Post by
r2j316 on Dec 05, 2006 12:33pm
NEWS
EXMIN-Penoles Completes Drill Program at the Maguarichic Project
CCNMATTHEWS
EXMIN Resources Inc.
December 5, 2006 - 12:31:02 PM
EXMIN-Penoles Completes Drill Program at the Maguarichic Project
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 5, 2006) - EXMIN Resources
Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce that the drill program
at its 38,800 hectare Maguarichic project, previously announced on November 1,
2006, has been completed by the EXMIN/Industrias Penoles (Penoles) joint
venture. A total of 5,007 meters was drilled in 18 reverse circulation holes.
The total includes one hole that was abandoned at 40 meters due to drilling
problems. Penoles was required to drill a minimum of 2,000 meters in the first
year of the earn-in joint venture agreement project, signed on February 13,
2006.
The drill program was designed to test areas of high-level alteration
developed along structural zones as identified by field work conducted by
Penoles. In general, the holes cut hydrothermally altered andesite and
rhyolitic dikes. Alteration types intersected include silicification,
quartz-alunite alteration and argillic alteration. Local zones of quartz
veinlets were also reported.
Dr. Craig Gibson, Executive Vice President of Exploration for EXMIN stated,
"This drill program is the first ever to explore the strike extension of the
structural zone exposed at the bonanza grade Patria mine. It was designed to
test the strongly altered rocks in several places. Although the drilling was
done at relatively high structural levels in the mineralized system where we
don't expect to encounter high-grade mineralization, it will provide important
information on the geometry and geochemistry of the altered area for
subsequent drill programs that will test the structural zone at a greater
depth."
All drill samples were sent to BSI Inspectorate for analysis. Due to elevated
exploration activity in the region, EXMIN anticipates receiving results after
the New Year.
Dr. Craig Gibson, PhD., Executive Vice President of Exploration is the
authorized professional geologist for the Company and the direct manager of
all technical programs and information.
About EXMIN
EXMIN Resources Inc. is currently focused on the exploration and development
of precious metal properties of significant merit in the Sierra Madre gold
belt of Northwestern Mexico.
Note: EXMIN Resources Inc. (EXMIN) has taken all reasonable care in producing
and publishing information contained in this news release. Material in this
news release may still contain technical inaccuracies, omissions or
typographical errors, for which EXMIN assumes no responsibility. This news
release may include certain "forward-looking statements" including but not
limited to comments regarding predictions and projections. All statements,
other than statements of historical fact, included in this news release,
including, without limitation, statements regarding potential mineralization,
exploration results, and future plans and objectives of EXMIN, are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in documents filed
from time to time with the regulatory authorities.
FOR FURTHER INFORMATION PLEASE CONTACT:
EXMIN Resources Inc. Karl J. Boltz President & CEO 1-888-244-0304
EXMIN Resources Inc. Investor Relations 1-888-244-0304 Email:
info@exmin.com Website: www.exmin.com
The TSX Venture Exchange has not reviewed this release and does not accept
responsibility for the adequacy or accuracy of this news release.
Comment by
brahmabullz on Dec 05, 2006 12:57pm
And the correction is underway... damn!
I'm out!
BB
Comment by
MASCAR on Dec 05, 2006 1:12pm
" we dont expect to encounter high-grade mineralization"
Thats not what the hot money wanted to read. Buying oppertunity for sure for the investors.
Onward $ Upward $$$