Denise Zone of the EGZ Delivers Wide, High-Grade, Near Surface Results of up to 8.19 g/t Au Over 14.00 meters From Amex Drilling at Perron

MONTREAL, August 11, 2020 - Amex Exploration Inc. ("Amex or the Company") (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is very pleased to report a number of results from the Denise Zone which is located in the Eastern Gold Zone (EGZ) on the 100% owned Perron property in northwestern Quebec, Canada. The EGZ is comprised of multiple parallel gold zones including the High Grade Zone (HGZ) and the Denise Zone. See Figure 1 Plan Map of the EGZ. A select list of results is provided in Table 1.

Highlight results from the Denise Zone Include: (Figures 2, 3, and 4 Cross Sections)

• Hole PE-20-172 intersected 14.00 metres of 8.19 g/t Au, including 1.50 metres of 61.72 g/t Au and 9.00 metres of 5.94 g/t Au at a vertical depth of approximately 90 m and 160 m

• Hole PE-20-174 intersected 8.50 metres of 3.86 g/t Au at a vertical depth of approximately 70 m

• Hole PE-20-175 intersected 21.60 metres of 1.93 g/t Au at a vertical depth of approximately 70 m and further downhole intercepted 0.70 metres of 22.76 g/t Au at a vertical depth of approximately 130 m

• Hole PE-20-180 intersected 5.35 metres of 5.31 g/t Au at a vertical depth of approximately 85 m and further downhole intercepted 3.00 metres of 6.91 g/t Au at a vertical depth of approximately 144 m

• Hole PE-20-56EXT intersected 3.55 metres of 10.53 g/t Au at a vertical depth of approximately 120 m

At the Eastern Gold Zone, Amex clearly has two different orogenic Archean gold mineralization types adjacent to each other. The now famous HGZ is typically a Bonanza Vein Type characterized by very high grade gold content (up to 393.33 g/t Au over 1.70 m in hole PE-19-22) usually consisting of two parallel continuous quartz veins containing multiple native coarse free gold grains located at the contact on both sides of a linear vertical mafic foliated gabbro intrusive cross cutting a massive rhyolitic host unit. The Denise Zone is a more typical Shear Zone type gold mineralization which consists mainly of a wide (from 5 m to more than 80 m of width) sub vertical deformation zone of highly sheared and highly silicified, sericitized and pyritized altered rhyolite. The Denise zone also has a distinctive feature consisting of heavily deformed, pinched and swells transposed quartz veins and veinlets containing various sulfide minerals, such as pyrite, pyrrhotite, sphalerite and galena, and also frequently fine grain native free gold. The occurrence of scattered fine free native gold in the Denise Zone could explain the higher gold content of this mineralized Shear Zone (for example hole PE-19-83 that returned 23.91 g/t Au over 9.30 m).

Jacques Trottier, PhD Executive Chairman of Amex said, "Since the discovery of the Eastern Gold Zone most of our work has been focused on the HGZ which has continued to deliver excellent results. With 6 drills now turning on the Perron property we have the resources to explore the Denise Zone, located roughly 50 m to a 100 m to the North and parallel to the HGZ. Given today's results which are wide, high-grade and near surface we will be doing extensive following up drilling on Denise to fully evaluate its potential to build its own resources. This discovery of gold near surface is in fact changing our interpretation of the Denise Zone, which is 100% accretive to the HGZ, and has the potential to add significant gold ounces to the Eastern Gold Zone especially when calculating ounces per vertical metre."

Trottier continued, "Of course we will continue to explore the HGZ at depth as it appears to be getting richer and wider as we go deeper. There is still a lot of drilling to be done to fully define that zone down to about a kilometer. Finally, we have deployed a drill to the Grey Cat Zone as the ground has firmed up and we have better access. Drilling is going very well on that target and we should be reporting results from Grey Cat soon."

Figure 1: Plan map of the EGZ with location of drill sections

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Figure 2: Drill section 614395

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Figure 3: Drill section 614455

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Figure 4: Drill section 614515

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Table 1: Assay Results from the Denise Zone at EGZ

* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be 45 to 75% in EGZ. 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. Core logging and sampling were completed by Laurentia Exploration. 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 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 projects in the mining-friendly jurisdiction of Quebec. 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 elsewhere in the province.

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 Zone, 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.