First Asset Morningstar Emerging Markets Composite T.EXM.A

Exmin drills 1.15 m of 786.9 g/t Ag at Maguar

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Exmin drills 1.15 m of 786.9 g/t Ag at Maguarichic 2008-02-15 10:23 ET - News Release Mr. Karl Boltz reports EXMIN-PENOLES JOINT VENTURE DRILLS HIGH GRADE VEINS AT MAGUARICHIC, CHIHUAHUA, MEXICO Exmin Resources Inc. has received results from the drill program at the Maguarichic project. To date, 2,941.8 metres of core have been drilled in 19 holes in the current campaign. Two holes are currently in progress using a small man-portable rig and a large truck-mounted rig. Several holes have intersected veins with high silver and gold values, including 1.15 metres of 786.9 grams per metric tonne (g/t) silver, and 0.8 metre with 2.84 g/t gold. The Maguarichic project is the subject of a joint venture with Industrias Penoles (Penoles) (see the news in Stockwatch Feb. 15, 2006, for information on the joint venture). Penoles has elected to continue with year three of the joint venture and has paid Exmin $100,000 (U.S.). Also Exmin has ceded 10 per cent of the rights to the concessions in the project to Penoles, which now holds 20 per cent. Karl Boltz, president and chief executive officer of Exmin, stated: "The drilling at Maguarichic has been successful in identifying veins with high-grade precious metal mineralization in one of the classic districts in the Sierra Madre region. So far, 11 targets have been tested, and some of the most prospective areas remain to be drilled. Based on the results from the ongoing program, Penoles has decided to continue with year three of the joint venture." The current drill program was designed primarily to test discrete vein targets in the northeastern part of the district. Testing of some of the large areas of intense quartz-alunite alteration zones surrounding the Patria mine is also planned (please see the news in Stockwatch Oct. 27, 2005, Feb. 15, 2006, and Feb. 23, 2007, for more information on the project). More than 1,150 samples of drill core have been taken and most of the assay results have now been received (please see the table of selected results). The best results have been from the Plata Rica mine area, where hole MAG-07-14 cut 1.15 metres of 786.9 grams per metric tonne (g/t) silver, and at the Socavon vein, with intercepts of 2.84 g/t gold and 13.7 g/t silver over 0.8 metre in hole MAG-07-10 and 527 g/t silver over 0.8 metre in hole MAG-08-17. Several holes have also intersected wider zones of low-grade silver-gold mineralization, such as MAG-07-11, which cut 11 metres of 47.3 g/t silver. SELECTED ASSAY RESULTS FROM THE MAGUARICHIC PROJECT Interval Hole From (m) To (m) (m) Au (g/t) Ag (g/t) MAG-07-05 65.10 65.30 0.20 1.16 16.9 MAG-07-06 80.15 81.60 1.45 0.07 33.8 83.00 84.70 1.70 1.26 4.8 MAG-07-09 41.20 42.10 0.90 0.15 184.0 MAG-07-10 109.30 111.30 2.00 0.07 96.0 includes 109.30 110.10 0.80 0.09 136.0 115.60 116.45 0.85 2.84 13.7 MAG-07-11 55.45 66.60 11.15 0.14 47.3 includes 55.45 56.30 0.85 0.15 112.0 and 56.30 58.30 2.00 0.39 57.5 MAG-07-13 147.90 149.55 1.65 1.24 3.9 MAG-07-14 49.75 50.90 1.15 1.50 786.9 MAG-07-15 62.80 64.90 2.10 0.01 31.8 MAG-08-17 48.80 49.60 0.80 0.77 527.0 MAG-08-18 77.05 78.05 1.00 0.21 77.9 We seek Safe Harbor.