Amex Exploration Inc. Reports Widest Interval to Date in High Grade Zone of EGZ - 5.36 g/t Au over 19.65 m

Figure 1: Perron Property with mineralized zones across a 3.0 km gold corridor

Table 1: Assay Results from the Eastern Gold Zone and Grey Cat Zone on the Perron Project

* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be 70 to 75% in Gratien Upper, 75 to 90% in Gratien Main, 45 to 75% in EGZ, and 70 to 75% in Grey Cat of the presented widths. NSR = No Significant Results

Amex provides all drill data on its website at http://www.amexexploration.com/perron/drill-data-room/.

At the Eastern Gold Zone (Figure 2), one hole is being reported which was drilled as a wedge off of hole PE-20-144 which intersected 9.73 g/t Au over 9.90 m at a vertical depth of ~780 m (press release 2020-03-03). The wedge hole PE-20-144W1, located 30.00 m vertically above PE-20-144, returned a composite of 5.36 g/t Au over 19.65 m, with multiple high grade intervals including 97.62 g/t Au over 0.70 m and 14.79 g/t Au over 0.70 m (Figure 2). This is the widest intercept drilled to date on the High Grade Zone ("HGZ") at the EGZ, owing to the identification of third gold-bearing quartz vein further downhole in the system. This is the first time that a third vein has been identified in the HGZ and indicates a possible change in the nature and thickness of the mineralized zone at depth and further to the East in the system.

Figure 2: EGZ High Grade Zone Long Section

At Grey Cat (Figure 3), these results aim to define the near-surface portion (~250.00 metres vertical depth) of the gold zone at approximately 25 metres spacings in order to confirm continuity of mineralization. These results affirm the potential of open-pit mining methods on the Grey Cat and expand the Grey Cat along strike. Significant intercepts include:

• 4.20 g/t Au over 4.20 metres in hole PEG-20-154 at a vertical depth of ~160.00 metres
• 11.41 g/t Au over 2.00 metres in hole PEG-20-155 at a vertical depth of ~245.00 metres
• 1.18 g/t Au over 15.40 metres in hole PEG-20-156 at a vertical depth of ~140.00 metres
• 1.04 g/t Au over 18.00 metres in hole PEG-20-157 at a vertical depth of ~100.00 metres.

Figure 3: Grey Cat Zone Long Section

Dr. Jacques Trottier, Executive Chairman of Amex said, "Our results indicate the continual expansion of the Eastern Gold Zone and Grey Cat Zone. We are particularly intrigued and excited by the wide intercept reported in hole PE-20-144W1 due to the identification of a third vein further down hole which is typically not seen in the HGZ. Orogenic gold deposits in greenstone belts, such as the Abitibi, often change in widths, metal zonation, and structural characteristics with depth. We are excited about the prospect of an increased width at the HGZ and look forward to continuing to test this hypothesis going forward as we drill deeper on the system. In addition, our Grey Cat Zone continues to deliver, with several broad near-surface intercepts reported that help to define a continuous lens of gold mineralization."

Qualified Person

Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752) and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), Independent Qualified Persons as defined by Canadian NI 43-101 standards, have reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Maxime Bouchard and Jérôme Augustin. The quality assurance and quality control protocol include insertion of blank or standard every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. Gold values are estimated by fire assay with finish by atomic absorption and values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold. Core logging and sampling were completed by Laurentia Exploration.

The Qualified Persons have not completed sufficient work to verify the historic information on the Property, particularly in regards to the historical drill results. However, the Qualified Persons believe that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

About Amex

Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdictions of Quebec and Ontario. Amex is focused on its 100% owned Perron gold project located 110 kilometers north of Rouyn Noranda, Quebec, consisting of 116 contiguous claims covering 4,518 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern Gold Zone, the Gratien Gold Zone, the Grey Cat Zone, and the Central Polymetallic Zone. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron project, the company holds a portfolio of three other properties focused on gold and base metals in the Abitibi region of Quebec and Ontario.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

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.

Forward-looking statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and LGZ, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

SOURCE: Amex Exploration Inc.