Amex Drills 35.13 g/t Au over 3.30 meters in Deepest Hole to Date on the Eastern Gold Zone at Perron

MONTREAL, July 8, 2020 - Amex Exploration Inc. ("Amex or the Company") (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is very pleased to report additional high grade gold drill results from its 200,000 m drill program on its 100% owned Perron property in northwestern Quebec, Canada (see Figure 1). Today's results are from the Eastern Gold Zone, which is one of four known zones on the Perron Property. A select list of results is provided in Table 1.

At the Eastern Gold Zone ("EGZ"), the three drill holes reported today successfully demonstrated the depth and eastern extension as well as continuity of the High Grade Zone ("HGZ") (Figure 2). The deepest hole drilled to date on the HGZ, drill hole PE-20-167, intersected 35.13 g/t Au over 3.30 m including 220.74 g/t Au over 0.50 m at a vertical depth of approximately 828 m. This intercept increases the depth of the HGZ by approximately 30 m and increases the strike of mineralization by approximately 20 m to the east. Drill hole PE-20-168 intersected 15.61 g/t Au over 11.35 m, including 260.52 g/t Au over 0.60 m at a vertical depth of approximately 504 m which represents one of the widest intervals intersected to date on the HGZ. The Company also wishes to report that last week four of the five drills turning at Perron intersected visible gold mineralization, targets included the HGZ, Denise Zone, and the Grey Cat Zone.

Jacques Trottier, Executive Chairman of Amex said, "We are hitting on all fronts at Perron. This has been one of the most successful drill programs of my career. So far, our expectations are continually exceeded on the HGZ, where we have intercepted more than an ounce per tonne per meter at depth over widths that are very suited to conventional underground mining. We are also making significant progress elsewhere across the property, where we have started testing the near-surface portion of the Denise area, which runs parallel to the HGZ, as well as resumed exploration on the Grey Cat Zone. We look forward to receipt of those results plus the results from our metallurgical testwork on the HGZ."

Figure 1: Perron Property with mineralized zones

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Figure 2: EGZ High Grade Zone Long Section

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Table 1: Assay Results from the Eastern Gold 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

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 Denise, 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.