EXMIN Resources Inc.
TSX VENTURE : EXM

EXMIN Resources Inc.

August 14, 2007 09:24 ET

EXMIN-Hochschild Joint Venture Comence Drilling Second Target at the Moris Exploration Project, Chihuahua Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2007) - EXMIN Resources Inc. (EXMIN) (TSX Venture:EXM) is pleased to announce that its joint venture partner, the Hochschild Mining Group (Hochschild) has begun diamond drilling at the second major target, La Balleza, in the exploration joint venture. Hochschild has the right to earn up to a 70% interest in the project by making exploration expenditures of US$ 4.8 million over five years and making payments totaling US$ 850,000 in the form of private placements in EXMIN shares (see News Releases of March 22, 2006, and July 18, 2006). Hochschild recently completed the first year of the joint venture and made the private placement of US$ 100,000 at the one year anniversary as required under the joint venture agreement. This earn-in joint venture agreement is separate from the EXMIN-Hochschild Moris Mine joint venture described in press releases dated July 19, 2006, and Jan 18, 2007.

Hochschild has planned a preliminary drill program at the Balleza target of HQ diameter core to test the discrete veins as well as the large mineralized felsic dike and dome complex. To date 353 metres have been drilled in two holes, one of which was abandoned before reaching the target depth due to drilling problems, but will be extended or re-drilled at a future date.

Karl J. Boltz, President and CEO of EXMIN, stated, "Drilling at the Balleza target began in late July after a brief break in the drilling. This is the second, large exploration target to receive a first pass drilling program. Initial positive drill results from the Tecolote vein system (the first target drilled) were announced July 11th. We also anticipate that a third exploration target at Mesa de las Tunas/El Pilar may be drilled later this year."

The Target

The Balleza target consists of a silicified felsic dike and dome complex that hosts quartz-matrix breccias, quartz vein stockworks and local discrete high grade quartz veins. The dike and dome complex has been sampled over mineralized widths of 10 to 25 metres and is exposed over a vertical elevation of more than 100 metres and at least 500 metres along strike, and is open in both directions. Of fifty-seven rock chip samples previously taken by EXMIN, more than half returned gold values of greater than 0.5 g/t Au and ranged up to 6.18 g/t Au and 461 g/t Ag. One sample of quartz vein from a mine dump assayed 26.6 g/t Au. Rock chip sampling by Hochschild has yielded similar results, with most samples assaying more than 0.3 g/t in the silicified and brecciated dike (see press release of July 11, 2007, for assay table). Local high grade veins assayed as much as 17.5 g/t gold over a width of one metre.

Quality Assurance

Hochschild completes its exploration programs and resource calculations under the Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code) and has emplaced quality control procedures consisting of insertion of standards and blanks (coarse and fine) in the sample stream as well as submission of duplicate samples and repeated assays of both fine (pulps) and coarse material.

Dr. Craig Gibson, PhD., Executive Vice President of Exploration, 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 four underground epithermal vein mines, three located in southern Peru and one in southern Argentina. Hochschild also has two advanced stage development projects, one in each of Mexico and Peru and one early stage development project in Mexico. In addition, Hochschild has over twenty long-term prospects throughout Latin America and has over forty years experience in the mining of precious metal epithermal vein deposits. For further information please visit www.hochschildmining.com.

Neither EXMIN's joint venture partner, Minera Hochschild Mexico, nor Hochschild Mining plc or any of its subsidiaries, accept any responsibility for the use of project data or the adequacy or accuracy of this release.

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.

The TSX Venture Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • EXMIN Resources Inc.
    Karl J. Boltz
    President & CEO
    1-888-244-0304
    or
    EXMIN Resources Inc.
    Investor Relations
    1-888-244-0304
    Email: info@exmin.com
    Website: www.exmin.com