News !!EXMIN Acquires Additional Concessions at the Moris Exploration Project, Chihuahua, Mexico
CCNMATTHEWS
EXMIN Resources Inc.
May 25, 2007 - 01:20:00 PM
EXMIN Acquires Additional Concessions at the Moris Exploration Project,
Chihuahua, Mexico
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 25, 2007) - EXMIN Resources
Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce that it has optioned
three additional concessions in the Moris district and has finalized an option
agreement to acquire five other concessions in the area. EXMIN has proposed to
include all of these concessions in the Moris Exploration Joint Venture with
Hochschild Mining Group (Hochschild) (see News Release of March 22, 2006). The
earn-in joint venture agreement with Hochschild is separate from the
EXMIN-Hochschild Moris Mine acquisition and production joint venture described
in EXMIN's News Releases dated July 19, 2006, and Jan 18, 2007. Also, an
additional concession was staked by the exploration joint venture.
The four new concessions cover strategic ground in all three of the principal
target areas being explored by the joint venture, Tecolote, El Pilar and La
Cienega. Two concessions, the Pedregosa and Juana Inez, cover approximately 23
hectares and include two of the most important historical, past producing
mines and several vein structures in the El Pilar target area. The Relampago
concession covers 33 hectares and includes one of the principal past producing
mines in the La Cienega target area.
The fourth concession, Mi Fortuna, covers 60 hectares in the Tecolote area and
was staked recently after the original concession was cancelled and declared
open for staking.
The company also has finalized an option agreement that covers 170 hectares in
the Pilar target, as was previously announced as a letter of intent (see News
Release of February 22, 2006, Acquisition #3).
Karl J. Boltz, President and CEO of EXMIN, stated, "The recently acquired
concessions enhance the Moris exploration land package. We have dominant land
positions in several stand alone exploration target areas apart from the Moris
mine. Each of these target areas has past precious metal production from small
mines and prospects that exploited high grade epithermal veins. These areas
are road accessible and have never been systematically explored or drilled."
The Targets
With the newly acquired concessions, EXMIN now controls approximately 240
hectares and has a dominant land position in the El Pilar target area that
covers the Mesa de Las Tunas. At least seven major veins systems and multiple
splits occur in the area. The EXMIN-Hochschild joint venture completed
preliminary sampling on several veins and has compiled information from
previous evaluations completed by Chihuahua state mining agencies, as shown in
the tables below.
The joint venture controls several of the most important past producing mines
in the El Pilar area, including Pedregosa and Juana Inez and 50% of La Blanca.
The mines were developed on high grade epithermal veins that vary from less
than 25 cm to as much as several metres in width.
Samples from the Pedregosa vein have yielded as much as 104 grams per metric
ton (g/t) gold and 759 g/t silver (see tables below). FIEMECH, a Chihuahua
state agency that promotes mining, studied the Pedregosa vein in 1998. The
agency took 37 samples in the underground workings that averaged 28 cm in vein
width with 29.4 g/t gold, and 200.7 g/t silver (see tables). Three samples
taken by the joint venture yielded 3.9 to 29 g/t Au, and 205 to 522 g/t Ag.
Samples from the Juana Inez vein show equally impressive precious metal
values. Gold values of as much as 9.5 g/t and silver values of as much as 1025
g/t have been reported.
The State Department of Mining studied the La Blanca mine in 1993; 19 samples
taken of the La Blanca vein averaged 38.2 g/t Au and 598 g/t Ag, and 7 samples
of the Templar vein ranged from 2.8 to greater than 100 g/t Au and 31 to 153
g/t Ag (see tables). Individual samples at La Blanca assayed as much as
greater than 100 g/t gold and 4,125 g/t silver. Samples taken by the joint
venture have yielded as much as 16.5 g/t gold and 468 g/t silver.
The Relampago concession covers the most important past producing mine in the
La Cienega area. A discrete vein is hosted in a wider silicified rhyolitic
dike with quartz veins and breccia fill. Samples of the vein yielded as much
as 17.2 g/t gold and 115 g/t silver, and samples of the mineralized dike
yielded gold and silver values ranging from anomalous to more than 1 g/t gold
and 8 g/t silver.
The Deals
For the Pedregosa and Juana Inez concessions, EXMIN has agreed to make staged
payments over the five year term of the option agreement for a total purchase
price of US $400,000 (plus applicable 15% value added tax) for 100% of the
rights to the concessions, with a 1% royalty for three years of production,
under the following terms:
1. Payment of US $50,000 on signing, part of which was used to pay back taxes
and pay off two liens (paid);
2. Payments totaling US $200,000 over four years with payments of US $20,000
to US $25,000 at six month intervals;
3. Subsequent payments totaling US $150,000 in the 5th year.
EXMIN will assume the normal requirements to keep the concessions in good
standing with the Mexican Mining Secretariat. EXMIN can terminate the contract
unilaterally at any time, with no further obligations to the titleholder.
There is no work commitment other than that required by Mexican law. The 1%
royalty can be purchased for a payment of US $100,000 at any time.
For the Relampago concession, EXMIN has agreed to make staged payments over
four years for a total purchase price of US $165,000 (plus applicable 15%
value added tax) for 100% of the rights to the concessions, with no royalty:
1. Payment of US $15,000 on signing, part of which was used to pay back taxes
(paid);
2. Payments totaling US $75,000 over three years with payments of US $10,000
to US $15,000 at six month intervals;
3. Subsequent payments totaling US $75,000 in the 4th year.
EXMIN will assume the normal requirements to keep the concessions in good
standing with the Mexican Mining Secretariat. EXMIN can terminate the contract
unilaterally at any time, with no further obligations to the titleholder.
There is no work commitment other than that required by Mexican law.
Sample data from evaluations by EXMIN-Hochschild Joint Venture
Assays from El Pilar area mines
---------------------------------------------------------
Sample Width Au Ag
(m) (g/t) (g/t)
---------------------------------------------------------
---------------------------------------------------------
Pedregosa
---------
34113 NA 3.9 217
34114 NA 6.5 204
PED-1 Dump 29.0 522
37708 19,6 230
Juana Inez
----------
40372 1.2 7.49 10
40373 0.5 1.96 205
40374 0.9 0.23 9
40375 0.8 0.19 6
40376 0.5 1.01 634
40377 0.8 1.76 968
40378 0.5 0.75 15.3
40379 0.3 4.57 201
40380 0.2 2.21 780
43518 0.3 2.84 189
43519 0.5 4.09 233
43520 0.4 3.56 58.5
43521 0.7 9.49 50.5
43522 0.9 5.75 74
43523 0.5 1.02 19.4
43524 0.6 6.36 159
43525 0.5 8.39 40.3
43609 0.5 1.64 163
43610 0.4 1.00 1025
43612 0.3 0.52 22.6
43615 0.5 1.37 98.5
43616 0.8 3.29 424
43617 0.4 3.85 99.9
43618 0.9 1.15 7.7
43619 0.6 0.09 2.6
43621 0.3 0.48 6.4
43622 1.0 0.16 2.2
43623 0.2 1.09 16
La Blanca
---------
43613 0.4 16.5 468
43614 0.5 3.6 175
44109 0.7 2.5 4
TEM-1 0.7 7.0 16
---------------------------------------------------------
NA - not reported
Assays from Relampago concession
---------------------------------------------------------
Sample Width Au Ag
(m) (g/t) (g/t)
---------------------------------------------------------
---------------------------------------------------------
1264 1.0 0.04 1.0
1265 Dump 0.55 8.8
1266 0.9 0.06 7.9
1267 Dump 14.30 95.5
1740 0.5 17.15 115.0
1741 1.8 0.58 1.8
1742 2.5 1.65 25.5
1743 2.5 0.11 0.8
1744 2.1 0.03 0.5
1745 3.0 0.11 0.5
1746 4.0 0.01 0.2
1747 2.5 0.15 4.3
1748 4.0 1.09 4.5
1749 3.6 1.89 7.0
1750 1.1 0.10 1.4
43627 Dump 2.34 28.8
43628 0.2 0.05 4.0
43629 0.1 0.16 9.1
43630 Dump 1.88 12.8
43632 1.2 1.44 11.4
43633 1.3 2.39 9.8
---------------------------------------------------------
NA - not reported
Sample data from evaluations by Mexican government agencies
Note: EXMIN is reporting historical data from other sources. These data were
generated before current industry regulations were adopted under NI 43-101
Standards, and thus should be considered 'historical' in nature and can only
be used as a guide as to the relative tenor of mineralization. EXMIN intends
to replace the data with its own during the course of exploration.
Assays from the Pedregosa Vein
---------------------------------------------------------
Sample Width Au Ag
(cm) (g/t) (g/t)
---------------------------------------------------------
---------------------------------------------------------
0759 30 37.7 104
0760 30 22.0 287
0761 30 16.4 107
0762 27 1.3 104
0763 28 7.9 263
0764 32 60.9 759
0765 26 22.0 614
0766 29 0.4 14
0195 20 21.0 400
0196 30 49.7 472
0197 30 67.6 385
0198 30 23.8 132
0199 30 9.2 48
0825 30 12.3 92
0826 25 3.0 26
0827 30 32.2 165
0828 25 26.8 97
0829 30 15.7 76
0849 30 42.1 350
0850 10 0.7 2
0851 25 0.4 38
0852 25 39.4 95
0853 30 104.1 383
0854 30 7.2 76
0564 30 39.8 309
0565 25 15.3 67
0566 40 34.0 200
0568 45 27.6 253
0569 25 23.1 193
0570 20 32.1 319
0571 20 1.4 27
0572 20 15.8 118
0573 30 0.5 9
0574 30 0.1 25
0575 15 53.3 110
0576 35 81.0 162
0577 40 73.4 244
---------------------------------------------------------
Average 28 29.4 201
---------------------------------------------------------
Assays from the La Blanca vein
---------------------------------------------------------
Sample Width Au Ag
(cm) (g/t) (g/t)
---------------------------------------------------------
---------------------------------------------------------
1642 30 18.7 54
1643 30 47.2 89
1644 30 1.3 103
1645 40 2.5 28
1646 35 30.6 327
1647 40 14.7 1139
1648 40 greater than 100.0 793
1649 30 8.5 54
1660 25 greater than 100.0 4125
1661 30 greater than 100.0 1993
1662 20 20.7 133
1663 35 56.7 1239
1664 30 5.9 166
1665 20 36.7 353
1666 100 24.7 631
1667 40 greater than 100.0 733
1668 25 greater than 100.0 81
1669 60 20.7 181
1670 65 9.8 127
---------------------------------------------------------
Average 38 38.2 598
---------------------------------------------------------
Assays from the Templar vein
---------------------------------------------------------
Sample Width Au Ag
(cm) (g/t) (g/t)
---------------------------------------------------------
---------------------------------------------------------
1650 30 10.3 111
1651 40 3.0 69
1652 50 3.9 45
1653 30 greater than 100.0 153
1654 30 27.9 50
1655 60 7.6 48
1658 20 2.8 31
---------------------------------------------------------
Average 37 19.1 69
---------------------------------------------------------
Quality Assurance
Joint venture samples were prepared and analyzed by ALS Chemex at their labs
in Mexico and Vancouver and by Geoquimica de Mexico at its Chihuahua labs, and
generally consisted of 1-3 kg of material. Gold analyses by Chemex were
performed by 30 gram fire assay with an AA finish; samples with more than 10
g/t gold were analyzed by fire assay with gravimetric finish. Silver was
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. Analysis by
Geoquimica de Mexico were completed by ICP or AA. Analytical methods for the
government sampling are unknown.
Dr. Craig Gibson, PhD., 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.
Neither EXMIN's joint venture partner, Minera Hochschild Mexico, nor
Hochschild Mining plc, or any of its subsidiaries, accept any responsibility
for the use of project data or the adequacy or accuracy of this release.
About Hochschild
Minera Hochschild Mexico (MHM) is a subsidiary of Hochschild Mining plc
(Hochschild) (HOC.L for Reuters, HOC LN for Bloomberg), a publicly held, Latin
American precious metals mining company, listed on the London Stock Exchange
in November 2006. Hochschild is a primary silver producer and also produces a
significant quantity of gold (approximately 10.5 million ounces of silver and
approximately 233 thousand ounces of gold in 2005). The company has over forty
years experience in the exploration, evaluation and extraction of precious
metal epithermal vein deposits. Currently, it has three underground,
epithermal vein mines supported by fully developed infrastructure, at the
Arcata, Ares and Selene operations in Southern Peru. Hochschild also has two
advanced stage development projects, one in Argentina and one in Peru, as well
as two early stage development projects both of which are in Mexico. In
addition to its development projects, Hochschild has over twenty long-term
prospects throughout Latin America. Hochschild's company headquarters are in
Lima, Peru.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
EXMIN Resources Inc. Karl J. Boltz President & CEO or 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.