Carmax Explorations Ltd.: Additional Financing; 2008 Drilling Program Increased

VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: CMX) is pleased to announce that it will be placing up to 15,000,000 units at a price of $0.08 per unit. A portion of the units being placed will be flow-through units and the remainder will be non flow-through units. The apportionment between flow-through and non flow-through units remains to be settled based on finalized subscription agreements as received.

The flow-through units consist of one flow-through share and one half of one share purchase warrant with one full warrant being exercisable to purchase one additional non flow-through 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.

The non flow-through units consist 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 period of one year from the closing of the private placement.

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.

A finders fee may be payable with respect to the placement. The placement is subject to TSX Venture Exchange approval.

2008 Drilling Program Commencing

Geological crews are scheduled to be mobilized on June 20th to commence the 2008 drilling program on the Company's Eaglehead Property located in the Liard Mining Division in Northwestern British Columbia. Funding from the above-noted financing will permit the previously announced 2008 - 15 drill hole program to be substantially increased. Company geological personnel together with several outside geological consultants who have reviewed data from the 81 drill holes completed to date on the property have all strongly recommended increasing the 2008 program.

The Company is well funded to initiate the 2008 drilling program with an excess of $2,000,000 cash on hand from the exercise of $0.15 warrants last fall and the current financing will permit a substantial increase of the 2008 drilling program. The proposed 2008 program is designed to increase potential mineral reserves throughout the Property and for drilling on several areas of the Property which have substantial potential that have not as yet been drill tested.

Additional and more detailed information pertaining to the Eaglehead Property may be obtained on the Company's website www.carmaxex.com.

CHARLES S. UNDERHILL, DIRECTOR & CFO

WARNING: 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. Chuck Underhill [phone] or Toll Free: 1-888-408-2212 [phone] (FAX) Website: www.carmaxex.com