EXMIN Resources Inc.

EXMIN Resources Inc.

September 30, 2008 12:00 ET

EXMIN and Canarc Resource Finalize Santiago Joint Venture at Batopilas, Chihuahua, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2008) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce the signing of the definitive agreement with Canarc Resource Corp. (Canarc) (TSX:CCM) for a joint venture option on a portion of its 45,000 hectare Batopilas project land holdings. A letter agreement was originally signed in September, 2007. EXMIN has received 15,000 Canarc shares and a payment of US$25,000 as part of the agreement.

Canarc can acquire up to a 75% interest in a 791 hectare portion of EXMIN's Huimayvo concession (hereafter termed the "Santiago Fraction"), which surrounds the 171 hectare Santiago Gold Project, by issuing 15,000 common shares (issued), paying US$25,000 cash to EXMIN after year 1 (paid) and spending up to US$1 million on the project over 5 years. After vesting, Canarc and EXMIN intend to form a joint venture to continue the exploration and development of the Santiago Fraction.

Karl Boltz, Co-founding President, CEO and Director of EXMIN, stated, "We are pleased to finalize the joint venture with Canarc. Exploration work has been delayed due to the spinoff of Caza Gold, but the company is now prepared to aggressively explore the project."

The Target

The exploration target at the Santiago project consists of precious metal bearing epithermal veins within a wider lower grade alteration zone; eight parallel, gold-bearing, quartz-sulfide veins have been identified. Canarc geologists channel sampled three of the eight known veins yielding consistently high grade gold assays, including 30.3 grams per metric ton (g/t) gold over 2.3 metres (m) in the Veta Blanca, 7.0 g/t gold over 5.0 m in the Veta Tajos and 17.7 g/t gold over 2.5 m in the Veta Verde.

One of the prominent alteration zones trends onto the Santiago Fraction being optioned from EXMIN and may represent a high level extension of the high grade gold veins exposed at lower elevations on the Santiago properties. Canarc is undertaking an initial exploration program of geological mapping and rock sampling at the Santiago and newly acquired Santiago Fraction properties in order to delineate targets for drilling.

The Santiago prospect may be related to the regional scale structure that extends northward from the formerly producing Tres Hermanos mine to EXMIN's 100% owned La Verde prospect. Surface sampling by EXMIN along the structural zone exposed on the La Verde concession has yielded values of as much as 7.65 grams per metric ton (g/t) gold and 4% copper over 3 metres, and 5.67 g/t gold and 5.9% copper over 3.4 metres, as well as locally important silver, zinc and lead values. For more information on the La Verde prospect and the Batopilas land holdings, please see EXMIN's news release of October 5, 2006.

Quality Assurance

Rock samples from Canarc were prepared and analyzed by BSI Inspectorate at their labs in Durango, Mexico, Reno, Nevada; gold and silver were determined by fire assay with an atomic absorption (AA) finish.

Samples taken by EXMIN were prepared and analyzed by ALS Chemex at their labs in Mexico and Vancouver and generally consisted of 1-3 kg of material. Gold analyses were performed by fire assay with an AA finish, and silver and other elements were analyzed as part of a multi-element ICP package using an aqua regia digestion.

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.

About Canarc

Canarc Resource Corp. is a growth-oriented, gold exploration company listed on the TSX (CCM) and the OTC-BB (CRCUF). Canarc is currently focused on advancing its New Polaris gold mine project in British Columbia, exploring the large Benzdorp gold property in Suriname and acquiring attractive gold exploration and mining projects in Mexico. Barrick Gold Corp. is a shareholder.


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.
    Paul Searle
    Investor Relations
    1-866-49-EXMIN (39646)
    Email: info@exmin.com
    Website: www.exmin.com