Carmax Closes Private Placement, Eaglehead Property, Additional Financing for Expanded 2008 Drilling Program

VANCOUVER, BRITISH COLUMBIA is pleased to announce that due to oversubscriptions the non brokered private placement financing of flow-through and non flow-through units as announced in its News Release of June 17, 2008 was increased from 15,000,000 units to 17,247,500 units and that the financing closed on July 23, 2008.

As a result of the placement, 8,417,500 flow-through units were placed at a price of $0.08 per unit providing Carmax with gross flow-through proceeds of $673,400 and 8,830,000 non flow through units were placed at a price of $0.08 per unit for the gross non-flow through proceeds of $706,400. Total proceeds realized from the offering was $1,379,800.

Each flow through unit consisted of one flow through share and one half non-flow through share purchase warrant with each full warrant being exercisable at a price of $0.12 to purchase one additional non flow-through common share for a period of one year from the date of closing. Each non flow through unit consisted of one share and one full warrant each warrant being exercisable to purchase one additional common share of the Company at a price of $0.12 per share for a period of one year from the closing of the private placement.

Commissions in the amount of $108,464 in cash were paid on proceeds realized from the two private placement unit offerings. In addition 1,594,750 broker compensation warrants have been issued with each warrant being exercisable at a price of $0.12 for a period of one year from the date of closing.

The warrants will become callable on 21 days notice in the event the Company's shares trade at a price of $0.24 per share or greater for a 10 day trading period after the four month hold period expires on the securities sold.

All securities issued pursuant to the private placement were issued subject to a hold period expiring November 24, 2008.

As a result of this placement, funds available to the Company for the 2008 Exploration Program and working capital have been increased to approximately $3,700,000. The additional funds will allow the Company to expand the original 2008 Exploration Program. It is now anticipated that the 2008 Exploration Program will include the drilling of an additional 25 holes on the Company's Eaglehead Property of which 6 have been completed to date.

The Company's current Exploration Program is progressing satisfactorily with approximately 2 new holes being drilled each week.

Additional and more detailed information about the Eaglehead Property may be obtained on the Company's website www.carmaxex.com and the SEDAR website at www.sedar.com.

CHARLES S. UNDERHILL, SECRETARY/DIRECTOR

The Company relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Carmax Explorations Ltd. Investor Relations [phone] or Toll Free: 1-888-408-2212 [phone] (FAX) Website: www.carmaxex.com