Carmax Explorations Ltd. announced that it has started its 2009 exploration program on the Eaglehead Property in the Northwestern British Columbia. To date there have been a total of 95 drill holes completed of which 59 are historical holes and 36 have been drilled by Carmax since 2006. The current program will be directed towards the assaying of the majority of the historical drill hole core for the purpose of calculating resource estimates on the various mineralized zones defined to date. Earlier this year the Company initiated resource calculation work by independent consultants on the Bornite and East Zones but further assaying is required on historical drill core from the Camp and West Zones to complete this work. The historical holes were only assayed for partial sections for copper and the current program will involve the assaying for Copper (Cu), molybdenum (Mo), gold (Au) and silver (Ag) on the majority of these holes. Most of the holes drilled since 2006 by Carmax have encountered significant values in Mo, Au and Ag in addition to Cu and the current program will result in current reserve calculations on all of these zones to be completed.

Carmax Explorations Ltd. reported un-audited earnings results for the third quarter and nine months ended April 30, 2009. For the quarter, the company reported net loss for the period of CAD 103,657 or CAD 0.00 basic loss per share compared to net earnings for the period of CAD 435,993 or CAD 0.01 basic income per share for the period ended April 30, 2008. Loss before income taxes was CAD 103,657 against CAD 111,807 of prior year period. Comprehensive loss for the period was CAD 101,657 against comprehensive income of CAD 425,993 for the period ended May 31, 2008. Cash flow used in operating activities was CAD 111,152 versus CAD 36,485 for the period ended April 30, 2008. For the nine months ended April 30, 2009, the company reported net loss for the period of CAD 140,591 or CAD 0.00 basic loss per share compared to net earnings for the period of CAD 97,043 or CAD 0.00 basic earnings per share for the period ended April 30, 2008. Loss before income taxes was CAD 642,611 against CAD 450,757 of previous year period. Comprehensive loss for the period was CAD 142,591 versus comprehensive income of CAD 84,043 of prior year period. Cash flow used in operating activities was CAD 269,255 against CAD 394,848 for the comparable period of last year.

Carmax Explorations Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended January 31, 2009. For the quarter, the company reported a loss before other item was CAD 113,627, loss before income taxes was CAD 109,683, net income and comprehensive income of CAD 92,337 or CAD 0.00 per share compared to the loss before other item was CAD 210,027, loss before income taxes was CAD 190,607, net loss of CAD 190,607 and comprehensive loss of CAD 191,107 or CAD 0.00 per share for the same period a year ago. Net cash used in operating activities of CAD 23,825 against the CAD 508,212 for the same period a year ago. For the six months, the company reported a loss before other item was CAD 254,682, loss before income taxes was CAD 238,954, net loss of CAD 190,607 and comprehensive loss of CAD 40,934 or CAD 0.00 per share compared to the loss before other item was CAD 374,178, loss before income taxes was CAD 338,950, net loss of CAD 338,950 and comprehensive loss of CAD 338,950 or CAD 0.01 per share for the same period a year ago. Net cash used in operating activities of CAD 158,103 against the CAD 358,363 for the same period a year ago.