Amex Exploration Inc. closes financings of $1,150,000



    MONTREAL, Aug. 4 /CNW Telbec/ - Amex Exploration Inc. (TSX-V: AMX)
("Amex") is pleased to announce the closing of a non-brokered private
placement of $1,000,000 through the sale of 2,857,142 flow-through units (each
a "FT Unit" and collectively, the "FT Units") at $0.35 each to the
MineralFields Group ("MineralFields"). Each FT Unit consists of one
flow-through common share and one-half of one common share purchase warrant,
each whole common share purchase warrant entitling MineralFields to purchase
one additional common share of Amex at the price of $0.40 during a period of
12 months following the closing date and thereafter at the price of $0.50
during an additional period of 12 months.
    As consideration for the services rendered by Limited Market Dealer Inc.
("LMD") in connection with the private placement, Amex has paid to LMD a cash
finder's fee of $50,000 and issued 278,571 finder's options, each finder's
option entitling its holder to purchase one unit of Amex (each, a "Finder's
Unit") at the price of $0.35 per Finder's Unit for a period of 24 months
following the closing date. Each Finder's Unit is comprised of one common
share and one-half of one common share purchase warrant exercisable on the
same terms as the common share purchase warrants comprising the FT Units.
    "We are pleased to be entering into this relationship with MineralFields
Group", said Jacques Trottier, President and CEO. "This is an important
milestone in the growth of Amex Exploration Inc. and we look forward to
working with MineralFields Group as we develop holdings in the Quebec
regions."
    Amex also announces the closing of a first tranche of $150,000 of a
private placement of up to $500,000 through the sale of 428,571 flow-through
units ("Flow-Through Units") at $0.35 each. Each Flow-Through Units consists
of one flow-through common share and one common share purchase warrant, each
common share purchase warrant entitling to purchase one additional common
share of Amex at the price of $0.40 during a period of 12 months following the
closing date and thereafter at the price of $0.50 during an additional period
of 12 months. Subject to the approval of the TSX Venture Exchange, Amex will
pay a cash commission of $12,000 to MGI Securities and will issue 42,857
broker warrants, each broker warrant entitling MGI Securities to purchase one
common share of Amex at the price of $0.40 during a period of 12 months
following the closing date and thereafter at the price of $0.50 during an
additional period of 12 months.
    Proceeds of the private placements will be used by Amex to incur
exploration expenditures on its properties located in the Province of Québec.

    
    About Amex Exploration Inc.
    ---------------------------
    

    Amex is a junior mining exploration company, the common shares of which
are listed on the TSX Venture Exchange. Amex's primary objective is to develop
and bring into production viable gold and base metal deposits.

    
    About MineralFields, Pathway and First Canadian Securities(R)
    --------------------------------------------------------------
    

    MineralFields Group (a division of Pathway Asset Management), based in
Toronto and Vancouver, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds (including the Pathway Multi Series Funds
Inc. corporate-class mutual fund series). Information about MineralFields
Group is available at www.mineralfields.com. First Canadian Securities (R) is
active in leading resource financings (both flow-through and hard dollar PIPE
financings) on competitive, effective and service-friendly terms, and offers
investment banking, mergers and acquisitions, and mining industry consulting,
services to resource companies. MineralFields and Pathway have financed
several hundred mining and oil and gas exploration companies to date through
First Canadian Securities (R), many of them headquartered or operating in
Québec.

    
    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.
    




For further information:

For further information: Jacques Trottier, Ph.D., President, (514)
866-8209

Organization Profile

AMEX EXPLORATION INC.

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