Technical Report for the Bruner Gold Project

VANCOUVER, BC - Canamex Resources Corp. reported that it has filed on SEDAR its initial National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) resource estimate for the Bruner Gold Project, located in Nye County, Nevada, USA entitled "Technical Report and Resource Estimate for the Bruner Gold Project, Nye County, Nevada", with an effective date of February 27, 2015 (the Report).

Indicated mineral resources total 239,000 ounces of gold contained in 10,300,000 tonnes at an average grade of 0.72 gpt gold and inferred mineral resources total 61,000 ounces of gold contained in 2,450,000 tonnes at an average grade of 0.77 gpt gold at the HRA, Penelas, and Paymaster resource areas.

Mineralization is open in multiple directions at all three resource areas. The resource numbers presented are constrained by open pit shells and assumes heap leach extraction using the following cost parameters: Mining Cost US$2.40/tonne; Processing and G&A Cost: US$4.67/tonne and Pit Slopes 50 degrees. Gold extraction of 90% and silver extraction of 10% based on column leach tests

The Report recommends the following exploration and pre-development work to advance the project and expand the resources.

The Paymaster resource area remains open in at least three directions, although the apparent structural controls appear to suggest a dominantly north-south alignment to the core of the mineralized zone. A total of 1,500 meters of additional drilling is recommended to pursue these open extensions, comprised of a mixture of core and RC drilling. All drill holes should be roughly 100 meters in length for a total of nominally 15 drill holes.

Drilling at the HRA resource area in 2014 demonstrated the close spatial relationship between the structurally controlled, silica-adularia alteration spires and high-grade gold mineralization, which appears to have accumulated beneath and along the perimeter of the silica-adularia spires. Many of these spires remain un-drilled. A total of 3,500 meters of drilling is recommended to test beneath these spires, particularly the large untested spire to the northwest of the resource reported for the HRA area. All drill holes should be roughly 150 meters in length, for a total of nominally 23 drill holes.

At the Penelas resource area there is a 200-meter gap in the drill hole data base within the constraining pit at the Penelas Resource Area that separates portions of the resource. Drilling within this gap is highly recommended to test for continuation of the resource between these portions of the resource. In addition, the northern and southern ends of the resource remain open along strike and need additional drilling. A total of 5,000 meters of drilling in 22 drill holes is recommended to test the data gap and the open extensions to the resource area.

 

Commissioning of a Preliminary Economic Assessment on the maiden resource is recommended to establish economic parameters for development of the initial resource areas. Continued metallurgical testing of drill samples from all three resources is recommended to further quantify metallurgical behavior of the resource areas. Commencement of baseline environmental studies and continuation of basic engineering and waste rock characterization is recommended in order to establish downstream environmental permitting constraints associated with the future possible development of the resources outlined in the Report.