Bowmore Exploration Ltd.

April 02, 2009 15:37 ET

BOWMORE Signs an Option to Acquire 100% of SANTA ELVIRA Gold-Copper Skarn Property in Chihuahua State, Mexico

MONTREAL, QUEBEC--(Marketwire - April 2, 2009) - BOWMORE Exploration Ltd. (TSX VENTURE:BOW), ("The Company") is pleased to announce that it has signed an Option Agreement to acquire 100% of the Santa Elvira gold-copper skarn property (the "Property") in the State of Chihuahua, Mexico from Corporativo Minero S.A. de C.V., a Mexican mining corporation.

The Property covers 563 hectares and is located on the Sierra Madre gold belt, and has been the object of prospecting, sampling and geological mapping. BOWMORE will soon file a NI 43-101 report and initiate a drilling program to assess the full potential of the property.


Pursuant to an Assignment of Rights and Obligations Agreement (the "Agreement") between Invesmin San Miguel, S. De R. L. De C.V., ("Invesmin") and Bowmore Exploration Ltd., Bowmore has acquired the Option Agreement, whereas the Company may acquire from Corporativo Minero S.A. de C.V. 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:

(i) The issuance of 600,000 common shares of the Company and
(ii) A total cash payments of $13,200,000 Pesos payable to Corporativo
Minero Sa de CV as follows:
a) $550,000 Pesos upon execution of the agreement;
b) $605,000 Pesos payable on the 1st, of July 2009;
c) $880,000 Pesos payable on the 1st, of January 2010;
d) $1,100,000 Pesos payable on the 1st, of May 2010;
e) $1,100,000 Pesos payable on the 1st, of September 2010;
f) $1,320,000 Pesos payable on the 1st, of March 2011;
g) $1,595,000 Pesos payable on the 1st, of September 2011;
h) $1,650,000 Pesos payable on the 1st, of March 2012;
i) $2,200,000 Pesos payable on the 1st, of September 2012;
j) $2,200,000 Pesos payable on the 1st, of September 2013;

The first payment has already been made and BOWMORE presently has the right to carry out exploration activities on the Property. The property is subject to a 2% NSR in favor of Corporativo Minero S.A. de C.V. of which 1% of the NSR can be repurchased at any time for an amount of $500,000 US.

Mr. Paul Dumas, President of Bowmore, stated "The optioning of the SANTA ELVIRA GOLD-COPPER skarn property is a very important step in the future development of the Company. This acquisition is a corner stone for BOWMORE and is one of the first initiatives in the Company's growth strategy in becoming an important gold exploration company in Mexico. With its favorable geology, rich mineral endowment, mining friendly regulatory structure and political stability, northern Mexico is an excellent choice to expand our exploration programs."


The SANTA ELVIRA property is located in northern Mexico, 160 km northwest of Chihuahua, the state capital. The town of Madera is located 40 km southeast of the property, and includes a sound infrastructure from previous logging industry (paved roads, access to utilities, hotels, communications, and major power line etc...). The property is situated on the Sierra Madre gold trend (better known as the "Sierra Madre Occidental "SMO") which is part of the well known northwest tectonic gold trend where a number of multi-million ounce gold deposits have been discovered. The "Dolores Mine"(Minefinders) located 40 km south of Santa Elvira with proven and probable reserves of 2,44 million ounces of gold and 126.64 million ounces of silver ( other such discoveries are; "Mulatos Mine"(Alamos Gold) with indicated resources of 3.7 million ounces of gold, "Pinos Altos" (Agnico-Eagle) with probable gold reserves of 2.5 million ounces and 73.1 million ounces silver, "Ocampo Mine" (Gammon Gold) with 1.46 million ounces of gold and 66.3 million ounces of silver.

On the Sta Elvira property, Au-Cu-Fe mineralization are found in the artisanal mine workings and is located in a shallow-dipping magnetite rich gold-copper skarn horizon, occurring in cretaceous limestone and related to intrusive dioritic and andesitic bodies and dykes. This oxidized gold-copper skarn horizon has been mapped at surface for at least 1.5 km in length and thickness is undetermined at this time. Previous sampling of the magnetite gold-copper skarn carried out during the due diligence field visit of the property returned values averaging 8.245 g/t Au and 0.45% Cu that were taken from 6 samples in the vertical brecciated magnetite-pyrite-rich skarn and values of 2.13 g/t Au and 0.98% Cu from 5 samples taken to the east in the sub-horizontal skarn mantos.

Additional samples of the mineralized skarn were also taken underground in three different workings of the Santa Elvira mine during the property visit for NI 43-101 reporting purposes. Results are pending and will be disclosed in conjunction with the filing of the NI 43-101 report.


The Company will soon file a NI 43-101 report that will include results of the first phase of sampling and geological mapping on the Property with a recommended work program to evaluate the gold-copper skarn system. The report will include a first phase work program and budget consisting of mapping, sampling and analysis, ground geophysics and drilling.

Rock samples were prepared and analyzed by standard fire assay-AA finish at the facilities of Als Chemex and (SGM) Servicio Geologico Minero in Chihuahua Mexico, accredited laboratories. The reader is directed to their website for more details, and

The technical information reported in this news release has been approved by Mr. Andre St-Michel, P. Eng., and is the Qualified Person as defined by Canadian NI 43-101.


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".

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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