newsEsperanza Discovers Potential New Gold Zone at Cerro Jumil
07:00 EST Monday, March 03, 2008
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) -Esperanza Silver Corporation (TSX VENTURE:EPZ) is pleased to providethis update on its 100%-owned Cerro Jumil gold project in Mexico wheredrilling continues to expand the potential resource. Highlights include:
- Extended the Southeast Zone 100 meters down dip to the east and have confirmed continuity within the zone.
- Discovered the potential new Cerro Calabaza West gold zoneapproximately 300 meters to the northwest of the central Southeast Zone.
- Drill Hole RCHE-07-76 yielded 79.5 meters containing 1.04 g/t gold.
- Drill Hole RCHE-07-80 yielded two mineralized zones. One of 36meters containing 2.53 g/t and another of 54 meters containing 0.73 g/tgold.
- Drill Hole RCHE-07-64A yielded 51 meters containing 1.44 g/t gold.
- Drill Hole RCHE-07-67 yielded 163.5 meters containing 0.87 g/t gold.
Ongoing Drilling Confirms Continuity and Expands Southeast Zone
The assay results from 20 new drill holes have confirmed goldcontinuity within the central portion of the Southeast Zone. The newdrilling also demonstrates that gold mineralization continues down dipto the east.
Drill holes RCHE-07-66 and 67 intercepted broad zones of goldmineralization (78.0 meters averaging 0.84 g/t gold and 163.5 metersaveraging 0.87 g/t gold respectively). This extends the goldmineralization within the central portion of the Southeast Zone anadditional 100 meters to the east.
Results from the drill holes are summarized below.
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Cerro Jumil Drill Results
Mar-08
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From To Interval Gold Grade
Hole (m) (m) (m) (g/t)
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DHE-07-54(iii) 96.5 106.5 7.0 2.41
and 159.0 187.5 28.5 1.87
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RCHE-07-63 37.5 124.5 87.0 0.80
includes 58.5 78.0 19.5 1.36
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RCHE-07-64A 69.0 120.0 51.0 1.44
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RCHE-07-65(iii) 45.0 85.5 33.0 1.61
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and 127.5 141.0 13.5 0.77
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RCHE-07-66(iii) 78.0 159.0 78.0 0.84
includes(iii) 78.0 124.5 43.5 1.14
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RCHE-07-67(iii) 88.5 268.5 163.5 0.87
includes 180.0 213.0 33.0 1.58
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RCHE-07-68(iii) 166.5 184.5 16.5 1.46
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RCHE-07-69(iii) 145.5 174.0 25.5 0.79
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RCHE-07-70 183.0 204.0 21.0 0.59
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RCHE-07-71 118.5 135.0 16.5 0.80
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RCHE-07-72 18.0 69.0 51.0 0.69
includes 24.0 39.0 15.0 1.13
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RCHE-07-73(iii) 19.5 102.0 67.5 0.09
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RCHE-07-74(iii) 106.5 112.5 6.0 0.99
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and 247.5 258.0 9.0 0.59
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RCHE-07-75 60.0 76.5 16.5 0.84
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RCHE-07-76 82.5 163.5 79.5 1.04
includes 87.0 127.5 40.5 1.48
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RCHE-07-77 No significant intervals
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RCHE-08-79(i) 31.5 70.5 39.0 1.73
includes 54.0 69.0 15.0 3.74
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and 100.5 145.5 45.0 0.72
includes 106.5 124.5 18.0 1.21
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RCHE-08-80(ii) 57.0 93.0 36.0 2.53
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and 123.0 177.0 54.0 0.73
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RCHE-08-82(iii) 37.5 91.5 33.0 0.38
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RCHE-08-83 168.0 187.5 19.5 0.42
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(i) Includes a 1.5 meter interval containing 43.5 g/t gold
which was cut to 10 g/t.
(ii) Includes two 1.5 meter intervals containing 20.6 g/t
gold and 10.2 g/t which were cut to 10 g/t.
(iii) Drill intercepts with no core or chip recovery were
not included in the calculation of the interval
length.
Cerro Las Calabazas West - Possible New Gold Zone
Drill hole DHE-07-54 was a step-out hole in an area known as CerroLas Calabazas West. This area is approximately 200 to 400 metersnorthwest of the central Southeast Zone. It intercepted two stackedintervals of gold mineralization. The first intercept averaged 2.41 g/tgold over a width of 7.0 meters. The second intercept averaged 1.87 g/tgold over 28.5 meters and contained a 1.5 meter interval with 10.7 g/t.Three additional diamond core holes have been completed with assayresults pending; and a further six holes are planned.
Bill Pincus, Esperanza's President and CEO said, "The discovery ofthe potential new zone, Cerro Las Calabazas West, is very encouragingand could have a significant impact in expanding the resource at CerroJumil. We're awaiting assay results from other completed drilling inthis area which will give us a clearer idea of the zone's fullpotential."
72% Heap-Leach Recovery Indicated
As previously announced, an SGS Mineral Services report on simulatedheap-leach testing of material from the Southeast Zone indicated a goldrecovery rate of 72% on material crushed to a nominal 1 inch size and73% for 3/4 inch material. Further studies are proposed in order tooptimize these recoveries.
Esperanza will continue studying heap-leach optimization while alsoexamining the economic viability of conventional milling and processingas an option. Previous testing (non heap-leach) yielded recovery ratesbetween 92% and 95% indicating that conventional processing may be analternative.
About Esperanza
Esperanza is an emerging company focused on advancing thedevelopment of its two principal properties: the San Luis gold andsilver joint venture in Peru and the 100%-owned Cerro Jumil goldproject in Morelos State, Mexico. It is also actively investigating 17other exploration interests in Peru and Mexico.
QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President ofExploration, Esperanza Silver Corp. is the Qualified Person (QP) underNI 43-101 responsible for the Cerro Jumil exploration program. He hasverified the drill results and other data disclosed in this newsrelease, including sampling, analytical and test data. Field work hasbeen conducted under his supervision. All samples were submitted to ALSChemex laboratories in Vancouver, Canada for analysis. Gold sampleswere analyzed by fire assay and atomic absorbtion spectroscopy with a30 g nominal sample weight. A description of quality control andquality assurance protocols can be found at https://www.esperanzasilver.com/s/QA-QC-Protocols.asp.
SAFE HARBOR: Some statements in this release are forward-looking innature. The United States Private Securities Litigation Reform Act of1995 provides a "safe harbor" for certain forward-looking statements.Such statements include statements as to the potential of the CerroJumil property, the ability to finance further exploration, permitdrilling and other exploration work, and the availability of drillrigs. The forward-looking statements involve risks and uncertaintiesand other factors that could cause actual results to differ materially,including those relating to exploration and bringing properties intoproduction. Please refer to a discussion of some of these and otherrisk factors in Esperanza's Form 20-F filed with the U.S. Securitiesand Exchange Commission. The forward-looking statements contained inthis document constitute managements' current estimates as of the dateof this release with respect to the matters covered herein.
Esperanza expects that these forward-looking statements will changeas new information is received and that actual results will vary,possibly in material ways. Forward-looking statements are based on thebeliefs, expectations and opinions of management on the date thestatements are made, and the company does not assume any obligation toupdate forward-looking statements if circumstances or management'sbeliefs, expectations or opinions should change. For these reasons,investors should not place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Esperanza Silver Corporation
Bill Pincus
President and CEO
Toll Free: 1-866-890-5509
Email: info@esperanzasilver.com
Website: www.esperanzasilver.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.