MONTREAL, QUEBEC--(Marketwired - Dec 22, 2015) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") is reporting that it has signed with Agnico Eagle Mines Limited (AEM)(AEM.TO), ("Agnico") a third amendment to the option agreement dated June 21, 2013 (as amended, the "Option Agreement") which provides for Agnico to earn a 51% interest in the Perron property (see PR2013-06-21).
Following the positive drilling results on the extension of the Mine Horizon, as outlined in the press release dated December 16, 2015, (see PR2015-12-16) Agnico and Amex decided to amend the Option Agreement (see PR2013-06-21) effective as of December 31, 2015.
This revised Option Agreement will be over a three year period with a revised exploration budget of $2,750,000 (in addition to the $1,709,425 that has already been spent) to be made as follows: $500,000 to be spent before December 31, 2016, $750,000 to be spent before December 31, 2017, and $1,500,000 to be spent before December 31, 2018. In addition to the exploration expenditures, Agnico must pay to Amex the following cash amounts: $25,000 promptly after the execution of the third amendment to the Option Agreement, $50,000 on December 31, 2016, $75,000 on December 31, 2017 and $100,000 on December 31, 2018 (which amounts are in addition to the $280,000 of cash payments already made).
Jacques Trottier, PhD, President and CEO of Amex comments, "This new amendment has been negotiated and agreed with Agnico in order to optimize in a more efficient and rational manner the additional exploration work program to be executed at the Perron property following the positive results that has returned from the last phase of drilling on the Normetal Mine Horizon announced last week. In these very difficult times for our industry, we are very pleased to see that our partner is still committed to this property indicating to us that they are sharing our evaluation of its good potential to find valuable polymetallic mineralization. We are anxious to see the drilling campaign resume."
Amex Exploration Inc. is a junior mining exploration company listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.