samex mining corp (SXG) Snapshot

Samex Mining Corp. continued to advance its exploration at the El Gringo copper-gold-silver prospect, located within its 100% owned Los Zorros district in Chile. The company recently received back numerous lab assays which have given the geological team a wealth of knowledge regarding the prospect. Drilling at El Gringo has totaled roughly 3,000 meters to date. Copper, gold, and silver mineralization is known to occur within the leaching, mixed, and primary zones. The observed mineralization is very complex, as different types are present and not confined to any specific domain or host rock.

Samex Mining Corp. reported audited consolidated earnings results for the year ended Dec. 31, 2012. For the year, the company has posted loss from operations of CAD 1,866,307 against CAD 4,142,106 a year ago. Net loss for the period was CAD 1,446,975 or CAD 0.02 basic and diluted per share against CAD 3,708,873 or CAD 0.03 basic and diluted per share a year ago. Net cash flow used in operating activities was CAD 1,506,279 against CAD 1,517,180 reported last year.

Samex Mining Corp. announced strong copper and gold assay results from its preliminary El Gringo drilling campaign located at the Los Zorros project in Chile. Hole No10 intersected 22 meters of 0.49% copper-equivalent mineralization (0.24% copper plus 0.4 grams per tonne gold) beginning at surface within a strong leaching zone, while hole No.5 intersected 7 meters of hydrothermal breccia with 0.92% copper mineralization at a depth of 117 meters. Both holes also show strongly anomalous copper and gold values disseminated throughout multiple other intervals. In light of these encouraging results, the Company has decided to further expand this phase of its El Gringo drill campaign by another 800 meters to 2,000 total meters. The copper and gold encountered thus far belongs to an extensive hydrothermal cluster system characterized by feldspar porphyry, andesitic intrusives, and hydrothermal breccias with a strong potassic halo alteration. This mineralization has shown to be characterized by strong stockwork, veinlets, and disseminated mineralization beyond two structural block fault-controlled zones. Drill-core inspection reveals a strong leached zone emplacement at a depth of roughly 80 meters beneath the paleosurface with copper oxide and disseminated gold content. It is believed that the mineralized intercepts are cutting branches or limbs of a greater system. Drilling to depths of up to 300 meters will be now required to discover the possible mineralizing source of this hydrothermal system. Pyrite, chalcopyrite, bornite, chalcocite, covellite, chrysocolla, and malachite are among the principal forms of copper mineralization found at El Gringo. The alteration is also typical of porphyry-type deposits considering the propylitic and kaolinitic-argillic-biotitic alteration associated with quartz-pyrite. Mineralized skarns and breccias have also been noted in this complex hydrothermal system that is subject to extreme structural dislocations. All assay information used in conjunction with this news release was provided by ALS Minerals, an independent, internationally recognized and ISO certified laboratory complying with the international standards ISO 9001:2000 and ISO 17025:1999.