MONTREAL, Quebec, Oct. 16, 2003 (PRIMEZONE) -- Namex (TSX Venture Exchange:NME) is pleased to announce that a helicopter-borne "Time domain electromagnetic geophysical survey" is being undertaken by Geotech Limited on its Woods Creek, Golden Pine and Post Creek properties. The Geotech system, recognized for effectively using the advantages of digital electronics, provides deeper penetration and detection of weak anomalies thereby picking up anomalies left undetected by previous airborne EM surveys. Based on the results of this survey, ground verification of anomalies can be focused on and diamond drilling begun on those sites with the greatest potential.
Platinum supplies worldwide have failed to keep pace with demand. According to Falconbridge, it only has sufficient ore reserves to last until 2008 therefore it is spending some 30% of its overall exploration budget in Sudbury. Among those in the Sudbury Camp, FNX, Ursa Major, Wallbridge Mining and Champion Bear, have all made significant and some spectacular new PGM as well as nickel-copper finds. In all cases, Namex's properties are on strike, abut or are contiguous to these new discoveries. These recent successes have provided the impetus for Namex to aggressively forge ahead with its exploration programs.
Millions of dollars are being spent on three sides of Namex's 1520 acre Post Creek property. FNX/Dynatec/Inco JV continues to prove the extension of its superb nickel, copper, PGM and gold Whistle Offset discovery that abuts the Post Creek property to the south. The Whistle Offset deposit has been sporadically mined from its discovery in the 1890's to 1997. Inco mined the deposit as an open pit from 1988 to 1997, producing 5.7 million tons. FNX has made a new high grade deposit find 2000 feet below the original Whistle ore body, as well as a spectacular new surface exposure up plunge north from the 2000 foot level.
Post Creek's western boundary is abutted by Champion Bear and Wallbridge, both of which are presently drilling the Parkin Offset dyke which cuts across the western corner of the Post Creek claims. In 1952-1954, the Milnet Mine, located on the Parkin Offset dyke, shipped 157,130 tons of ore containing 4,724,427 lbs. of nickel, 4,861,458 lbs. of copper, 1,535 ozs. of gold and 7,784 ozs. of platinum metals.
Recently identified airborne magnetic and electromagnetic anomalies near the west end of the Post Creek property were ground verified by magnetometer and together with some rock exposure showed copper-nickel type mineralization. Forty-five MMIB geochemical samples have been taken along the trend of the anomaly and have been sent for analysis to confirm the presence of PGM metals. An excavator will be arriving on site to further expose the bedrock. Surface sampling, trenching and subsequently diamond drilling will be carried out on the exposure.
Champion Bear is carrying out an extensive exploration program on its 5,000 plus acre Halcyon property, which abuts the northern boundary of the Post Creek as well as the strike extension of the Whistle Offset structure which cuts across the Post Creek property.
Namex is folding together the Black Creek and Terra Incognita properties into the Golden Pine. The combined properties will be 6,920 contiguous acres, over eight square miles, containing a 17 by 3 kilometer strike length of an Archean greenstone belt with gold at both ends. Greenstone belts are the host rocks to the Hemlo and Red Lake gold mining camps as well as others around the world. Namex has undertaken due diligence sampling of the historical mineralized zones that exist on the property. Thirty-seven samples of mineralized rock, collected from trenches and blasted outcrop from an area approximately 2,500 feet by 850 feet, were assayed. These assays include values of 0.09, 0.14, 0.29, 0.54, 0.56, 0.62, and 1.286 oz. of gold per ton. Most mines in Canada operate at approximately 0.12-0.17 oz. per ton. Wallbridge and Champion Bear are conducting exploration, including drilling, on adjoining properties.
Much of Terra Incognita is covered by soil and swamp. Historical airborne surveys have delineated zones of high magnetism and conductivity on this ground, indicating the likely presence of metals in the underlying rocks. Soil geochemical MMI surveys undertaken by Namex have identified some of these zones as having significant potential to host minable quantities of base and precious metals. The new airborne survey should provide much additional information as to the source of these anomalies.
Preliminary assessment of the mineral potential of the Black Creek has revealed an extensive alluvial type gold occurrence on the property. A reconnaissance soil geochemical survey over part of this deposit has returned significant gold and palladium results. The nature of the gold recovered indicates that it is locally derived and the source can be detected with soil assay techniques.
Namex's 2 by 4 kilometer, 2240 acre, Woods Creek property is abutted on the western and southern boundaries by Ursa Major that recently announced the discovery of its new $500 million copper-nickel, PGM ore body in Shakespeare Township. Wallbridge Mining abuts the east and part of the north boundary of Woods Creek. The ore deposit is associated with an extensive Nipissing diabase sill, which also forms the larger part of the bedrock on Namex's Woods Creek property. In December 2002, Namex drilled three short holes on a surface showing of sulphide mineralization, which intersected 23 feet of anomalous sulphide mineralization, with one sample returning 0.37% copper, 1.09% nickel and anomalous PGM's. Ursa Major is continuing its drilling on strike towards the Woods Creek property.
Namex is a Canadian junior which actively explores for platinum metals, nickel, copper, gold, silver, zinc and lead exclusively in North America. For further information, see Namex's due diligence site: www.namex-explorations.com.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.