Post by
r2j316 on Mar 05, 2007 10:28am
NEWS !!
Exmin to Begin Drilling at its 100% Owned Projects
CCNMATTHEWS
EXMIN Resources Inc.
March 5, 2007 - 10:22:56 AM
Exmin to Begin Drilling at its 100% Owned Projects
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 5, 2007) - EXMIN Resources
Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce that the new diamond
drill rig that it secured late last year is scheduled for delivery in early
March and should be drilling by mid March. EXMIN secured the new drill rig by
providing a down payment on a series of core drilling programs it plans for
2007, as reported in a News Release dated December 7, 2006. The agreement,
with Globexplore Drilling, S.A. de C.V., of Mexico, stipulates that the rig
and drill crew be mobilized to the first drill program site within ninety days
and that the rig and crew will be continue to work for EXMIN as long as EXMIN
can keep them contracted.
Dr. Craig Gibson, PhD., Executive Vice President of Exploration for EXMIN
stated, "We are excited to be able to start drilling shortly. It is very
difficult to get a drill rig right now, especially for relatively small drill
programs. The availability of this new rig and drill crew will allow us to
complete preliminary drill programs on several of our 100% owned
district-scale projects and to complete the Reyna de Oro drilling that we have
planned for some time."
EXMIN plans to commence drilling at the Horcon project, in the Guanajuato
region, followed by infill drilling at the Reyna de Oro Project to be able to
calculate a NI 43-101 qualified resource at the Reyna de Oro mine.
Dr. Gibson stated, "Drilling conditions at Reyna de Oro are very difficult. We
decided to break in the rig and drill crew at a project with good drilling
conditions and great infrastructure before mobilizing to Reyna de Oro."
The Project
The Guanajuato project land package consists of nearly 10,500 hectares of
contiguous concessions and was acquired under option in late 2006 (Please see
the News Release of Dec. 6, 2006 for the terms of the option agreement). The
Guanajuato region is the focus of several current mining and exploration
projects being undertaken by Canadian resource companies, including the
Guanajuato district (Great Panther and Gammon Lake) and the San Anton project
(San Anton Resources).
During the Spanish colonial period, several mines were developed on a system
of epithermal veins that appear to be the northern extension of the veins
exposed in the main Guanajuato district, located about 50 km to the southeast.
Five major vein systems covering a cumulative 25 kilometres of strike length
have been mapped. The current exploration program will focus on the Horcon
mine.
Exploration Target
The Horcon mine exploited high grade precious and base metal bearing veins
associated with one of the main vein systems, Diamantillo. The Horcon mine
consists of one, main, several hundred metre long tunnel that cuts several
veins. Most of the mining activity was developed on a set of low angle veins
that dip 20-40 degrees to the southwest. These low angle veins are generally,
relatively narrow and are exposed in the walls of the principal mine workings
or stopes. Sampling of some of these exposures has yielded high grade values,
as shown in the table below. Individual samples yielded as much as 67 grams
per metric ton (g/t) gold 855 g/t silver, 22% lead and greater than 5% zinc
from veins that vary from 10 centimetres to 2 metres in width (see News
Release of Dec. 6, 2006). Only limited modern exploration, consisting of
geologic mapping and sampling, has been completed in this area. Several core
holes were drilled in the general area, but none were directed towards the
vicinity of the Horcon mine workings. EXMIN plans on completing approximately
1000 metres of HQ core drilling to test the extensions of the known veins and
to explore for additional veins.
Weighted averages of historical samples, Horcon mine
---------------------------------------------------------------------
Average Gold Silver Copper Lead Zinc
Specific Vein Width Au Ag Cu Pb Zn(i)
(Number of samples) cm g/t g/t % % %
---------------------------------------------------------------------
---------------------------------------------------------------------
Raton Veins (12) 63 4.8 79 0.2 2.1 3.1
Unnamed Vein 1 (4) 59 3.0 27 0.1 1.6 1.9
San Guillermo Vein (21) 44 15.7 85 0.3 2.9 3.9
La Galvana Vein (9) 41 17.9 134 0.1 3.5 1.5
Diamantillo Vein (5) 141 1.5 20 0.1 0.8 0.8
---------------------------------------------------------------------
(i) Samples from all of the veins except for Diamantillo contained assays
with greater than 5% Zn that were averaged using 5%.
Individual assay values were included in the Press Release of Dec. 6,
2006.
Quality Assurance
The sample data listed in the table were compiled from historical data
provided by the property vendor, and have been verified by check sampling by
EXMIN. All of the samples were prepared and analyzed by ALS Chemex at their
labs in Mexico and Vancouver. Gold analyses were performed by fire assay with
an AA finish. Other elements were analyzed as part of a multi-element ICP
package using an aqua regia digestion.
Dr. Craig Gibson, PhD., Executive Vice President of Exploration is the
authorized professional geologist for the Company and the direct manager of
all technical programs and information.
About EXMIN
EXMIN Resources Inc. is currently focused on the exploration and development
of precious metal properties of significant merit in the Sierra Madre gold
belt of Northwestern 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 1-888-244-0304
EXMIN Resources Inc. 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.