Esperanza Resources Corp.

Esperanza Resources Corp.

December 06, 2010 07:00 ET

Esperanza Reports Peru Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2010) - Esperanza Resources Corp (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) is pleased to provide this update on its exploration activities in Peru.

Colqui Orcco/Pucará

At the Colqui Orcco (Silver Hill) property, mapping and rock chip-channel sampling on trenches have identified three steeply dipping clustered veins in andesite with a cumulative strike length of 1,500 meters and widths up to 4.6 m. High-grade silver mineralization was encountered in two of the channels sampled. Assay results from trenches C-16 and C-17, spaced 50 m apart, include:

  • C-16 1.0 m averaging 805 g/t Ag, (this includes 0.12 m of 4,984 g/t Ag)

  • C-17 1.1 m averaging 561 g/t Ag, (this includes 0.21 m of 3,806 g/t Ag)

Fine grain mineral textures, brecciation, coalescing horse-tail structures, gold assays up to 1 g/t, and anomalous pathfinder elements (As, Hg, and Sb) suggest that we are at the top of a mineralized system. This property consists of 700 hectares and is located in the Cusco Department.

At the adjacent Pucará property, mapping and rock chip-channel sampling on trenches have identified a stockwork zone of quartz veining and lenses in dacite, with an outcropping strike length of at least 200 m and widths up to 20 m. Assay results from trenches spaced at approximately 40 meter intervals yielded:

  • C-2 12.0 m averaging 134 g/t Ag, (this includes 1.5m of 621 g/t Ag)

  • C-3 2.7 m averaging 217 g/t Ag, (this includes 1.3 m of 327 g/t Ag)

  • C-4 9.6 m averaging 339 g/t Ag, (this includes 2.9 m of 488 g/t Ag and 4.4% Pb)

  • C-5 15.0 m averaging 41 g/t Ag, (this includes 2.3 m of 2.18 g/t Au and 64 g/t Ag)

  • C-6 5.5 m averaging 126 g/t Ag

This property consists of 600 hectares and is located in the Cusco Department. The local community has been engaged and given oral permission for surface work, we are now seeking written permission.

The Colqui Orcco and Pucará properties are 100% owned/held by Esperanza.


The Pucarana property is adjacent to the prolific Orcopampa district in Arequipa Department. This district has produced over 100 million ounces of silver and 1.5 million ounces of gold. Esperanza geologists have defined an extensive zone of structure and rock alteration that is similar to the nearby Chipmo mine in Orcopampa. Rock chip sampling has yielded values as high as 1.6 g/t gold. The Company interprets that the principal zone of precious metal mineralization should be 350-550 meters below the surface based on comparison to the Chipmo mine. This will be tested by 2,300 meters in four drill holes.

Pucarana is a joint venture with Estrella Gold Corp (TSX-V:EST). Access and community permissions have been granted for Colqui Orcco and Pucarana properties. The Company is preparing applications necessary to obtain permits for initial discovery drilling in early 2011.

About Esperanza

Esperanza is an emerging producer focused on advancing the development of its two principal properties: the San Luis gold and silver joint venture in Peru and the 100%-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 36.7% interest in Global Minerals Ltd. owner of the Strieborná silver/copper/antimony project in Rožňava, Slovakia.

Qualified Person: Mr. J. Stevens Zuker, MSc., Senior Vice President, is a Qualified Person (QP) for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, and has prepared, reviewed and verified the technical information contained in this news release. Field work has been conducted under his supervision. All samples were submitted to SGS del Peru SAC laboratories for preparation and analysis in Lima, Peru. Gold samples were analyzed by fire assay and AA finish with a 30 g nominal sample weight. Silver is analyzed by ICP-OES and when silver exceeds 100 ppm, samples are reanalyzed using an ore-grade method with a four-acid digestion and AA finish. A description of quality control and quality assurance protocols can be found at:

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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