Apex Mining reports significant increase of gold resources potential to 1.12 million troy ounces at its Maco Operations

Apex Mining Co., Inc.'s Maco Gold Property is located at Barangay Masara, Maco Twon, Compostela Valley Province and is covered by MPSA-225-XI-2005 and MPSA-234-XI-2007.

Location of the Maco Property:

The mineralisation occurs in 16 major vein sets and was evaluated in 41 subsets (main veins and splits).

The TM/RF Report undertakes an evaluation of tonnes and grades based on a Resource Model developed by Apex Geology and Exploration Department's Staff and Consultants. TM/RF classified the Resources using the standards required by the Philippine Mineral Reporting Code (PMRC), which is largely equivalent to the Australian JORC and the Canadian NI-43-101 standards.

A minor proportion of the gold resources were deemed to be in the Measured category (nil in early 2009), estimated to contain 40,900 troy ounces with much larger Indicated Resources estimated to contain 583,300 troy ounces. Inferred Resources are estimated to contain 494,100 troy ounces; all at 1.5g/t Au cut-off.

Although recovered and sold within the shipped bullion, no evaluation of silver content was made in this report. Likewise no account is taken of the base metals content.

The TM/RF report briefly reviews and compares previous resources estimates, estimation methodology and comparative estimates while detailing the methodology used to make the Resource Estimate summarised in teh table below, at 1.5g/t Au cu-off (rounded):

The statistical analyses and block model calculation parameters are detailed in the TM/RF Report are listed on pages 85 to 88 of the report.

Individual vein and split top cuts were applied to the calculations. A resource cut-off of 1.5g/t Au was used and comparison was made with a 3.0 g/t Au cut-off. Comparison with actual mining results indicated that the 1.5g/t Au cut-off had a more realistic reconciliation with production data.

Likewise, densities for calculating tonnage were variable based on available data for each vein and are tabulated in the Report.

Block models were created in Gemcom and the mineralised zones in the wireframes used 2.5m x 2.5m x 5m model cells (blocks).

Apex President and CEO, Peregrino S. Resabal said, "The time, patience and the efforts put up by the Apex Geology and Exploration Team in the pursuit of gathering, collating and consolidating the geologic data from its production MPSA which resulted in almost doubling the Gold Resources Potential compared to the resources in 2009, confirm the big potential ahead for Apex. These results have further strengthened the confidence of the shareholders of Apex to pursue and devote more time in the exploration efforts which will hopefully translate to increased mineable gold reserves."