EXMIN Resources Inc.
TSX VENTURE : EXM

EXMIN Resources Inc.

July 17, 2008 10:44 ET

CORRECTION FROM SOURCE: EXMIN Provides Moris Mine Production Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2008) - The following corrects and replaces the release issued earlier today on behalf of EXMIN Resources Inc. In the last sentence of the first paragraph the approximate ounces of gold and silver sold in the first quarter were incorrect. The updated release now follows.

EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to report second quarter production figures for the Moris Mine. The mine is jointly owned by EXMIN (30%) and Hochschild Mining Group, Plc. (LSX:HOC) (Hochschild) (70%). Hochschild is the operator of the mine and reports the following production and sales numbers for the project. In the second quarter of 2008, the Moris Mine produced approximately 7,550 ounces of gold and 18,000 ounces of silver. In the same period, sales from first quarter production were approximately 8,900 ounces of gold at approximately US$900 per ounce and approximately 22,000 ounces of silver at US$17 per ounce.

Karl Boltz, Co-Founder, President, CEO and Director for EXMIN, stated, "The Moris Mine is on track to meet production goals for gold and silver for 2008. Although the mine has continued to experience problems with some of the old crushing equipment that has reduced tonnage provided to the leach pads, better than expected gold grades and recoveries have offset these problems, and production of dore continues to increase."



Table 1. Moris Mine(i) Quarterly Production Totals
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Q2 2008 Q1 2008
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Ore production (tonnes) 205,393 181,671
Average head grade silver (g/t) 5.56 4.69
Average head grade gold (g/t) 1.80 1.43
Silver produced (koz) 18 14
Gold produced (koz) 7.55 6.53
Silver sold (koz) 22 13
Gold sold (koz) 8.90 5.60
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(i) EXMIN Resources Inc. owns a 30% interest in the Moris mine.


Second quarter total production and administrative costs were roughly US$17.50 per tonne of ore provided to the leach pads; under US$500 per gold ounce produced.

ABOUT THE MORIS MINE

The Moris Mine, located approximately 15 km due west of Ocampo and 35 km south of Mulatos, is a 3,000 ton per day heap leach operation that employs approximately 200 people on a continuing basis, many of whom are from the local community. The Moris Mine was acquired in December, 2006, and is a joint venture between EXMIN (30%) and Hochschild (70%) (see EXMIN News Release of July 18, 2006). Hochschild is the operator of the mine. Please see EXMIN's NI 43-101 report on the Moris Mine project as posted on SEDAR.

Quality Assurance

Dr. Craig Gibson, PhD., Certified Professional Geologist, Co-founding Executive Vice President of Exploration and Director for EXMIN, is the authorized professional geologist for EXMIN Resources Inc. and the direct manager of all technical programs and information on the part of EXMIN.

About Hochschild

Minera Hochschild Mexico (MHM) is a subsidiary of Hochschild Mining plc (HOC.L for Reuters / HOC LN for Bloomberg), a publicly held company listed on the London Stock Exchange. Hochschild is a leading precious metals company with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild currently operates five underground epithermal vein mines, four located in southern Peru and one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has one early stage development project in Mexico and over 15 long-term prospects throughout Latin America. Hochschild has over forty years experience in the mining of precious metal epithermal vein deposits. For further information please visit www.hochschildmining.com.

About EXMIN

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.

Hochschild Mining plc has not reviewed this release and is not responsible for the use of project data or the adequacy or accuracy of this release.

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.

Contact Information

  • EXMIN Resources Inc.
    Karl J. Boltz
    Co-Founding President & CEO
    1-866-493-9646 or 1-866-49-EXMIN
    Email: info@exmin.com
    Website: www.exmin.com