EXMIN Resources Inc.

EXMIN Resources Inc.

November 26, 2007 09:27 ET

EXMIN Acquires Drill Target Near the Penasquito Mine, Zacatecas, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2007) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce that it has acquired a group of 5 mineral concessions covering approximately 67.4 hectares in the Melchor Ocampo district of Zacatecas, Mexico. One 12 hectare concession was staked after being cancelled and declared free by the Mexican government, and 4 concessions were optioned from private individuals. Three of the concessions are contiguous and cover part of a known exploration target at Las Coloradas that was previously identified by Echo Bay Exploration (Echo Bay) in the 1990's, while the remaining two concessions cover a portion of the potential down dip extension of the target. The Melchor Ocampo district occurs in a similar geologic environment as the world-class Penasquito deposit of Goldcorp Inc. (Goldcorp), located approximately 20 kilometres to the south, where Goldcorp has reported proven and probable reserves of 917 million metric tons with grades of 0.44 grams per metric ton (g/t) gold, 29.3 g/t silver, 0.33 % lead, and 0.72 % zinc.

Karl Boltz, President and CEO of EXMIN, stated, "Previous exploration by Echo Bay in the 1990's demonstrated the presence of a large zoned polymetallic mineralized system at Las Coloradas. Dr. Craig Gibson, our Executive Vice President of Exploration, ran the exploration drill campaign for Echo Bay. This acquisition gives us an immediate, defined drill target in a very prolific mining region with numerous past and currently operating mines, including the new Penasquito mine which is under construction."

The Target

Mineralization in the Concepcion del Oro region is characterized by carbonate replacement deposits related to intermediate intrusions, and includes several mines and historical producers at Concepcion del Oro, Terminal de Providencia, Salaverna, Santa Rosa, Noche Buena, Melchor Ocampo, and Penasquito. Several companies have explored in the Melchor Ocampo district over the last 15 years, but most left during the low metals prices at the end of the 1990's.

Echo Bay explored in the district for replacement gold deposits, but also encountered a silver-lead-zinc mineralized system at Las Coloradas. The three contiguous concessions controlled by EXMIN cover about 32 hectares (80 acres) over the area identified by Echo Bay, as well as about 35 hectares (86 acres) over the possible down dip extension. All of the concessions are adjacent to and partly surrounded by several concessions controlled by Minera Penasquito, a subsidiary of Goldcorp.

The mineralization consists of replacements of moderately dipping sedimentary rocks in the north limb of the Zuloaga anticline (information can be viewed at www.exmin.com). EXMIN has obtained part of the Echo Bay data package including reverse circulation drill hole data. Eight drill holes were completed within or close to the boundaries of the acquired concessions (to view attached Figures please click on: http://www.ccnmatthews.com/docs/exm1126figs.pdf), and the mineralized intercepts suggest that a large deposit potentially may be present (see table of drill results below). One of the holes intersected 69 metres with 51 g/t silver, 1.2 % lead and 1.1 % zinc and was drilled on ground controlled by EXMIN. This drill hole was stopped due to drilling problems and ended in mineralization.

Echo Bay intercepts(1) at the Las Coloradas target
Interval (m) Inter-
------------- cept Au Ag Pb Zn
Hole(2) From To (m) (g/t) (g/t) (%) (%)
Z96-11 13.5 37.5 24.0 0.493 38.6 0.5 0.6
Z96-12 52.5 73.5 21.0 0.108 53.2 0.5 0.6
Z96-13 76.5 111.0 34.5 0.089 31.8 0.5 0.4
Z96-14 136.5 148.5 12.0 0.150 77.6 0.6 0.6
159.0 165.0 6.0 0.190 19.3 0.4 0.2
Z96-15 31.5 54.0 22.5 - 16.2 0.2 0.2
54.0 66.0 12.0 0.0970 33.5 0.3 0.2
66.0 102.0 36.0 - 10.6 0.2 0.1
Z96-16 85.5 99.0 13.5 - 13.8 0.1 0.2
99.0 124.5 25.5 0.040 58.4 0.7 0.9
Z96-34 40.5 57.0 16.5 0.583 109.4 1.5 0.9
Z96-35 171.0 240.0 69.0 0.084 51.4 1.2 1.1
includes 202.5 225.0 22.5 0.034 61.4 1.5 1.6
(1)-Drilling by Echo Bay was conducted under the supervision of
Dr. Craig Gibson. Samples were subjected to normal quality
control/quality assurance procedures, including insertion
of standard samples into the sample stream and second lab
check analyses, and are believed to be reliable.
(2)-Drill holes or intercepts in holes 13, 14, 16 and 35 are
believed to be on EXMIN ground, and intercepts within the
remaining holes are believed to be within 50 metres of the
concession boundaries.

The Deal

EXMIN has agreed to make staged payments over a five year period of the option agreement for a 100% interest with no NSR, under the following terms:

1. Payment of US $20,000 on signing (paid);

2. Payments totaling US 140,000 during the first three years of the agreement;

3. Payments totaling US $140,000 in year 4 of the agreement;

4. Subsequent payments totaling US $700,000 in the 5th year.

EXMIN will assume the normal requirements to keep the concessions in good standing with the Mexican Mining Secretariat, and can terminate the contract unilaterally at any time, with no further obligations to the titleholder. There is no work commitment other than that required by the Mexican mining law.

Quality Assurance

Sample geochemical data, including partial laboratory digital data, were obtained by EXMIN and are believed to be reliable. Assays were completed mainly by Bondar Clegg, since acquired by ALS Chemex, and by Cone Geochemical of Denver. Two standard samples prepared from bulk samples of mineralized material from the project were inserted into the sample stream, and duplicate samples were analyzed in blind tests or at a second lab. Gold analyses by Bondar were performed by fire assay with an AA finish and other elements were analyzed as part of a multi-element ICP package with an aqua regia digestion. Silver values from some samples were re-analyzed by Cone Geochemical using a four acid "total" digestion and AA methods.

Dr. Craig Gibson, PhD., Certified Professional Geologist, and Executive Vice President of Exploration is the authorized professional geologist for the Company and the direct manager of all technical programs and information.


EXMIN Resources Inc. (EXMIN) is currently focused on the exploration and development of precious metal properties of exceptional merit in the Sierra Madre gold belt of Northwestern Mexico as well as in other highly mineralized areas of 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.

The TSX Venture Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • EXMIN Resources Inc.
    Karl J. Boltz
    President & CEO
    1-866-49-EXMIN (39646)
    EXMIN Resources Inc.
    Mary Ryan
    Investor Relations
    1-866-49-EXMIN (39646)
    Email: info@exmin.com
    Website: www.exmin.com