Esperanza Resources Corp.
TSX VENTURE : EPZ

Esperanza Resources Corp.

March 06, 2011 09:00 ET

Esperanza Provides Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2011) - Esperanza Resources Corp. (TSX VENTURE:EPZ) is pleased to provide this update on new exploration drilling activities:

Three Peru Projects to be Drilled

Colqui Orcco: The Colqui Orcco (Silver Hill) property consists of 700 hectares and is located in the department of Cusco. All permits have been received and site preparation has begun. Weather permitting, drilling will begin in mid-March.

The Colqui Orcco project consists of three steeply dipping quartz veins and brecciated structures hosted in andesite with a total strike length of 2.5 km. The area was identified by Esperanza geologists in a regional exploration program. Outcrop sampling returned anomalous results that will be tested by drilling including:

  • La India Norte Vein yielded 0.9 meters of 572 g/t Ag
  • La India Vein yielded 0.5 m of 64 g/t Ag
  • La India Norte Vein yielded 1.8 m of 5 g/t Ag and 0.22 g/t Au

A first phase program of eleven (11) drill holes totaling 1,700 meters will test the La India silver-gold vein system.

Pucarana: This project is located adjacent to the Orcopampa gold-silver mining camp, where Esperanza controls 1,889 hectares in a joint venture with Estrella Gold (TSX VENTURE:EST). Pucarana is located between Buenaventura's Chipmo and Poracota mines, which have an annual production of 360,000 oz of gold and 131,000 oz of silver.

The Pucarana project is gold system of quartz veins, vuggy silica, and silicified bodies exhibiting strong advanced argillic alteration similar to that observed at the Chipmo Mine. The drill permit has been issued by authorities. A first phase of drilling is slated to begin in April. Ten holes totaling 2,500m are planned.

Pucará: This project is 100% owned by EPZ, consists of 600 hectares and is located in Cusco Department. Negotiations with the community are advanced and anticipated drilling will begin in late Q2, 2011. A stockwork zone of quartz veining with an outcrop strike length of 200 m before it dives under alluvial cover has been identified. Regionally, the property is located on the border of a series of nested calderas. Channel samples have returned results up to 339 g/t Ag over 9.6 meters including 488 g/t Ag over 2.9 m. This is a grassroots project. Ten drill holes totaling 1,500 m are planned.

Mexico Concessions Acquired

Esperanza recently acquired the Gallos Blancos project by claim staking. Located in San Luis Potosi, Mexico, it consists of 12,510 hectares containing historic Ag-Pb-Zn workings and prospects. Preliminary sampling of oxide dump material contained values as high as 1.0 g/t Au, 206 g/t Ag, 14.5% Pb, 30.0% Zn, 19.5% Cu. Field mapping and sampling is currently under-way to define drill targets. Drilling is anticipated to begin in the second half of the year.

About Esperanza

Esperanza is focused on advancing the development of its principal property, the wholly-owned Cerro Jumil gold project in Morelos State, Mexico. It is also actively investigating 11 other exploration interests in Peru and Mexico. In October of 2010 it announced a strategic investment which resulted in a 35% interest in Global Minerals Ltd. (TSX VENTURE:CTG), majority owner of the Strieborná silver/copper/antimony project in Roznava, Slovakia (www.globalminerals.com).

QUALIFIED PERSONS: J. Stevens Zuker, M.Sc., Geology and Senior Vice President, Esperanza Resources Corp. is the Qualified Person (QP) under NI 43-101 responsible for the Peru exploration program. Paul J. Bartos, Ph.D. Geology and Vice President / Chief Geologist, Esperanza Resources Corp. is the Qualified Person (QP) under NI 43-101 responsible for the Mexico exploration program. They have verified the data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted under their supervision. Gold samples were analyzed by fire assay and atomic absorption spectroscopy with a 30 g nominal sample weight. Silver is analyzed by induction coupled plasma – atomic emission spectroscopy (ICP-AES). A description of quality control and quality assurance protocols can be found at www.epzresources.com/protocols.php 

SAFE HARBOR: Some statements in this release are forward-looking in nature. The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Such statements include statements as to the potential of the Cerro Jumil property, the ability to finance further exploration, permit drilling and other exploration work, and the availability of drill rigs.

The forward-looking statements involve risks and uncertainties and other factors that could cause actual results to differ materially, including those relating to exploration and bringing properties into production. Please refer to a discussion of some of these and other risk factors in Esperanza's Form 20-F filed with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this document constitute managements' current estimates as of the date of this release with respect to the matters covered herein. Esperanza expects that these forward-looking statements will change as new information is received and that actual results will vary, possibly in material ways. Forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change. For these reasons, investors should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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