Carmax Increases Size of Eaglehead Project

Carmax Increases Size of Eaglehead Project

VANCOUVER, British Columbia, April 09, 2018 -- Carmax Mining Corp. (“Carmax” or the “Company”) (TSX-V:CUX) is pleased

to announce that it has executed a purchase agreement with an arm’s length third party. Through this agreement, (subject to

approval by the TSX-Venture Exchange) Carmax will acquire additional mineral tenures located contiguous to its 100% owned

Eaglehead polymetallic porphyry copper project in northern British Columbia.

Highlights of the proposed transaction are:

• Approximately 2,400 ha in 3 mineral tenures located contiguous to the northern boundary of the Eaglehead project

• Purchase price of $15,000 and 3.9 million common shares of Carmax Mining Corp.

• Vendor will retain a 2% Net Smelter Return (“NSR”) on production from the project

• Carmax retains the right to re-purchase up to 1.5% of the 2% NSR for a purchase price of $1.0 million.

“We are very pleased to have secured these mineral tenures that are strategically located in an area whose exploration

significance was identified in late 2017,” Jevin Werbes, President & CEO of Carmax commented. “On closing this transaction,

our company will acquire the balance of a large magnetic and potassic signature that is interpreted to have potential to host

porphyry copper style mineralization. A preliminary mapping and prospecting program is planned for 2018, to assess the

porphyry potential of these properties.”

Basis for Acquisition:

Compilation work, completed on the Eaglehead project in late 2017, indicates that a large portion of the Eaglehead intrusive

exhibits distinct magnetic and potassic signatures (12 km by 5 km and 8 km by 2 km, respectively). These signatures are

interpreted to represent magnetite destructive and potassic alteration - features typically associated with a porphyry copper

system.  The compilation work further shows that parts of these signatures are located outside the Eaglehead project in the

area underlain by the acquired mineral tenures and that the magnetic and potassic signatures underlying the acquired tenures

are similar to those on Eaglehead.  Together, these characterize a large, untested exploration target located immediately north

of the Pass and Camp zones (magnetic and potassic signatures coincident with positive chargeability, copper and

molybdenum in soil anomalies, and copper mineralization in outcrop and subcrop, over a 3 km by 2 km area).

Elmer B. Stewart, P.Geo., a Director of Carmax, is a non-independent Qualified Person as defined in NI 43-101, and has

reviewed and approved the technical information contained in this news release.

About the Eaglehead Project

The property is located in northwestern British Columba and hosts an NI 43-101 Inferred Mineral Resource estimated to total

102.5 million tonnes at an average grade of 0.29% Cu, 0.010% Mo and 0.08 g/t Au.  The Technical Report, filed on Sedar at

www.sedar.com was prepared by RPA Inc. (see news release dated May 16, 2012).  The resource was estimated at a cut-off

grade of 0.16% CuEq, to contain approximately 662 million pounds copper, 22 million pounds molybdenum, and 265,000

ounces gold.  The Inferred Mineral Resource is contained within two conceptual open pits covering the East and Bornite

zones.

About Carmax

Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern British

Columbia. 

For further information, please visit the website at www.carmaxmining.com to view the Company’s profile or contact Jevin

Werbes or Daniel Caamano, Investor Relations, at (604) 620-7737.

_____________________________

Jevin Werbes, President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described

herein in the United States. The securities described in this news release have not been and will not be registered

under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and

may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act

and applicable state securities laws or an exemption from such registration is available. This news release is not for

distribution in the United States or over United States newswires.

Cautionary Statement on Forward Looking Statement

Certain information contained in this news release, including information as to our strategy, projects, plans or future financial or

operating performance and other statements that express management’s expectations or estimates of future performance,

constitute “forward looking statements”.  Actual results may differ materially from those indicated by such statements.  All

statements, other than historical fact, included herein, including, without limitations statements regarding future production,

are forward-looking statements that involve various risks and uncertainties.  There can be no assurance that such statements

will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Forward-looking information in this news release includes, but is not limited to statements about size of the tenures to be

purchased; the purchase price of the tenures; the retention by the vendor of a 2% Net Smelter Return (“NSR”) on production

from the project; Carmax’s right to re-purchase up to 1.5% of the 2% NSR; the interpretation of the significance of the

magnetic and potassic signature underlying the tenures; and statements about Carmax’s strategy, future operations and

prospects.

In connection with the forward-looking information contained in this news release, Carmax has made numerous assumptions. 

While Carmax considers these assumptions to be reasonable, these assumptions are inherently subject to significant

uncertainties and contingencies.  Additionally, there are known and unknown risk factors which could cause Carmax’s actual

results, performance or achievements to be materially different from any future results, performance or achievements

expressed or implied by the forward-looking information contained herein. 

Known risk factors include, the transaction may not receive Exchange approval on a timely basis or at all; the terms and

conditions of the transaction may be modified; the transaction may not close; Carmax may not exercise its right to repurchase

a portion of the 2% NSR, or at all; the magnetic and potassic signatures may not be indicative of porphyry mineralization;

fluctuations in copper prices and demand; conditions in the financial markets and the overall economy may continue to

deteriorate; uncertainties relating to interpretation of  previous exploration  results from the Eaglehead project; the need to

obtain additional financing; uncertainty as to timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Carmax is disclosed in Carmax's continuous disclosure

filings with Canadian securities regulatory authorities at www.sedar.com.  All forward-looking information herein is qualified in

its entirety by this cautionary statement, and Carmax disclaims any obligation to revise or update any such forward-looking

information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to

reflect future results, events or developments, except as required by law.