2011

Vancouver, British Columbia - Carmax Mining Corp. (TSXV: CXM) ("Carmax" or the "Company") is pleased to announce that it has closed the non brokered private placement announced in its news releases of April 8, 2011 and May 20, 2011 for gross proceeds of $2,768,800. 

The non brokered private placement closed on May 30, 2011 and consisted of the placement of 13,844,000 units at a price of $0.20 per unit.   The units consisted of one share and one share purchase warrant providing the holder with the right to subscribe for one additional common share for each full warrant held at a price of $0.30 in the first year and $0.40 in the second year. 

As compensation for the placement of the units, Carmax paid finder's fees of $182,864 calculated at 8%.  In addition, Carmax issued as compensation for the placement 938,610 Broker Options, calculated at 9% of the number of the securities sold by member firms eligible to receive broker options for their efforts in placing the offering. 

Each Broker Option is exercisable to purchase one unit of the Company, each unit consisting of one common share and one non-transferable two year share purchase warrant, at a price of $0.20 per unit.  Each share purchase warrant attached to the Units is exercisable to purchase one additional common share of the Company for a price of $0.30 during the first year after closing and $0.40 per share during the second year, after closing.

All securities issued by Carmax pursuant to the combined offerings have been issued subject to a four month hold period expiring October 1, 2011.

Jevin Werbes, President of Carmax stated, "On December 20, 2010, Carmax received the recommendations of Hrayr Agnerian, M.Sc. (Applied), P.Geo. that a 2011 exploration program be undertaken on the Eaglehead Property located in the Dease Lake area of the Province of British Columbia at an estimated cost of $5,200,000. 

The proceeds realized from the Offering closed on May 30, 2011 combined with cash on hand before the Offering will leave Carmax with adequate capital to initiate and substantially complete a large portion of the recommendations of Mr. Agnerian."

The 43-101 Technical Report and the recommendations of Mr. Agnerian as presented in the report have been filed on Sedar under Carmax's profile.

In other corporate developments, Carmax wishes to announce that Carmax has accepted Ernest S. Peters' resignation from the Board of Directors.  Jevin Werbes further stated, "Mr. Peters was the founder of Carmax instrumental in bringing the Eaglehead Property to Carmax as an opportunity.  Management extends to Mr. Peters its gratitude and wishes Mr. Peters a long and rewarding retirement.  He will be sorely missed."

CARMAX MINING CORP.

Jevin Werbes
President & CEO

For further information, please visit the website at www.sedar.com to view the Company's profile or contact Carmax at 604-921-1810.