Amex Metallurgy Holes Deliver Consistent High Grade Head Grade of 27.70 g/t Au over 11.80 m in PEM-20-001 12.70 g/t Au over 16.60 m in PEM-20-002 5.65 g/t Au over 10.60 m in PEM-20-003

These metallurgy holes were drilled using large diameter PQ size drill holes to provide enough material for proper and representative testing. The samples are now being processed and tested for recovery rates which the Company anticipates will be quite high given the ore mineral assemblage of free visible gold, with a low percentage of sulfides including dominantly sphalerite and lesser pyrite.

The metallurgical drill holes were drilled in areas of the upper near-surface portion of the High Grade Zone (HGZ) that were anticipated to provide representative high, medium, and low grade samples, as shown on Figure 1. The bulk samples included the hanging wall and footwall veins, as well as the weakly mineralized interior mafic dyke rock, with the objective of testing representative mining widths across the entirety of the HGZ. The results, both on a visual level and with the head grade reported below, exceeded expectations. Of interest is the significant increase of visible gold grains and associated high grade mineralization in holes PEM-20-001 and PEM-20-003, which indicates that larger diameter drilling may be related to an increase in grade.

Jacques Trottier, PhD Executive Chairman of Amex said, "There are several important things that we have illustrated with the drilling of these larger diameter PQ holes. First, when reviewing the longitudinal, the larger diameter drilling demonstrates mineralization is richer than previous drill holes indicated, given that 2 of the 3 holes returned a higher metal factor than was previously indicated for their location. This is common with very high grade Archean gold mines, where the mined head feed ore sent to the mill is often richer than indicated by core drilling intersects that were used in resource calculations."

Trottier continued, "Second, we are seeing tremendous vertical continuity and homogeneity of the very high-grade zone with coarse gold grains. These large diameter holes are very useful in validating true high grade mineralization values. Finally, we believe the recovery rate is going to be very significant by simple gravity separation process given the amount of free gold in the samples. I am keen to see the recovery rates following the next phases of the ongoing metallurgy test program."

Three samples of full PQ core in drill core boxes were delivered to SGS Canada Inc.'s facility in Quebec City on July 9th, 2020. Each sample was stage crushed with a combination of jaw, cone and rolls crusher to passing ½", and ¼ of the sample was rotary split and further crushed to 100% passing 6 mesh. The sample was homogenized, and a 10 kg sub-sample was rotary split for Bond ball mill work index testing (BWI) and the remainder was crushed to 100% passing 10 mesh. The sample was homogenized, and rotary split into 10 kg test charges and a 1 kg head assay charge.

The 1 kg charges from each sample were submitted for gold analysis using the screened metallics protocol. The method involves several stages of pulverizing and screening the pulverized sample at 150 mesh (106 µm) until approximately 20-30 g of material remains in the screen oversize. The screen oversize and duplicate samples of the final combined screen undersize are submitted for chemical analysis and the head assay of the sample calculated from the relative distribution of the screened fractions. The results shown in Table 1 below indicate gold grades ranging from 5.65 g/t Au to 27.7 g/t Au, and high gravity recoverable gold for all three samples.

Figure 1: EGZ High Grade Zone Long Section

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Figure 2: Visible Gold in holes PEM-20-001, PEM-20-002 and PEM-20-003

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Table 1: Head Grade Assay Results from the High Grade Zone of 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 45 to 75% in EGZ.

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.

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 else where 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.