Amex Skyrockets on Additional Drill Rigs

After a rough week, with companies getting wounded on the markets, Montreal-based Amex Exploration Inc. (TSX-Venture:AMX) suggested a return to normality on Monday.

The company announced it will be adding four more diamond drill rigs to its Perron property in Quebec, bringing the total drills on site to 10 rigs. Following the $11.7-million financing which closed last Thursday, Amex is increasing its fully-funded and planned drill program from 200,000 metres to 300,000 metres. Those additional four drills will be delivered to site by the end of the calendar year, with two expected to arrive by mid-October.

Of the 10 drills, the Company intends to assign six drill rigs to the Eastern Gold Zone (EGZ), of which four drill rigs will continue to define the depth extension of the High Grade Zone (HGZ), targeting mineralization down to depths of 1.5 km vertically, while two drill rigs are allocated to the Denise Zone, which is a wide shear-zone hosted system located approximately 50 to 100 m south of the HGZ.

AMX’s share prices reflected the good vibes, brightening 20 cents, or 6.2%, late Monday morning, to $3.45, on volume of 37,000 shares.