MONTREAL, Jan. 26, 2004 (PRIMEZONE) -- The Sudbury nickel-copper deposits have been the subject of prolonged and intensive geological investigations since their discovery in 1883. It is intriguing to note that after over a century of geological and geophysical work, significant new ore discoveries continue to emerge as a consequence of applying innovative airborne exploration technology.
Namex (TSX Venture Exchange:NME) just recently completed such an airborne geophysical survey over its Sudbury properties. Some 552 line kilometers of a helicopter-borne magnetometer and "Time Domain Electromagnetic Survey," were flown by Geotech Limited over Namex's three property groups. This system has the capability of detecting mineralisation at greater depths and with more precise definition than previously flown similar systems.
Targets for this survey were nickel-copper, platinum group metals and gold in deposits similar to those that have produced approximately 300 billion dollars in metals mined and reserves in this historic and prolific mining camp.
The potential for ore deposits of the Sudbury-type on Namex's properties has taken a significant step forward with the delineation of 11 anomalies or targets detected on all three claim groups. These zones represent high concentrations of metals in the ground and as such represent important drill target areas. One conductor was defined on the Woods Creek property, four were identified on the Post Creek property and six on the Golden Pine property.
Currently, line cutters are establishing grids over these targets to provide access for ground geophysical surveys. Two kinds of geophysical surveys are planned for the targets and will measure potential for near-solid to solid mineralisation as well as disseminated minerals. Both of these have the potential to represent nickel-copper-platinum group metal and gold ore deposits. The geophysical surveys will permit the precise targeting of the metal-bearing zones by diamond drills.
It is expected that a number of drill targets will have been defined early in this year.
Namex closed one private placement financing in December for $345,000. Units were issued at $0.50 and consisted of one common share and one half common share purchase warrant which can be exercised at a price of $0.80 until June 30, 2004 and $1.00 until December 31, 2004. 80% of the net proceeds will be used for exploration and 20% for working capital.
At the end of December 2003, Namex received $450,000 by issuing 900,000 flow through common shares to MineralFields Group of Toronto at a price of $0.50 per share. Each share is accompanied by a common share purchase warrant which entitles the holder to acquire one additional common share at a price of $0.575 for a period of 6 months and at a price of $0.65 for a further period of twelve months. 100% of the proceeds will be used to continue exploration on the Sudbury properties.
In early January 2004, Namex completed a private placement of 570,000 units at a price of $0.35 with U.S. investors for proceeds of $199,500. Each unit consists of one common share purchase warrant at a price of $0.50 until May 31, 2004. The proceeds will be used for working capital and to make scheduled payments on its Sudbury properties.
Namex is a Canadian junior that actively explores for platinum group 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
Namex Explorations Inc., TSX Venture Exchange: NME
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