WEST VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 21, 2014) - Carmax Mining Corp. ("Carmax") (TSX VENTURE:CXM) is pleased to provide this update on the Summer Exploration Program currently in progress on its Eaglehead property located in northern British Columbia and other corporate activities.

Highlights:

1. The Quantec Titan-24 DCIP survey over the East, Bornite, Camp and Pass mineralized zones has been completed. Preliminary results are expected by the end of July;
2. The 2014 exploration program for the Eaglehead project has been expanded to include a high sensitivity airborne magnetic survey which is expected to commence within a few days;
3. Carmax is purchasing at cost an additional 2,130 ha of mineral tenures that surround the Eaglehead property from Copper Fox Metals Inc. ("Copper Fox") (TSX VENTURE:CUU); and
4. Copper Fox has notified Carmax that it intends to take up an additional 1,960,878 units of Carmax pursuant to its pre-emptive and top-up rights provided for in connection with the recently completed private placement of Carmax, the closing of which was announced May 29, 2014.

Jevin Werbes, President of Carmax commented, "The 2014 exploration program is underway and the data acquired from the work to date has mandated changes to our initial program. The location of the new zone of copper mineralization along with the re-logging of the historical core has advanced our understanding of the porphyry potential of the project. We are looking forward to seeing the results of the Quantec and airborne surveys over the next few weeks."

The Quantec Titan-24 survey over a 5.6 kilometre long portion of the property that covers the East, Bornite, Camp and Pass mineralized zones has been completed. A total of 10 lines at a 600m line spacing has been completed.

A new zone of oxide copper mineralization has been located east of the Camp and Pass zones. Preliminary work suggests that the zone is at least 600m long and 250m wide. This area has been covered by the Quantec Titan-24 survey. The mineral tenures being purchased from Copper Fox protects this new discovery to the east as well as favorable volcanic rock to the west. The mineral tenures are being acquired from Copper Fox at cost.

Northern Fox Copper Inc. ("Northern Fox"), a wholly owned subsidiary of Copper Fox Metals Inc. ("Copper Fox"), pursuant to Copper Fox's pre-emptive and non-dilution rights set out in the Letter Agreement between Copper Fox and Carmax dated March 17, 2014 has notified Carmax of its intentions to take up an additional 1,960,878 units of Carmax at the same price as the recently announced private placement, which top-up subscription will add $98,043.88 to Carmax's treasury once closed. The exercise of the pre-emptive right and top-up subscription will allow Northern Fox to maintain a 42.09% equity interest in Carmax, the percentage ownership of Northern Fox established under Carmax's recent private placement. Each unit being placed by Carmax is priced at $0.05 and will consist of one common share and one common share purchase warrant of Carmax with each common share purchase warrant providing the holder with the right to purchase, for a period of two years following the date of closing, one additional common share of Carmax at a price of $0.075 per share, subject to the terms and conditions set forth in the warrant certificate. The top-up placement is subject to the TSX Venture Exchange approval.