VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) announces that it has signed a Letter of Intent to sell its 30% shareholding interest in Minas Santa Maria de Moris, S.A. de C.V., (MSMM), the Mexican holding company of the Moris mine, in western Chihuahua state, Mexico. MSMM is owned jointly by EXMIN 30% and Hochschild Mining Plc. (Hochschild) 70%. Hochschild has been the operator since the companies purchased the Moris mine in December, 2006.
Caza Gold Corp., a private company, has offered to purchase EXMIN's interest in MSMM for U$ 1.5 million plus IVA, the 15% value added tax. The offer is subject to a Right Of First Refusal (ROFR) by Hochschild Mining Plc.
Karl J. Boltz, President & CEO stated, "This is another step in EXMIN's strategy to recapitalize the Company in a very difficult financing environment. The Moris mine has not produced any benefit to EXMIN shareholders. The capital raised in the sale of the mine will benefit shareholders by allowing the Company to advance its other projects."
In a separate agreement, EXMIN has also signed a Letter of Intent to sell a land package of 47,433 hectares of its 71,000 hectare Moris exploration project and its 70% owned, 12,933 hectare Maguarichi exploration project to Caza Gold Corp. This is a separate agreement to the Moris Mine purchase agreement.
Caza Gold Corp., a private company, has offered to purchase the two exploration projects for 400,000 common shares of Caza Gold and a 1% net smelter return (nsr), capped at U$ 1 million in Moris and a 1% nsr capped at U$ 500,000 in Maguarichi. |
