(March 22, 2012) Canamex Resources Corp. (TSX-V: CSQ) (OTCQX:CNMXF) (FSE: CX6) is very pleased to report anomalous gold with values ranging up to 12,234 ppb (12.234 gpt) Au in the stream sediment samples and pan concentrates from its Aranka North gold exploration project in Guyana, South America. “The results of follow-up stream sediment sampling are extremely exciting, and support the interpretation that there is a large 2.5 kilometers wide by 5 kilometers long area of gold mineralization that appears to be the source for historic and current alluvial gold operations in the subject area we are now identifying as the Ridge Anomaly,” stated Chairman and CEO Greg Hahn.
Eighteen streams drain the Ridge Anomaly, and all of them contain anomalous gold. Values range from 2.8 ppb to 12,224 ppb Au, and twelve of the streams contain over 100 ppb gold. Visible gold in stream sediment and pan concentrates from this area is fine-grained and needle-shaped with very sharp edges, suggesting it has not been transported very far. Most of these sample locations are within 1 kilometer of the headwaters of the streams draining the Ridge Anomaly, suggesting very close proximity to the source of the gold. A map of the Ridge Anomaly area is available on the Canamex web site at www.canamex.us.
50 Additional Samples Sent to Lab
An additional 50 stream sediment and pan concentrate samples are currently in process in Acme Analytical Laboratories, Vancouver, BC. Follow-up stream sediment sampling from several other previously identified anomalous drainages east of the main camp and along the Waini River detected gold anomalies in those drainages, but results from all samples taken in those drainages have not been received yet, so those results will be reported separately after all data have been received. Results are expected in early April.
First Grid Soil Sampling Program to Commence
Canamex is mobilizing its field crew to camp this week to commence grid soil sampling on the Camp Anomaly which was identified in our news release of February 28, 2012. The Camp Anomaly is located immediately behind the main camp on the Waini River and is defined by four gold in stream sediment anomalies and locally exposed quartz veins and veinlets in deeply weathered iron-rich sericite schist and metavolcanic sediments. It covers an area of 1.5 kilometers by 1 kilometer. Soil grid surveying and sampling on the Camp Anomaly grid is expected to be completed in early April, with initial results anticipated in early May.
Ridge Anomaly Field Camp Established
Canamex has established a 12-man field camp in the middle of the Ridge Anomaly and an ATV trail from the main camp on the Waini River to the field camp. The field camp supported the recently completed follow-up stream sediment sampling program, and will be used as the base for the Ridge Anomaly grid surveying and soil sampling program, which will commence after completion of the aforementioned Camp Anomaly program. All soil sampling will be done on a sample spacing of 100 meters by 100 meters. Initial results from the Ridge Anomaly are expected by the end of May.
Northeast Trend of Significant Gold Mineralization
“In addition to identifying the Ridge Anomaly, these highly favorable results also support our belief the northeast trend of significant gold mineralization that is defined by the string of gold deposits hosting Sandspring’s Toroparu deposit of 10 million ounces, Guyana Goldfields’ Aurora deposit of 7 million ounces, and Guyana Goldfields’ recently announced Aranka discoveries, continues onto Canamex’s Aranka North property ,” Greg Hahn concluded.
Summary of Results
Of the 150 samples for which results were received, 34 are considered anomalous and above a background value of 0-2 ppb Au, with 14 samples containing between 2-10 ppb Au, 4 samples containing between 11-99 ppb Au, 9 samples containing between 100-999 ppb Au, and 7 samples containing above 1000 ppb Au. The drainages with the highest gold values are believed to be closest to the bedrock source of the gold.
Greg Hahn, Certified Professional Geologist (#7122) is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
ON BEHALF OF THE BOARD
SIGNED: Gregory A. Hahn
Gregory A. Hahn, Chairman and CEO
Contact: Robert Kramer (604) 718-2800 (ext 311)
Renmark Financial Communications Inc.
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