Carmax Explorations Ltd.: News Release

Carmax Explorations Ltd. ("Carmax") (TSX VENTURE:CMX) is pleased to announce
that it has agreed to acquire a 100% interest in and to 59 mineral tenures
encompassing approximately 22, 480 hectares of mineral exploration lands located
in the Atlin Mining Division of north-western British Columbia from an arms
length Vendor for and in consideration of the sum of $90,000 and 10,000,000
common shares of Carmax subject to TSX Venture Exchange approval.


In order to secure the claims, Carmax has paid a non refundable deposit of
$25,000 on account of the purchase price. 


The newly acquired claims are located in close proximity to the Silvertip
silver-lead-zinc property that was recently purchased by Silvercorp Metals Inc.
from Silver Standard Resources Inc. for $15 million in cash and shares. 


The advanced stage Silvertip property is located 25 km from the Alaska Highway
and has a history of exploration commencing in 1955 when it was explored by
Conwest Exploration and others by means of underground adits with total length
of 2400 metres and by 71,472 metres of surface and underground drilling in 491
holes. Imperial Metals held the Silvertip property from 1996 to 2002 when it was
acquired by Silver Standard. A 2002 technical report was updated in 2010 to NI
43-101 compliant standards. 


A summary of the technical report as extracted from the Silvercorp website
provides current resource estimates on the Silvertip property as:


at greater than 200 g/t silver equivalent cut-off: 

indicated category - 2,349,055 tonnes grading 352 g/t silver equivalent, 6.73%
lead, 9.41% zinc and 0.54 g/t gold


inferred category - 459,896 tonnes grading 343 g/t silver equivalent, 6.18%
lead, 9.81% zinc and 0.23 g/t gold.


The recent revival of exploration interest in the Silvertip area has attracted
several junior companies and at least one senior company, Agnico Eagle Mines
Ltd., to the area. Silvercorp has stated that the company will pursue a regional
exploration program concurrent with applying for a small mine permit that will
enable it to generate cash flow by mining high grade zones. 


BC government geologists (Bulletin B083, 1993) have determined that the
Silvertip area mineral zones are "manto" type carbonate replacement deposits
similar to those found at many important silver mines in Mexico and western
United States. In addition to the Silvertip/Midway deposits, at least four other
prospects have been identified in the district. 


Carmax's newly acquired tenures are located in geologically similar areas that
will be explored by technical surveys and, if warranted, by drilling. 


Carmax's acquisition of the 59 mineral claims will hopefully allow Carmax to
continue with British Columbia exploration programs eligible for flow through
benefits in future financings.


A Finder's fee is due and payable in connection with the transaction.

John R. Poloni, P. Eng., the Company's Independent Qualified Person as defined
by National Instrument 43-101, has reviewed and accepts responsibility for
technical information contained in this News Release. 


ERNEST S. PETERS, PRESIDENT/DIRECTOR 

The Company relies upon litigation protection for "forward-looking" statements.

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