PIEDMONT, QUEBEC--(CCNMatthews - May 23, 2007) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") is pleased to announce the execution of an agreement with an arm's length party to acquire a 100% interest in a gold exploration property located in the Opinaca River area in the James Bay basin, approximately 420 km north of the city of Matagami (the "Opinaca Property") in consideration of i) a cash payment of $15,000; ii) the issuance of 500,000 common shares from its share capital; and iii) a cash payment of 15,000$ six months following the signature of the agreement. The vendor will keep a 2% NSR on the sale of gold and other metals extracted from the Opinaca Property. Amseco will have the right to purchase 1% of the royalty from the vendor for a cash payment of $1,0 million.
The agreement is subject to regulatory and TSX Venture Exchange approval.
The Opinaca Property consists of 101 MDC (Map Designated Claims) covering 5,269.79 hectares straddling map sheets 33C10, 33C11 and 33C15.
The Opinaca Property straddles part of the sedimentary sequences of the Opinaca Basin of Archean age. This large basin is filled with clastic sediments and iron formations. It extends for several hundreds of kilometres along an east-west axis. The rock sequences of the basin are deformed and intruded by several plutons of intermediate to felsic composition.
In the past, the area of the Opinaca Property has only been summarily prospected for gold, uranium and base metal. Over the last few years, extensive exploration in the Opinaca Basin, 25 to 50 km west of the Opinaca Property, have outlined several gold occurrences of economic interest, namely the Roberto zone of the Eleonore project held by Goldcorp and Virginia Gold Mines.
Amseco is now preparing a technical evaluation report on the mineral exploration potential of the Opinaca Property. This NI 43-101 standard will support an eventual exploration program for gold, uranium and base metals on the Opinaca Property.
Benoit M. Violette, geologist and a Qualified Person under National Instrument 43-101, has reviewed this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Amseco Exploration Ltd.
President and Chief Executive Officer