commitment to spend up to $1,700,000 in exploration and development costs over a three year period.
Carmax is a Canadian company primarily engaged in exploration for bulk tonnage copper-molybdenum deposits in northwestern British Columbia. The company also has gold and silver projects in Ontario. Currently its main asset is the Eaglehead project in northern British Columbia, with an NI 43-101 compliant inferred resource of 103 million tonnes at average grades of 0.29% Cu, 0.010% Mo and 0.08 g/t Au (company release July 4, 2012). Carmax has 27,515,998 shares outstanding and trades on the TSX Venture Exchange (TSX-V) under the symbol CXM.
Chris M. Healey, P.Geo., a Director of Carmax, is a qualified person as defined in NI 43-101, and has reviewed and approved the technical information contained in this news release.
For further information, please visit the website at www.carmaxmining.com to view the Company's profile.
Jevin Werbes, President
Cautionary Statement on Forward Looking Statement
Certain information contained in this news release, including information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future 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 statements regarding future production, are forward-looking statements that involve various risks and uncertainties. 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.