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Message: EXMIN-Fresnillo Joint Venture Completes Phase III Drilling
| March 27, 2009 |
| EXMIN-Fresnillo Joint Venture Completes Phase III Drilling at Maguarichic, Chihuahua, Mexico |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce results from the recently completed phase III drill program at the Maguarichic Project, a joint venture with Exploraciones Mineras Parrena, S.A. de C.V., a subsidiary of Fresnillo plc. The phase III drill program totalled 4,759.5 metres of core drilled in 10 holes. Phase I and II drilling totalled 5,005.78 metres of RC and 6,359.4 metres of core, respectively. A total of 16,124.68 metres have been drilled in 56 holes by the joint venture. Exploration expenditures by Penoles in the first three years of the joint venture totalled nearly US$ 3.8 million. Cash payments to EXMIN totalled U$250,000 over the same period. With the current year's expenditures, Fresnillo has earned and additional 10% of the project and now holds 30% title ownership to the project concessions, while EXMIN continues to retain 70% title ownership to the project concessions. Based on the exploration results, Fresnillo has informed EXMIN that it will not proceed further with the earn-in option of the joint venture, and instead has decided to go forward with a minority interest and with EXMIN as the project Operator. The partnership has also decided to reduce the land package from 38,989 hectares to 12,933 hectares that cover the most promising areas. Fresnillo has also ceded to EXMIN its wholly owned Santo Nino concession, covering 338 hectares within the boundaries of the project land package, a requirement of the joint venture agreement. Karl Boltz, President and CEO of EXMIN, stated, "The drilling at Maguarichic focused on two different geologic models for mineralization. The phase III drill program was focused on a widespread, disseminated target for gold and silver mineralization that our joint venture partner developed based on extensive mapping and sampling completed in the JV concessions. This concept did not yield significant intercepts." "EXMIN developed the original geologic model for high grade gold and silver mineralization in epithermal veins that is based on the existing mineralization found in the center of the district, at the Patria mine as well as at several other mines and prospects," continued, Boltz. "Previous exploration on this model was successful in identifying veins with high grade precious metal mineralization, and EXMIN plans to continue exploration of this concept." Targets The recently completed phase III drill program was designed primarily to test the potential for a bulk tonnage high sulfidation system at the Morasicuchi area, identified by Fresnillo geologists based on extensive 1:5,000 scale geologic mapping and abundant rock chip sampling. Drilling cut wide zones with anomalous indicator elements such as arsenic, antimony and mercury, but only isolated samples with gold values that ranged to as much as 0.223 g/t gold. More successful exploration results were achieved on discrete vein targets in the northeastern part of the district, in the 2007 and 2008 phase II drill program. The best results have been from the Plata Rica mine area, where hole MAG-07-14 cut 1.15 metres of 786.9 grams per metric ton (g/t) silver, and at the Socavon vein, with intercepts of 2.84 g/t gold and 13.7 g/t silver over 0.8 metres in hole MAG-07-10 and 527 g/t silver over 0.8 metres in hole MAG-08-17. Several holes have also intersected wider zones of low grade silver-gold mineralization, such as MAG-07-11, which cut 11 metres of 47.3 g/t silver. (Please see EXMIN News Releases of Oct. 27, 2005, Feb. 15, 2006, Feb. 23, 2007, and Feb 15, 2008, for more information on the project). About the Maguarichic Project The Maguarichic project, originally consisting of 5 concessions covering 38,989 hectares was recently reduced to 12,933 hectares and covers much of one of the classic gold-silver districts in the prolific Sierra Madre gold-silver belt. The project is now owned 70% by EXMIN and 30% by Fresnillo. Quality Assurance Samples were prepared and analyzed by ALS Chemex in their facilities in Mexico and Vancouver, respectively. Gold analyses were performed by 50 gram fire assay with an AA finish. Silver and the base metals were analyzed as part of a multi-element ICP package using a four-acid (near total) digestion. Dr. Craig Gibson, PhD., Certified Professional Geologist, and 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. About Fresnillo Fresnillo plc is one of the principal Mexican mining companies and is the largest primary producer of silver in the world. |
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