Canamex Drills 18.3m of 5.8g/t Au, 25.1g/t Ag at Bruner

VANCOUVER, BC / ACCESSWIRE / January 17, 2017 /Canamex Resources Corp. (TSXV:CSQ; OTCQX:CNMXF; FSE:CX6) is pleased to provide assay results from the fall drilling campaign at the Bruner gold project in Nye County, Nevada.

The Company completed 23 holes focused on in-fill drilling at the Paymaster resource area. Twenty of the 23 holes intersected gold above the cut-off grade referenced in the PEA for the project. Hole B1608 intersected 18.3 meters(16.5 meters true width) of 5.88 gpt (grams per tonne) Au and 25.1 gpt Ag, including a core high-grade zone 7.6 meters wide (6.85 meters true width) of 13.1 gpt Au and 51 gpt Ag. The higher grade intercepts correspond to silicified and quartz-veined rocks. Results are summarized in the table below. True thicknesses range from 75% to 100% of reported thicknesses, depending upon the inclination of the various drill holes. Individual true widths of each of the drill hole intercepts announced herein remain to be determined based upon detailed analysis of each drill section.

Numerous individual assay intervals above 7 gpt Au were encountered, leading management to believe that the capping grade of 7 gm/tonne (gpt) Au which was applied to the resource estimation at the Paymaster zone in the PEA can be lifted, or at least raised to something closer to 12-15 gpt Au. The capping grade was applied in the resource estimate because a significant number of the previous Paymaster database assays above 7 gpt Au came from historically collected underground channel samples which were not statistically represented in the drill hole data base at the time of the resource estimate. The increased drill density in the area surrounding the old workings provides sufficient drill hole assay data to reconsider the application of a capping grade in future resource estimations. Roughly half of the ounces estimated in the Paymaster resource area are not included in the NI43-101 resource estimate as a result of the grade capping applied.

The Company has also completed three groundwater test holes to a depth of 500 feet each in the proposed leach pad area on patented claims. No groundwater was encountered, which is as anticipated. This information is critical to allow the Company to commence the project permitting process with the State of Nevada Department of Environmental Protection and the U.S. Bureau of Land Management and should mitigate the need for ground water monitoring wells.

Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the data contained in this press release.

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QA/QC Statement

Drill hole samples are stored on site and are retrieved by an independent contractor and transported in their custody to the ALS Minerals laboratory in Reno/Sparks, Nevada, where they were dried, crushed, pulverized, and analyzed by ALS Minerals laboratory in Vancouver, BC for gold and silver. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes. All drill samples are prepared by crushing the entire sample to 70% passing 2mm size, splitting out 250 grams of sample and pulverizing this split to 85% passing -75 microns in size. From the 250 gram pulp 30 grams is split out for fusion and fire assay with an AA finish. If results return 3 g/tonne Au or greater, the lab performs a 30 gram fire assay with a gravimetric finish from the same pulp. In addition, a second sample is prepared by crushing the sample down to 90% passing 10 mesh and proceeding to a rotary split of 1 kg that is pulverized to 85% passing 200 mesh. From the 1 kilogram pulp 30 grams is split out for a second fire assay with gravimetric finish.

                        BRUNER PROJECT, PAYMASTER, 2016 DRILLING RESULTS
                  From    From          To     To       Thick   Thick         Au       Ag
Hole ID           (ft)     (m)        (ft)    (m)        (ft)     (m)      (g/t)    (g/t)
B1608              200    61.0         260   79.3          60    18.3       5.88    25.08
including          200    61.0         225   68.6          25     7.6      13.10    51.00
B1614               75    22.9          85   25.9          10     3.0       0.44     3.25
                   125    38.1         150   45.7          25     7.6       3.23    10.18
                   205    62.5         230   70.1          25     7.6       0.49    21.80
B1606              165    50.3         185   56.4          20     6.1       3.48     5.13
                   225    68.6         270   82.3          45    13.7       0.87     2.83
B1605              150    45.7         190   57.9          40    12.2       1.69     7.05
                   215    65.5         280   85.4          65    19.8       2.38     7.65
B1604               95    29.0         100   30.5           5     1.5       1.43     7.00
                   185    56.4         235   71.6          50    15.2       1.61     4.95
B1609              195    59.5         240   73.2          45    13.7       1.07     2.99
B1610              115    35.1         145   44.2          30     9.1       0.93     8.40
B1611              115    35.1         145   44.2          30     9.1       1.35     5.85
                   165    50.3         200   61.0          35    10.7       0.32     8.97
B1612               95    29.0         120   36.6          25     7.6       1.27     3.24
B1622               85    25.9         130   39.6          45    13.7       1.20     2.35
                   175    53.4         205   62.5          30     9.1       0.89     6.38
                   285    86.9         300   91.5          15     4.6       1.67    17.80
B1615              140    42.7         230   70.1          90    27.4       0.41     3.59
B1616               55    16.8          90   27.4          35    10.7       0.76     3.34
                   105    32.0         190   57.9          85    25.9       0.37     2.66
B1617              135    41.2         160   48.8          25     7.6       0.75     4.02
                    95    29.0         200   61.0         105    32.0       0.34     3.05
B1618               55    16.8          85   25.9          30     9.1       0.88     3.95
                   120    36.6         195   59.5          75    22.9       0.43     2.73
B1619               90    27.4         190   57.9         100    30.5       0.37     1.52
                    90    27.4         135   41.2          45    13.7       0.47     1.51
                   230    70.1         270   82.3          40    12.2       0.37     3.95
B1620               90    27.4         145   44.2          55    16.8       0.65     4.14
                    90    27.4         115   35.1          25     7.6       1.19     7.00
B1621               80    24.4         115   35.1          35    10.7       0.33     1.79
B1623              120    36.6         155   47.3          35    10.7       1.00     7.33
B1607              165    50.3         210   64.0          45    13.7       0.53     3.83
B1602               30     9.1          60   18.3          30     9.1       0.28     7.53
                   230    70.1         255   77.7          25     7.6       0.32     3.26
B1601             none
B1603             none
B1613             none

ON BEHALF OF THE BOARD

SIGNED: “Gregory A. Hahn“

Gregory A. Hahn, President and COO
Contact: (720) 244-2022

Neither the 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.

CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE ESTIMATION

Canamex Resources prepares its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, Canamex Resources reports measured, indicated and inferred resources, measurements, which are generally not permitted in filings made with the SEC. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.

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