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AmMex Gold Reports Progress at Bailey Hills in Nevada and El Tiliche in Mexico
AmMex Gold Mining Corp. (OTCBB: AMXG), (FWB: R5E; WKN: A0KE72) is pleased to report the progress of current exploration projects at their Bailey Hills prospect located SE of Carlin Nevada and the El Tiliche project in Sonora, Mexico.
At Bailey Hills, six drill holes have been completed to date. The target, the contact at the Devils Gate Limestone was intersected in four of these holes with anomalous gold values reported over lengths between 25 and 210 feet (see table below for detail and description of the drill holes). AmMex is planning to drill 3 or 4 additional drill holes in the northern area of the property using information gained from the drill program thus far.
After evaluating all the exploration results at the Tiliche project in Mexico, AmMex has substantially reduced the size of the project by reducing the number of claims. Future exploration will focus on the San Filipe area (a placer gold occurrence) and the Rey Midas concession where AmMex reported a copper/molybdenum anomaly (see news release dated April 26 2007). Additional work is also planned west of the Tiliche area where gold mineralization was found on listric fault zones during the recently completed drill program, and the La Campana – Alejandro gold-silver prospects.
Chris Crupi, President and CEO said, "At Tiliche we are exercising our business model, after proper evaluation we will reduce the size of, or let go of projects to best utilize expenditures that can add shareholder value. We continue to evaluate and negotiate on numerous projects and expect to make an announcement on these efforts in the near future."
Bailey Hills, Nevada - Drill Data
Drill Hole |
From – To
(in ft.) |
Description |
Results |
P-1 |
0 – 360’ |
Volcanics |
No mineralization |
|
360 – 1240’ |
Intrusive rocks |
|
P–2 |
0 – 620’ |
Intrusive rocks |
No mineralization |
|
620 – 1220’ |
Volcanics |
|
P-3 |
0 – 160’ |
Volcanics |
|
|
160 – 385’ |
Chainman Shale |
|
|
385 – 595’ |
Webb siltstones, altered |
Anomalous,
25 ppb Au |
|
595 – 945’ |
Devils Gate Limestone |
Anomalous at contact |
P-4 |
0 – 120’ |
Volcanics |
|
|
120 – 230’ |
Chainman Shale |
|
|
230 – 390’ |
Webb siltstones, altered |
355-435 avg. 30 to 40 ppb Au |
|
390 – 435’ |
Devils Gate Limestone |
Silicified at contact |
|
435 – 485’ |
Void, lost hole |
|
P-6 |
0 – 295’ |
Volcanics |
Assays awaited |
|
295 – 400’ |
Webb Siltstones, altered |
25’ at contact mineralized |
|
400 – 740’ |
Devils Gate Limestone |
Silicified at contact |
P-7 |
0 – 110’ |
Volcanics |
|
|
110 – 820’ |
Chainman Shale |
|
|
820 – 970’ |
Webb siltstones, altered |
Anomalous Au near contact |
|
970 – 1260’ |
Devils Gate Limestone |
Silicified near contact |
|
|
|
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About BaileyHills
The Bailey Hills project covers approximately 4.5 square miles (approximately 3,000 acres) and consists of 150 mining claims within the southern most part of the Carlin trend, within the Great Basin in Nevada. Currently, about 11 per cent of the total world production of gold is produced annually from this region.
AmMex Gold can earn an 80 percent interest in the property from Global Minerals Ltd. (TSXV: CTG) with expenditures of $4 million (U.S.) within a three-year period, payable as follows: $1 million in the first year, $1.5 million (U.S.) in the second year and $1.5 million in the third year.
About Bailey Hills
The Bailey Hills project covers approximately 4.5 square miles (approximately 3,000 acres) and consists of 150 mining claims within the southern most part of the Carlin trend, within the Great Basin in Nevada. Currently, about 11 per cent of the total world production of gold is produced annually from this region.
AmMex Gold can earn an 80 percent interest in the property from Global Minerals Ltd. (TSXV: CTG) with expenditures of $4 million (U.S.) within a three-year period, payable as follows: $1 million in the first year, $1.5 million (U.S.) in the second year and $1.5 million in the third year.
About AmMex Gold
AmMex Gold Mining Corp. is a precious metals exploration and development company. It is management's objective for AmMex Gold to become a gold and precious metals producer by developing the El Tiliche project in Mexico, the Bailey Hills and Ox Creek properties in Nevada, and by acquiring other advanced-stage projects and/or producing mines in proven precious metal districts throughout the world. The Company trades on the OTC market under the symbol “AMXG” and on the Frankfurt Exchange under the symbol “R5E”. For more information, please visit the Company’s website at www.ammexgoldmining.com (Available in English, German, Mandarin, Spanish and French).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to commencement of drilling operations, concentration in mineral deposits, delays in testing and evaluation of ore samples, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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AmMex Gold Mining Corp.
Bill Reed, VP of Exploration
Tel: 520-907-9986
Toll-free: 1-866-481-2233
www.ammexgoldmining.com
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