Bowmore Exploration Ltd.

November 03, 2009 11:55 ET

BOWMORE Options La Esperanza Property in Chihuahua State, Mexico

MONTREAL, QUEBEC--(Marketwire - Nov. 3, 2009) - BOWMORE Exploration Ltd. (TSX VENTURE:BOW) ("The Company") is pleased to announce that it has signed a Letter Of Intent (LOI) on an Option Agreement to acquire 100% of the La Esperanza property (the "Property") in the State of Chihuahua, Mexico from Dante Eliasib Estrada Granados (the "Vendor"), a private individual and Mexican resident.

The Property covers 178.3 hectares and is located directly north of the Santa Elvira gold-copper property currently being explored by Bowmore. The La Esperanza property has been the object of previous prospecting, sampling and geological mapping and includes five (5) artisanal mine workings. Bowmore will assess the full potential of the Property and will include it in its ongoing work program.


Pursuant to the Letter Of Intent (the "LOI") between the Vendor and Bowmore Exploracion De Mexico, S. De R.L. De C.V., Bowmore shall enter into a Definitive Option Agreement (the "Agreement") within two weeks, whereas the Company may acquire from the Vendor a 100% interest in the Property and will keep the exclusive rights to explore and develop the Property over the next five years in consideration of a total cash payments of $650,000 US dollars payable as follows:
a) $ 50,000 US Dollars upon execution of the Agreement;
b) $ 50,000 US Dollars payable Six (6) months after execution of the Agreement,
c) $ 50,000 US Dollars payable Twelve (12) months after execution of the Agreement;
d) $150,000 US Dollars payable Eighteen (18) months after execution of the Agreement;
e) $150,000 US Dollars payable Twenty four (24) months after execution of the Agreement;
f) $200,000 US Dollars payable Forty eight (48) months after execution of the Agreement;

An additional payment in the amount of $1,350,000 US Dollars will be payable Sixty months after the execution of the Agreement if the Company defines a NI43-101 compliant probable reserve of 1 Million oz gold or more on the property;

The property is subject to a 1% NSR (Net Smelter Return) royalty in favor of the Vendor, of which Bowmore will have the right of first refusal on the sale of the royalty. The Company will also have the right of first refusal on eight (8) other claims owned or controlled by the Vendor during the option agreement. Three of these claims covering a total 257.4 hectares are adjacent to and are located North and Northwest of the Property.

Mr. Paul Dumas, President of Bowmore, stated "The optioning of the LA ESPERANZA property is a very strategic acquisition for the Company. This acquisition complements our existing land package in the area and covers the potential northern extension of mineralization on our Santa Elvira Property. Our objective was to make sure that we were able to secure land positioning prior to expanding our work program and to provide room for additional prospective discoveries."

BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. The Company trades on the TSX Venture Exchange under the symbol "BOW".

For further information on BOWMORE, visit

Forward-looking statements:
Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Press release.

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