MONTREAL, Quebec, May 20, 2004 (PRIMEZONE) -- Ground geophysics (magnetics, ionization potential and electromagnetics) are currently underway on Namex's Sudbury properties. These surveys will verify and provide ground control for drill testing anomalies defined by an earlier helicopter-borne geophysical survey and to assess other areas of the property with indicated mineral potential. Drilling will begin during the first week of June on the Post Creek property. This property abuts FNX/Inco/Dynatec's Norman North joint venture project and also contains the extension of the Norman North mineralized structure. Subsequent drilling will target high-grade gold mineralization on the Golden Pine property. Limited historical diamond drilling on this gold target has intersected 0.44 ounce per ton over two metres. The gold mineralization is hosted by altered felsic volcanic rocks and forms part of a 17 X 3 km Archean greenstone belt encompassed by the Golden Pine property.
Namex Explorations Inc. ("Namex")(TSX Venture Exchange:NME), in keeping with its policy of discovering new mineral resources based on thorough geoscientific surveys, has optioned two additional properties. The new properties are the Burnish Creek nickel-copper-PGM-gold property and the Wilder silver-cobalt property.
Prospecting activity on the Burnish Creek property identified nickel-copper-PGM-gold mineralization in boulders found in glacial outwash and till some distance from the Sudbury Igneous Complex. Assays of individual boulders have returned up to 1.13% nickel (22.6 lbs/ton), 5.61% copper (112.2 lbs/ton), 0.068% cobalt (1.36 lbs/ton), 3.56 grams/tonne platinum (0.104 ounce/ton), 5.98 grams/tonne palladium (0.174 ounce/ton) and 2.54 grams/tonne gold (0.074 ounce/ton). Gross metal value per ton at May 2004 prices, $449.20.
Detailed prospecting with the objective of tracing the extent and probable source of the mineralized boulders is now underway.
Based on a review of existing reports, assay certificates and government reports, Namex has optioned the Wilder property's 4 leased claims, approximately 134 acres, and has completed the staking of approximately 1680 additional acres; all located in Donovan Twp., Ontario. Occurrences of silver and cobalt were located on the Wilder property in 1912, underground exploration and development was undertaken but came to a halt in 1929 when the market crashed and all area mines went into bankruptcy. Poor silver prices followed and then government regulations closed the Wilder area to claiming until 1996. In spite of these adverse conditions and the property's remoteness, some of the programs have produced assay results of up to 1,400 ounces per ton silver and 6.5% cobalt.
Initial plans for reconnaissance prospecting include detailed examination of all of the showings, ground search for indications of mineralization using ground geophysical surveys, together with appropriate geochemical sampling. The combined results of this prospecting will indicate what will be the most effective follow-up exploration procedure.
Evaluation of all data indicates that the application of leading edge exploration technology could spark the renaissance of a new silver era in this extremely rich silver cobalt region. The riches of the great Cobalt silver camp discovered in 1903, together with the slightly later discovery of the Gowganda camp, together produced some 600 million ounces of silver and 30 million pounds of cobalt. At today's prices, approximately $4.3 billion in silver and $1 billion in cobalt.
Namex is a Canadian junior that actively explores for platinum group metals, nickel, copper, gold, silver, zinc and lead exclusively in North America. For further information, see Namex's due diligence site: www.namex-explorations.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This release was prepared by the Company's management who take full responsibility for its contents. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. The Company disclaims any obligation to update forward-looking statements.