MONTREAL, Quebec, Canada, Oct. 9, 2003 (PRIMEZONE) -- Namex Explorations Inc. (TSX Venture Exchange:NME) announces that a first closing of $325,000 of a $1,000,000 Private Placement took place yesterday and that it immediately began an aggressive exploration program on its Sudbury area properties known as Woods Creek, Post Creek and Golden Pine. Geological, geochemical and geophysical surveys will be followed by diamond drilling. It is Namex's intent to undertake a helicopter-borne magnetic-electromagnetic survey of all of its Sudbury area properties. Such airborne surveys have proven to be key technical contributors to the many discoveries made by the companies that abut or are contiguous to Namex's properties.
The Woods Creek property is located on the southwest edge of the Sudbury Basin and is along trend from Ursa Major's recently announced Ni-Cu-PGM deposit. This deposit has been assessed as having a value of $500 million. In 2002 Namex discovered several previously unrecognized sulphide zones and successfully drill-tested one of them. Disseminated to near-solid sulphide was intersected over 23 feet and assayed up to 1.09% nickel, 0.37% copper and anomalous platinum group metals (PGM). Geological and geophysical surveys will be conducted on the property; existing sulphide zones as well as any new discoveries will be drill tested.
Recently identified airborne magnetic and electromagnetic anomalies near the west end of the Post Creek property will be the focus for exploration follow-up. This will include detailed ground geophysics, excavator stripping, trenching, rock sampling and assays of prospective zones. Mineralized zones will be diamond drill tested. A boulder of mineralized quartz diorite offset dyke was discovered approximately 600 m south of these anomalies in a down-ice direction and, as such, the anomalies could represent the source of the boulder. Accordingly, the area is considered to be a high-priority exploration target.
The Golden Pine property contains a high-grade gold target that Namex assessed with a program of due diligence rock sampling of historic gold mineralization. The results indicated gold mineralization at surface with grades of up to 1.2 ounces per ton over 1.2 m. As a result of numerous surface occurrences and drill-indicated gold mineralization, Namex will undertake deep ground geophysical (I.P.) surveys and diamond drill testing of prospective targets. In conjunction with the geophysical programs, outcrop rock sampling and geological mapping will be initiated on the remainder of the property.
Namex is a Canadian junior which 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.
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