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Message: Announces Proposed Share Consolidation and Name Change

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Announces Proposed Share Consolidation and Name Change

posted on Feb 09, 09 11:41AM

February 9, 2009

Carmax Announces Proposed Share Consolidation and Name Change

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2009) - Carmax Explorations Ltd. (TSX VENTURE:CMX) will be convening a Special General Meeting on April 8, 2009 for the purpose of considering and if thought fit approving two special resolutions reorganizing its share capital and approving a change of name. If the special resolutions are approved, the Carmax's share capital will be consolidated on a 10 for 1 basis and the Company's name will be changed from Carmax Explorations Ltd. to Carmax Mining Corp.

Carmax currently has 96,339,688 issued and outstanding. After the proposed consolidation, Carmax will have 9,633,968 shares issued and outstanding.

The name change and share consolidation is also subject to TSX Venture Exchange approval.

The recent downturn of the global economic and resulting reduction in global copper consumption and prices has been detrimental to the Company's share price. However, the Board of Directors remain cautiously optimistic that copper demand and prices will improve in the future and will justify the Company continuing with further exploration work on the Eaglehead Property.

The Board of Directors have recently held discussions with several financial analysts and are of the opinion that the proposed corporate reorganizational changes will best enable the Company to raise future funding that will be required to further advance the Eaglehead Property and maintain their interest in the Whiskeyjack Gold Property.

ERNEST S. PETERS, PRESIDENT/DIRECTOR

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