EXMIN Provides Moris Mine Update, Retains 100% Interest in Moris Exploration Project and Advances Strategic Alliance
VANCOUVER, BRITISH COLUMBIA, Apr 16, 2008 (MARKET WIRE via COMTEX News Network) --
EXMIN Resources Inc. (EXMIN) (TSX VENTURE: EXM) is pleased to provide an update of the Moris Mine. The mine was purchased by EXMIN (30%) and Hochschild Mining Group, Plc. (HOC: LSX) (Hochschild) (70%). Hochschild is the operator of the mine and reports the following production and sales numbers for the project. In the first quarter of 2008, the Moris Mine produced approximately 6,530 ounces of gold and 14,000 ounces of silver. In the same period, the project sold approximately 5,600 ounces of gold at over USD$900 per ounce and approximately 13,000 ounces of silver.
TABLE 1 - MORIS MINE QUARTERLY PRODUCTION TOTALS
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Q1 Q4
Product 2008 2007
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Ore produciton (tonnes) 181,671 253,766
Average head grade silver (g/t) 4.69 4.62
Average head grade gold (g/t) 1.43 1.62
Silver produced (koz) 14 11
Gold produced (koz) 6.53 5.18
Silver sold (koz) 13 6
Gold sold (koz) 5.60 3.26
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MORIS MINE EXPLORATION
Since the purchase of the Moris Mine, the operator has continued to expand the mine's resource. 634 metres of core has been drilled at the Eureka deposit and confirms the historical data. Also, Hochschild drilled 335 metres on the old heap leach pad and believes that about 29,000 ounces of gold production, or an additional year of operation, can be added by re-processing the original heap material. Current reserve and resource calculations do not include the ounces contained in the old leach pad material. The joint venture continues to drill and explore the potential of the surrounding 9,889 hectares included in the Moris Mine project land package.
TABLE 2 - 2007 MORIS MINE EXPLORATION
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Stated on an EXMIN 31 December 31 December %
attributable basis 2007 2006 change
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Resources 1.044 mt @ 5 g/t Ag 1.401 mt @ 4 g/t Ag
& 1.33 g/t Au & 1.3 g/t Au
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Resource Au/Ag oz 44,641 Au oz/ 58,555 Au oz/
167,824 Ag oz 180,170 Ag oz (23%)
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Reserves 0.759 mt @ 5 g/t Ag 0.874 mt @ 4 g/t Ag
& 1.50 g/t Au & 1.51 g/t Au
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Reserve Au/Ag oz 36,603 Au oz/ 42,430 Au oz/
122,010 Ag oz 112,397 Ag oz (13%)
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Note: The above Table 2 contains only the percentage of reserves or resources attributable to EXMIN's 30% ownership in the Moris Mine project; resources are inclusive of reserves; reserves and resources are reported by Hochschild Mining Group, Plc., according to the JORC code developed by the Australasian Joint Ore Reserves Committee. The above information has been provided to EXMIN by Hochschild Mining Group, Plc., and the categories of resources and reserves were not included in the disclosure provided.
ABOUT THE MORIS MINE
The Moris Mine, located approximately 15 km due west of Ocampo and 35 km south of Mulatos, is a 3,000 ton per day heap leach operation that employs approximately 200 people on a continuing basis, many of which are from the local community. The Moris Mine was acquired in December, 2006, and is a joint venture between EXMIN (30%) and Hochschild (70%) (see EXMIN News Release of July 18, 2006). Hochschild is the operator of the mine. Please see EXMIN's NR 43-101 report on the Moris Mine project as posted on SEDAR.
REGIONAL EXPLORATION - 100% EXMIN
EXMIN is also pleased to announce that it will retain its 100% interest in the Moris district exploration project. The Moris exploration project has been the subject of an earn-in joint venture agreement with the Hochschild Mining Group. Hochschild has decided to retire from the project after spending approximately US$1.5 M on field exploration and drilling in the first eighteen months of the joint venture, during which three targets were drilled for the first time, producing significant results.
Dr. Craig Gibson, Co-Founding Executive Vice President of Exploration for EXMIN, stated, "We are pleased to once again have full control over the Moris exploration project, one of our most promising since the inception of EXMIN. Exploration in 2007 drill tested portions of the three major targets or subdistricts that were previously identified by EXMIN. Although this drilling was preliminary in nature, it served to validate the exploration model and confirmed the presence of mineralization in each target. Under the terms of our original agreement, Hochschild will provide EXMIN with all of the data they generated, and EXMIN plans to aggressively continue exploration of the district."
EXMIN acquired a significant percentage of the mining concessions in the Moris district in early 2006 and completed sufficient surface exploration to identify three areas with large scale exploration targets, at El Pilar-Mesa de las Tunas, Tecolote, and Balleza. Subsequently a joint venture with the Hochschild mining group was completed (see EXMIN news releases of Feb. 22, 2006, and July 18, 2006). Drilling by the joint venture in 2007 tested portions of each of these targets, and intersected high grade gold and silver in veins as well as wide zones of lower grade mineralization.
At El Pilar, high grade veins were intersected, including 9.37 grams per metric ton (g/t) gold and greater than 1500 g/t silver over 1.5 metres, and 8.93 g/t gold and greater than 1500 g/t silver over 0.65 metres (see EXMIN news release of March 13, 2008). Wider zones of lower grade silver mineralization were also encountered, including 11 metres of 250 g/t silver and 1.4 g/t gold.
At Tecolote, drilling returned wide intervals with anomalous gold values, including 40.75 metres with 0.6 g/t gold, and 16.65 metres of 0.89 g/t gold, as well as narrower higher grade vein intercepts within the wider zones, including 0.6 metres of 3.95 g/t gold and 16.7 g/t silver (see EXMIN news release of July 11, 2007). The drilling to date has only tested mineralization at a very high structural level in the vein system.
At Balleza, one 50 metre mineralized interval was intersected along strike from a large surface anomaly previously defined by EXMIN (see EXMIN news release of March 13, 2008). Thirty three samples covering 33.1 metres within this 50 metre long interval were assayed and averaged 0.67 g/t gold, and 19 of the 33 samples assayed more than 0.5 g/t gold, and ranged as high as 3.1 g/t gold.
ABOUT THE MORIS EXPLORATION PROJECT
EXMIN's 100% Moris exploration land package consists of 63 concessions covering about 71,000 hectares in the prolific Sierra Madre gold-silver belt. The land package includes or surrounds six known exploration targets, three of which are nearly completely controlled by EXMIN. The Moris exploration project is separate from the Moris Mine project, and both are separate agreements from the EXMIN-Hochschild strategic alliance which was announced by EXMIN on July 9, 2007.
STRATEGIC ALLIANCE
The EXMIN-Hochschild strategic alliance grants a right of first offer for Hochschild on certain of EXMIN's projects. Hochschild has also formally informed EXMIN that it will review several of those projects, under confidentiality, for potential acquisition or joint venture.
"We are grateful for Hochschild's generous investment advancing our Moris district exploration project and look forward to possibly advancing other projects together in our mutual quest for a world-class deposit," said Karl J. Boltz, Co-Founding President & CEO for EXMIN.
Quality Assurance
Samples were prepared and analyzed by ALS Chemex in their facilities in Mexico and Vancouver, respectively. Gold analyses were performed by 30 gram fire assay with an AA finish. Silver and the base metals were analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 100 g/t silver were analyzed by AA.
Dr. Craig Gibson, PhD., Certified Professional Geologist, and Executive Vice President of Exploration, is the authorized professional geologist for EXMIN Resources Inc. and the direct manager of all technical programs and information on the part of EXMIN.
About Hochschild
Minera Hochschild Mexico (MHM) is a subsidiary of Hochschild Mining plc (HOC.L for Reuters / HOC LN for Bloomberg), a publicly held company listed on the London Stock Exchange. Hochschild is a leading precious metals company with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild currently operates five underground epithermal vein mines, four located in southern Peru and one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has one early stage development project in Mexico and over 15 long-term prospects throughout Latin America. Hochschild has over forty years experience in the mining of precious metal epithermal vein deposits. For further information please visit www.hochschildmining.com.
About EXMIN
EXMIN Resources Inc. (EXMIN) is currently focused on the exploration and development of precious metal properties of exceptional merit in the Sierra Madre gold belt of Northwestern Mexico as well as in other highly mineralized areas of 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.
Contacts: EXMIN Resources Inc. Karl J. Boltz Co-Founding President & CEO 1-866-493-9646 or 1-866-49-EXMIN Email: info@exmin.com Website: www.exmin.com
SOURCE: EXMIN Resources Inc.
mailto:info@exmin.com https://www.exmin.com
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