EXMIN Resources Inc.
TSX VENTURE : EXM

EXMIN Resources Inc.

June 08, 2009 13:22 ET

EXMIN Closes Sale of Moris Mine Interest to Hochschild Pursuant to Right of First Refusal

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2009) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) announces that it has completed the previously announced sale of its 30% interest in Minas Santa Maria de Moris, S.A. de C.V., (MSMM), the Mexican company that owns the assets of Moris mine project, for US$1.5 million, to a subsidiary of Hochschild Mining Plc. (Hochschild). The sale was completed pursuant to the exercise of a Right of First Refusal by Hochschild, announced on May 27, 2009.

In late March, EXMIN signed a Letter of Intent to sell its 30% shareholding interest in MSMM to Caza Gold Corp., a private company, which offered to purchase EXMIN's interest in MSMM for US$1.5 million. The offer was subject to a Right of First Refusal by Hochschild, which owned a 70% interest in MSMM and has been the operator of the project since the companies purchased the Moris mine in December, 2006.

Karl J. Boltz, President & CEO stated, "Over the last nine months, EXMIN has reduced its administrative staff by 90%, reduced its land position by about 250,000 hectares (40%) and cancelled several property option agreements to reduce its cash operating requirements. The Company has now sold two of its projects for cash to raise capital. The net proceeds from the sale of the mine will be applied to EXMIN's current outstanding liabilities, including property and option payments on the Company's most advanced projects and will cover a majority of EXMIN's outstanding liabilities but not all of them."

"Management is exploring numerous strategic opportunities for the Company, in order to survive and to advance its remaining project portfolio," Boltz continued. "This process includes discussions with parties interested in considering a potential transaction with the Company, including parties that have entered into confidentiality agreements, although there is no assurance yet that these discussions or due diligence investigations will result in a transaction."

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.

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.

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

Contact Information

  • EXMIN Resources Inc.
    Karl J. Boltz
    President & CEO
    1-866-49-EXMIN
    or
    EXMIN Resources Inc.
    Investor Relations
    1-866-49-EXMIN
    info@exmin.com
    www.exmin.com