VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2012) - Esperanza Resources Corp. (TSX VENTURE:EPZ)(PINKSHEETS:ESPZF) is pleased to report its most recent drill results including the latest drilling in the Southwest Extension area. Gold mineralization has been encountered in new drill holes in this zone. This effectively extends the mineralization beyond the limits of the defined resource (News Release Sept 16, 2010 - https://www.epzresources.com/release.php?R_ID=237) and provides support to deduce it will increase in subsequent estimates. Drilling since the last resource estimate has extended known mineralization to the west (in the Calabazas zone) and now to the southwest. Highlights of the recent drilling include:
- Drill Hole RCHE-11-234 intersected 19.5 meters containing 1.1 grams of gold per tonne in the Southwest Extension.
- Drill Hole RCHE-11-232 intersected two separate intervals with 7.5 meters containing 1.4 grams gold per tonne and another interval of 7.5 meters containing 0.8 grams gold per tonne.
- Drill Hole RCHE-11-235 intersected 12.0 meters containing 1.1 grams of gold per tonne in the Southwest Extension.
- Drill Hole RCHE-11-237 intersected 12.0 meters containing 1.2 grams of gold per tonne in the Southwest Extension.
Complete results are in the accompanying table and drill hole locations are shown on the accompanying map. A detailed drill hole plan map (www.epzresources.com) can be found on the Company's website.
In addition to drilling the southwest extension area the Company continues to do fill in drilling to upgrade the resource confidence. Most recent results can be noted in the DHE (Diamond-drill) holes summarized in the accompanying table.
Esperanza now has two drill rigs turning at the Cerro Jumil project. They will be employed in further expansion drilling, metallurgical sampling and geotechnical sampling for pit-slope and foundation design. The Company anticipates updating the Cerro Jumil resource estimate in the second half of this year ahead of the completion of a definitive feasibility study.
Feasibility Metallurgical Sampling Underway
Esperanza, together with its metallurgical consultants Lyntek Inc. and McClelland Labs Inc. has designed a feasibility-level test program. The Company is now in the process of sample collection which includes bulk-sampling from five surface locations, drilling of large diameter core from various locations and depths of the deposit and collecting numerous reverse-circulation drill cuttings for bottle-roll testing. In addition to the bottle-roll tests the Company will build columns from at least five bulk-surface samples and six large-diameter core samples. All samples will be shipped to McClelland laboratories in Sparks, Nevada for testing.
About Esperanza
Esperanza is focused on advancing the development of its principal property, the wholly-owned Cerro Jumil gold project in Morelos State, Mexico. It is also actively investigating 11 other exploration interests in Peru and Mexico. In October of 2010 it announced a strategic investment which resulted in a 27% interest in Global Minerals Ltd. (TSX VENTURE:CTG), owner of the Strieborná silver/copper project in Roznava, Slovakia.
QUALIFIED PERSON: William Bond, CPG and Vice-President, Esperanza Resources is the Qualified Person (QP) under NI 43-101 responsible for the Cerro Jumil exploration program. He has verified the drill results and other data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted under his supervision. All samples were submitted to ALS Chemex laboratories for analysis in Vancouver, Canada. Gold samples were analyzed by fire assay and atomic absorption spectroscopy with a 30 g nominal sample weight. Silver is analyzed by induction coupled plasma - atomic emission spectroscopy (ICP-AES). A description of quality control and quality assurance protocols can be found at: https://www.epzresources.com/protocols.php.
SAFE HARBOUR: Some statements in this release are forward-looking in nature. The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbour" for certain forward-looking statements. Such statements include statements as to the potential of the Cerro Jumil property, the ability to finance further exploration, permit drilling and other exploration work, and the availability of drill rigs.
The forward-looking statements involve risks and uncertainties and other factors that could cause actual results to differ materially, including those relating to exploration and bringing properties into production. Please refer to a discussion of some of these and other risk factors in Esperanza's Form 20-F filed with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this document constitute managements' current estimates as of the date of this release with respect to the matters covered herein. Esperanza expects that these forward-looking statements will change as new information is received and that actual results will vary, possibly in material ways. Forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change. For these reasons, investors should not place undue reliance on forward-looking statements.
We advise U.S. investors that while such terms are recognized and permitted under Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in the measured and indicated categories will be converted into reserves.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
| Cerro Jumil Drill Results |
| 26-Mar-12 |
| Drill Hole |
From
(meters) |
To
(meters) |
Interval
(meters) |
Grade
(grams gold/ tonne) |
| RCHE-11-229 |
No significant intervals-condemnation hole |
| RCHE-11-230 |
No significant intervals |
| RCHE-11-231 |
255.0 |
267.0 |
12.0 |
0.54 |
| RCHE-11-231 |
327.0 |
357.0 |
30.0 |
0.45 |
| RCHE-11-231 |
384.0 |
400.5 |
16.5 |
0.64 |
| RCHE-11-232 |
105.0 |
112.5 |
7.5 |
0.79 |
| RCHE-11-232 |
154.5 |
162.0 |
7.5 |
1.43 |
| RCHE-11-233 |
211.5 |
229.5 |
18.0 |
0.37 |
| RCHE-11-234 |
66.0 |
85.5 |
19.5 |
1.11 |
| RCHE-11-235 |
126.0 |
138.0 |
12.0 |
1.10 |
| RCHE-11-236 |
88.5 |
117.0 |
28.5 |
0.42 |
| RCHE-11-237 |
165.0 |
177.0 |
12.0 |
1.15 |
| DHE-12-67 |
7.5 |
46.5 |
39.0 |
1.22 |
| DHE-12-67 |
72.0 |
79.5 |
7.5 |
1.19 |
| DHE-12-67 |
96.0 |
105.0 |
9.0 |
0.85 |
| DHE-12-67 |
115.5 |
126.0 |
10.5 |
0.93 |
| DHE-12-68 |
18.0 |
31.5 |
13.5 |
1.29 |
| DHE-12-68 |
48.0 |
54.0 |
6.0 |
1.48 |
| DHE-12-69 |
39.0 |
49.5 |
10.5 |
1.10 |
| DHE-12-69 |
61.5 |
73.5 |
12.0 |
1.38 |
| DHE-12-70 |
22.5 |
46.5 |
24.0 |
0.79 |
| DHE-12-71 |
33.0 |
40.5 |
7.5 |
2.10 |
| DHE-12-71 |
124.5 |
132.0 |
7.5 |
1.19 |
| DHE-12-72 |
169.5 |
178.5 |
9.0 |
2.25 |
| DHE-12-72 |
189.0 |
214.5 |
25.5 |
0.41 |
| DHE-12-73 |
7.5 |
18.0 |
10.5 |
1.12 |
| DHE-12-73 |
120.0 |
144.0 |
24.0 |
1.63 |
To view the Figure associated with this release, please click: https://media3.marketwire.com/docs/epz326_F1.pdf.
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