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First Asset Morningstar Emerging Markets Composite T.EXM.A



TSX:EXM.A - Post by User

Comment by bryancjon Mar 29, 2008 7:45am
300 Views
Post# 14920920

EXMIN - Roulston positive commentary

EXMIN - Roulston positive commentary

Exmin Resources

(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.

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