EXMIN Resources Inc.
TSX VENTURE : EXM

EXMIN Resources Inc.

July 11, 2007 09:00 ET

EXMIN-Hochschild Joint Venture Updates Exploration Activity at the Moris Project, Chihuahua, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2007) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to provide an update of recent exploration activities at its Moris exploration project in the Sierra Madre precious metal belt in western Chihuahua, Mexico. EXMIN has two joint ventures at Moris, both with Minera Hochschild Mexico SA de CV (Hochschild). The first agreement is an earn-in joint venture covering the Moris exploration properties. Please see News Releases of March 22, 2006, and July 18, 2006, for more information on the EXMIN-Hochschild Moris Exploration joint venture. This earn-in joint venture agreement is separate from the EXMIN-Hochschild Moris Mine acquisition and production joint venture described in News Releases dated July 19, 2006, and Jan 18, 2007.

The EXMIN/Hochschild exploration joint venture has undertaken an aggressive program in the Moris district. Several additional concessions have been acquired by EXMIN and Hochschild has continued the evaluation of several large scale exploration targets in the district that was begun by EXMIN, in 2004. Surface sampling and geologic mapping have been advanced in several areas, including the near term targets at Tecolote, Ampliacion Finlandia, and Balleza, and a first-pass diamond drill program is underway at the Tecolote target. Results from the first three holes have confirmed the presence of precious metal values within the Tecolote structural zone. Several discrete veins have been cut, and a wide zone of breccia with anomalous gold values has also been intersected. Hole HMT-1 intersected 40.75 metres with 0.6 grams per metric ton (g/t) gold; this interval contained a discrete quartz vein with 5.35 g/t gold over 45 cm.

Karl J. Boltz, President and CEO of EXMIN, stated, "We are extremely pleased with the work being done by Hochschild at Moris. Work last year focused largely on the Moris Mine due diligence, but this year Hochschild has advanced the district wide exploration program. Drilling at the Tecolote target has cut narrow high grade veins and wider zones of lower grade mineralization similar to the grades of the Moris Mine that could potentially be bulk mineable. We also anticipate drilling at least one other target area in the exploration joint venture this year."

Near Term Targets

The joint venture has continued the exploration program initiated by EXMIN, as highlighted in the News Releases dated February 22, 2006 and July 18, 2006. Several areas are being mapped and sampled in order to define targets for future exploration and drilling.

Tecolote. The Tecolote area consists of a large structural zone that hosts a vein system that has been traced for over 800 metres along strike and is exposed over a vertical extent of more than 500 metres. The structural zone is similar to that which hosts the Santa Maria vein in the Moris Mine, although at much higher structural levels of exposure. Relatively narrow veins occur within a large area of high-level silicification, a feature commonly observed above productive low sulfidation epithermal deposits.

A diamond drill program began in February to explore the upper levels of the vein system. To date, four holes have been completed for a total of 697.60 metres of drilling (see table). Results from the first three holes confirm the presence of precious metal values over wide intervals within the structural zone. Hole HMT-1 returned 40.75 metres with 0.6 g/t gold, HMT-2 returned 6.4 and 4.5 metres with 0.57 and 1.12 g/t gold respectively, and HMT-3 returned 16.65 metres of 0.89 g/t gold. Several narrower higher grade vein intercepts occur within the wider zones (see assay table below). Hole HMT-4 was a vertical hole drilled to test a geophysical anomaly and cut a strongly altered dike of intermediate to mafic composition that appears to be emplaced within the Tecolote structural zone; assays are pending.

Ampliacion Finlandia. At Ampliacion Finlandia, a breccia body with fragments of wall rock and interstitial quartz vein fill, previously sampled by EXMIN, yielded high silver values; 18 samples averaged 2.0 metres in width with 0.92 g/t gold and 206 g/t silver (see News Release of July 18, 2006, for sample data). New sampling by Hochschild yielded gold values as high as 7.98 g/t and silver values as high as 968 g/t, both over 2 metre sample widths (see table below). The breccia body may be amenable to bulk mining methods and further work to define the geometry of the body, including a diamond drill program, is planned for this year.

Balleza. The Balleza target consists of a silicified rhyolite dike that hosts quartz-matrix breccias and local discrete high grade quartz veins. The dike has been explored 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 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 table below). Local high grade veins assayed as much as 17.5 g/t gold over a width of one metre. The Balleza breccia body is road accessible and further exploration to evaluate the potential for bulk tonnage mining is planned for this year.



Assays and Drill Hole Data from Tecolote Area Drilling
--------------------------------------------------------------------------
Total Depth (m) Intercept Au Ag
Hole Depth (m) Azimuth Inclination From To m g/t g/t
--------------------------------------------------------------------------
HMT-1 201.45 270 -55 126.15 166.90 40.75 0.60 3.4
includes 149.85 166.90 17.05 1.05 2.86
includes 152.60 153.05 0.45 5.35 5.0
HMT-2 201.55 270 -55 99.65 106.05 6.40 0.57 3.9
includes 103.15 103.50 0.35 3.63 18.9
109.20 113.70 4.50 1.13 2.3
includes 112.30 113.70 1.40 2.21 2.3
HMT-3 144.60 270 -50 82.70 99.35 16.65(i) 0.89 5.7
includes 83.70 84.30 0.60 3.95 16.7
and 91.30 92.65 1.35 1.73 5.4
and 96.45 97.80 1.35 1.95 6.3
HMT-4 150.00 0 -90 Pending
--------------------------------------------------------------------------
(i) A gap of 1.55 metres due to a missing sample was not averaged.


Quality Assurance

Joint venture samples were prepared and analyzed by ALS Chemex at their labs in Mexico and Vancouver, and generally consisted of 1-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish; samples with more than 10 g/t gold were analyzed by fire assay with a gravimetric finish. Silver was analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 100 g/t silver were analyzed by AA.

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.



Selected assays:
Balleza target
-----------------------------
Width Au Ag
Sample (m) (g/t) (g/t)
-----------------------------
43634 4.0 0.22 4.1
43635 0.8 0.49 18.0
43636 2.0 1.38 95.5
43637 2.0 0.45 13.5
43638 2.0 0.49 39.5
44125 6.0 0.81 17.2
44126 3.0 0.52 24.6
44127 1.0 17.50 8.5
44128 1.0 0.37 2.8
44129 2.5 7.27 19.4
44130 1.5 0.43 7.9
44131 1.2 12.30 173.0
less
than
44138 2.0 0.01 0.2
less less
than than
44139 3.0 0.01 0.2
44140 4.0 0.09 0.2
44141 3.0 0.04 0.2
44142 3.0 0.08 0.2
44154 2.0 0.52 1.7
44155 1.0 0.71 1.0
44156 1.0 2.70 1.2
44157 1.0 1.66 4.2
44158 1.0 0.37 13.3
44159 2.0 0.22 6.5
44160 1.0 0.07 1.0
44161 1.0 2.52 8.1
44162 1.0 3.46 2.8
44163 1.0 0.47 12.2
44164 2.0 1.11 41.5
44165 3.0 1.28 59.0
44166 3.0 0.81 19.2
44167 3.0 0.86 23.2
44168 3.0 0.29 23.9
44169 2.5 0.50 16.6
44170 2.5 0.73 5.5
44171 1.5 0.29 3.1
44174 1.5 1.24 4.9
-----------------------------


Selected assays:
Ampliacion Finlandia
-----------------------------
Width Au Ag
Sample (m) (g/t) (g/t)
-----------------------------
40381 0.5 0.12 4.6
43655 2.0 0.60 291.0
43656 2.0 0.02 4.2
43657 2.0 0.03 3.6
43658 2.0 0.06 29.1
43659 2.0 0.71 226.0
43660 2.0 1.87 286.0
43661 2.0 0.99 230.0
43662 2.0 1.89 255.0
43663 2.0 1.37 247.0
43664 2.0 4.09 686.0
43665 2.0 2.29 958.0
43666 2.0 0.15 196.0
43667 2.0 0.91 162.0
43668 2.0 0.03 8.2
43669 2.0 0.04 6.3
43670 2.0 1.04 154.0
43671 2.0 0.92 133.0
43676 1.0 0.14 29.0
43677 1.3 2.52 12.4
43678 1.3 0.11 23.3
43679 1.0 0.05 6.2
43680 1.0 0.02 2.1
43681 0.5 0.58 68.2
43682 2.0 1.08 135.0
44110 2.0 0.04 56.5
44111 2.0 0.12 65.5
44112 2.0 0.19 598.0
44116 2.0 2.34 155.0
44117 2.0 7.98 142.0
44118 2.0 0.08 5.5
44119 2.0 0.15 18.9
-----------------------------


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