Post by
stever7 on Mar 02, 2007 9:46am
NEWS!!!
EXMIN Receives NI 43-101 Report on the Moris Mine, Chihuahua, Mexico
3/2/2007
VANCOUVER, BRITISH COLUMBIA, Mar 2, 2007 (CCNMatthews via COMTEX News Network) --
EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce that it has received the technical report on the resources at the Moris Mine. This report was prepared under the guidelines of National Instrument 43-101. The Moris Mine is a joint venture between EXMIN (30%) and the Hochschild Mining Group (70%) (Hochschild) as described in press releases dated July 19, 2006, and Jan 18, 2007. Production at the mine is scheduled to commence in the third quarter of 2007.
Karl J. Boltz, President and CEO of EXMIN, stated, "Receipt of this NI 43-101 report confirms the presence of indicated resources at the Moris mine. Our efforts last year were focused on completing the due diligence program to confirm the historical data on the mine. We feel that there is excellent potential to increase the resources at the mine, although we have not yet completed sufficient work to quantify them."
The Report
The scope of the Moris Mine technical report, prepared by Geoffrey S. Carter, P.Eng., was to validate the information provided by the mine vendor, based on the information gathered during the due diligence program carried out by the joint venture. To date, little exploration outside of the three main deposits, the Creston, San Luis and Eureka, has been completed; therefore, only a part of the historical resources has been converted to current resources. No work has been completed in the Nopalera deposit that was included in the historical resource. Also, the current resource estimate used a lower cutoff grade than that used by Manhattan, reflecting the current economics of gold and silver.
The Resource
The report states, "Hochschild diamond drilled a total of 1,004.3 metres in 19 holes during the due diligence period. The drill holes were designed to confirm or validate the reserves reported by Manhattan Minerals, the former operator of the mine. Comparisons by zones between Hochschild drill holes and those from Manhattan and Las Cuevas show a small increase in gold grades for the Hochschild data, varying from 0.2 to 0.4 g/t Au."
"Lithologies were verified in 199 Manhattan holes by comparing plans and sections to surface mapping and sections on the 19 Hochschild drill holes. The Deposits were grid drilled on approximately 20 to 25 metres spacing by Manhattan and Las Cuevas. Although full details on the original method used to calculate the reserves are not available, we do know that Manhattan calculated on 5 metres bench intervals."
The report continued, "Based on the analysis of the data, Hochschild concluded that the information provided by Minera Moris is reliable. The Manhattan data exists, in both quantity and quality, at least for the mineralized areas, and is sufficient to calculate resources compliant to JORC 2004 standards. No significant issues in reference to prediction of grades and tonnages for future operations were encountered."
Creston + San Luis + EurekaCutoff 0.5 g/t AuPit FinalMeasured and Indicated---------------------------------------------------------------- Ore Waste StripDeposit Tonnes Au g/t Ag g/t Tonnes Ratio----------------------------------------------------------------Creston 1,620,879 1.497 4.776 1,711,737 1.06San Luis 2,109,060 1.239 5.061 865,079 0.41Eureka 350,681 1.082 4.840 636,784 1.82----------------------------------------------------------------Total 4,080,620 1.328 4.929 3,213,600 0.79----------------------------------------------------------------
The report concluded that, "The resources in the table above are NI 43-101 compliant. Hochschild used the JORC Code 2004 the Australian equivalent of the CIM Code for resources and reserves. NI 43-101 accepts the JORC Code. EXMIN has a direct ownership of 30% of the above resources."
The Mine
Hochschild, the operator of the Moris mine, has crews on site and is managing the operation rehabilitation and improvement program necessary to bring the mine back into production in Q3.
Quality Assurance
Hochschild completes its exploration programs and resource calculations under the Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code) and has emplaced quality control procedures consisting of insertion of standards and blanks (coarse and fine) in the sample stream as well as submission of duplicate samples and repeated assays of both fine (pulps) and coarse material. All of the samples were prepared and analyzed by ALS Chemex at their labs in Mexico and Vancouver, respectively. Gold analyses were by Fire assay with and atomic absorption finish, and screen analysis was undertaken in samples with visible gold. Silver was analyzed as part of a mulitelement ICP package.
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.
SOURCE: EXMIN Resources Inc.
EXMIN Resources Inc. Karl J. Boltz President & CEO 1-888-244-0304 EXMIN Resources Inc. Investor Relations 1-888-244-0304 Email: info@exmin.com Website: www.exmin.com
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