(EXM-TSXV)
Exmin is generating good results
from several of its gold-silver
exploration projects in the Sierra
Madre region of northwestern
Mexico.
Exmin’s partner Hochschild, a
London-listed mid-tier producer,
reported drill results up to 1.5
meters of 9.37 grams per tonnes
gold and 1,500 grams per tonne
silver from the Moris exploration
project in Chihuahua. The 710
square kilometer property adjoins
the Moris Mine, which is subject to
a separate agreement with
Hochschild.
Exmin (30% owner) and its partner
(70% owner) refurbished the Moris
mine and put it back into production
last year. The mine produced 5,580
ounces of gold and 13,000 ounces
of silver for the last three and half
months of 2007. It is projected that
the mine will produce 25,000
ounces of gold and 60,000 ounces
of silver for 2008. That mine is
important in establishing an
operating presence in the area. The
recent results support the belief that
further deposits will be found to
support a much larger operation.
At the Horcon silver-gold-zinclead-
copper project in Guanajuato,
mineralization was identified by
drilling and hand-sampling along
600 meters of strike in 2007. The
main vein structure has a known
strike of 2.5 kilometers and hosts
breccia bodies with significant
mineralization. Exmin has entered
into an option agreement with a
local Mexican citizen that will give
them nearly 100% control over the
properties of the district.
Exmin has signed a production
agreement for a southern portion of
the Horcon project at the Gavilanes
massive sulfide deposit. A private
Mexican citizen plans to mine a
copper rich portion of the deposit
and truck the ore to a processing
site in Zacatecas. The agreement
allows Exmin to earn about US$10
per tonne of rock mined and will
provide the company with cash flow
that will be used towards further
exploration of the Horcon property.
Exmin is currently working on
about 10 other exploration projects
in the Sierra Madre gold-silver belt.
Joint venture partners are funding
several of those projects. Cash flow
from the Moris mine and the
Gavilanes mine will help the
company fund its share of
exploration costs. Exmin is well
positioned for new discoveries with
an extensive land package in a
well-established gold-silver region.