First Asset Morningstar Emerging Markets Composite T.EXM.A

EXM NEWS !!!! DRILLING

[Mogambo]

For Immediate Release November 1, 2006 EXMIN-PEÑOLES COMMENCE DRILLING AT MAGUARICHIC PROJECT ____________________________________________________________________________________ EXMIN Resources Inc. (EXMIN) (EXM:TSX.V) is pleased to confirm that drilling has commenced at its 38,800 hectare Maguarichic project, in southwestern Chihuahua State, Mexico. EXMIN’s joint venture partner, Industrias Peñoles, S.A. de C.V. (Peñoles), has contracted Layne Drilling de Mexico to provide a buggy-mounted, reverse circulation drill rig in order to complete a planned 2,000-3,000 metre program (see News Release of October 25, 2006). The rig arrived on site and began drilling the first target, an argillic alteration plume, on 29 October. Dr. Craig Gibson, Executive Vice President of Exploration for EXMIN stated, “We have anticipated this first drill program under the joint venture agreement since February. Field work conducted by Peñoles has identified several exciting targets in a district that has never been drilled. This is early stage exploration at its best.” 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. For further information, please contact: Karl J. Boltz, President & CEO or Investor Relations at 1-888-244-0304, both of EXMIN Resources Inc. Visit us on the internet: www.exmin.com or Email us at: [e-mail] 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. The TSX Venture Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release.