SXG Samex Mining Corp.

SAMEX Mining Corp. ("SAMEX") (TSX VENTURE:SXG)(OTCQB:SMXMF) announced today that
it has reached an agreement with its largest shareholders, Sasco Partners, LP
and Sasan Sadeghpour (collectively, "Sasco") who collectively own approximately
23.64% of SAMEX's outstanding common shares. As part of the agreement, SAMEX has
appointed Sasan Sadeghpour to the SAMEX board of directors (the "Board") and to
position of Chair of the Board. Mr. Sadeghpour will also serve on the Audit
Committee and the Compensation Committee.


"We are pleased to have reached this constructive resolution and look forward to
working with Sasco," said Jeffrey Dahl, SAMEX President and CEO. "Not only has
Sasco made a significant financial investment in SAMEX, Sasco has taken a keen
interest in our exploration efforts. The addition of Mr. Sadeghpour to the Board
will enable us to more fully incorporate valuable input from a major shareholder
of the Company, and we would like to take this opportunity to welcome him to the
Board."


Mr. Sadeghpour will be replacing Peter Dahl, who has agreed to step down as a
director and Chair of the Board, and who will now serve on the advisory board of
SAMEX. 


"We wish to thank Peter for all of his hard work and substantial contributions
to SAMEX over the past 18 years," said Jeffrey Dahl. "We are also pleased that
Peter agreed to step aside in order to facilitate this compromise with Sasco,
and that he has agreed to take on an advisory position with SAMEX so that the
Company will continue to have access to his knowledge and relationships.
Importantly, the new Board provides continuity, as five of its members are past
directors of SAMEX. The addition of Mr. Sadeghpour's business development and
financing background will bring both experience and additional perspectives that
will be an asset to the Board." 


Mr. Sadeghpour is the President and Chief Investment Officer of Sasco
Investments, LP and has managed hedge fund Sasco Partners, LP since its
inception in January 2004. Mr. Sadeghpour brings considerable financial skills
and experience to SAMEX, with the aim of helping the company maximize its
potential. Mr. Sadeghpour's position on the Board is also a recognition of Mr.
Sadeghpour's significant ownership interest in SAMEX.


"Sasco appreciates the contribution of Peter Dahl and the other members of the
Board since SAMEX's inception," said Mr. Sadeghpour. "All respective parties
worked hard to resolve their differences with the goal of reaching an amicable
agreement. I look forward to working closely with the Board in a positive manner
for the benefit of all shareholders, and I remain optimistic as to the future of
SAMEX." 


Mr. Sadeghpour will be placed on SAMEX's management slate for election at the
upcoming annual general meeting (the "Meeting") scheduled to take place October
1, 2012. An amended and restated management information circular and form of
proxy in respect of the Meeting will be mailed to shareholders in the upcoming
days. Further details of the terms of the settlement are described in the
information circular which, along with a copy of the settlement agreement, will
be filed on SEDAR and will be available for review by interested persons at
www.sedar.com.


"We believe that this settlement, which avoids a potentially costly and
corporately disruptive dispute, is clearly in the best interests of the Company
and its shareholders," said Jeffrey Dahl. "With these matters now fully
resolved, we can concentrate entirely on advancing our exploration agenda in
Chile."


Forward Looking Statements

Certain statements in this press release contain forward-looking information
within the meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable securities laws in Canada ("forward-looking
information"). The words "anticipates", "believes", "budgets", "could",
"estimates", "expects", "forecasts", "intends", "may", "might", "plans",
"projects", "schedule", "should", "will", "would" and similar expressions are
often intended to identify forward-looking information, although not all
forward-looking information contains these identifying words. 


The forward-looking information in this press release includes, but is not
limited to: the nomination and election of Sasan Sadeghpour and replacement of
Peter Dahl; the timing and holding of the Meeting; and the future prospects of
SAMEX. 


In connection with the forward-looking information contained in this news
release, SAMEX has made numerous assumptions. While SAMEX considers these
assumptions to be reasonable, these assumptions are inherently subject to
significant uncertainties and contingencies. Additionally, there are known and
unknown risk factors which could cause actual results, performance or
achievements to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking information contained
herein. Known risk factors include, among others: Sasan Sadeghpour may not be
elected to the board of SAMEX; and the Meeting may not be held as currently
anticipated, or at all.


All forward-looking information in this press release is qualified in its
entirety by this cautionary statement and, except as may be required by law,
SAMEX undertakes no obligation to revise or update any forward-looking
information as a result of new information, future events or otherwise after the
date hereof.




SAMEX MINING CORP.

Per: "Jeffrey Dahl"
Jeffrey Dahl, President & CEO

Sasco Partners, LP and Sasan Sadeghpour

Per: "Sasan Sadeghpour"
Sasan Sadeghpour, personally and
as signatory for Sasco Fund Advisors, LLC
general partner of Sasco Investments, LP
general partner of Sasco Partners, LP

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