EXMIN Resources Inc.
TSX VENTURE : EXM

EXMIN Resources Inc.

November 09, 2005 09:00 ET

EXMIN Identifies Potential Source of Mineralization at the Reyna de Oro Project in the Sierra Madre Gold Belt of Chihuahua, Mexico

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2005) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to report that EXMIN's geologic reconnaissance team has discovered the potential source of gold mineralization found at the Reyna de Oro deposit. The team has encountered an area of oxide copper mineralization and a large granodiorite intrusion 2 kilometres to the northeast of the Reyna de Oro deposit, on part of EXMIN's 100% owned, 14,800 hectare concession block that surrounds the Reyna de Oro deposit. The intrusion may indicate the presence of a much larger mineralized system than that contemplated in the original exploration program. This significant development requires the immediate focus of the exploration program. Field crews are currently sampling the area around the intrusive and the area along strike between the intrusive and the Reyna de Oro mine, where EXMIN has conducted 2200 metres of reverse circulation drilling to date. See press releases of May 18, and August 30, 2005.

LOCAL MINERALIZATION

Drilling at the project to date has focused on the immediate Reyna de Oro mine area to expand the known gold mineralization down dip and along strike. Mapping and sampling around the deposit has traced the mineralized horizon 600 metres to the east and has resulted in the identification of several polymetallic veins (see press release of October 20, 2005). The new discoveries include an area of oxide copper mineralization at La Esmeralda about 1 kilometre northeast of the Reyna de Oro mine (see table below) as well as strongly altered volcanic rocks and identification of copper oxides at the contact with the granodiorite intrusion about 2 kilometres east-northeast of the mine (samples pending). Mineralization elsewhere in the region, such as at the Reforma mine (previously mined by Penoles, S.A. de C.V.), Bahuerachi (Tyler Resources) and Piedras Verdes (Dia Bras), generally consists of intrusion related polymetallic replacements. EXMIN believes that the gold mineralization at the Reyna de Oro deposit is possibly a distal part of a large zoned hydrothermal system.

ACCESS AND TIMING

There is currently no vehicle access to the intrusive and road construction will be extended to the rugged area. EXMIN previously obtained permits for roads and drill sites in the area; about 600 metres of new roads to the north and east of the Reyna de Oro mine have been cut and blasted. The roads will provide access to drill test the eastern extension of mineralization in the same stratigraphic horizon that hosts the Reyna de Oro deposit as well as the new areas to the east. As a result of these very positive developments, the current drill contract announced on October 20, 2005, has been postponed until the preliminary geologic work is completed, drill targets are defined and new roads and drill pads are completed. EXMIN is pleased about the identification of a large mineralized system at the Reyna de Oro project and intends to continue drilling as soon as practicable.

ANOMALOUS VALUES OF Au, Ag, Cu, Pb, Zn

Recent assays of several old, small scale mines and prospects taken at the project imply the presence of a large zoned mineralized system (see table below). To date, areas to the south and southwest of the intrusive body have been sampled, and mineralization has been encountered in andesitic volcanic rocks as well as in a more reactive limestone unit that underlies the volcanic rocks. The samples weigh between 1 and 2.5 kg each and were prepared and analyzed by ALS Chemex at their labs in Chihuahua and Vancouver, respectively.



Table of selected assay results, Reyna de Oro
reconnaissance samples(i)
---------------------------------------------------
SAMPLE Au Ag Cu Pb Zn
/AREA g/t g/t % % %
---------------------------------------------------
---------------------------------------------------
La Esmeralda
----------------
1601 - - 0.12 - -
1602 - - 2.73 - -
1603 - - 0.55 - -
1604(i) 0.05 27.2 13.85 - -
1605 - - 0.30 - -
1606 - - 0.23 - -
1607 - 3.7 2.58 - -
Mina El Horno
----------------
CG-22 3.15 179 0.36 - 3.24
CG-23 0.02 5 0.29 0.84 0.18
CG-24 0.14 3 0.44 0.14 0.18
CG-75(i) 1.98 182 0.30 0.11 5.01
Mina La Purisima
----------------
CG-30 0.21 165 0.31 5.29 2.68
CG-31 - 3 - - 0.52
CG-32 - 20 0.13 0.54 0.58
CG-33 0.06 114 0.12 6.33 0.69
CG-76(i) 0.43 279 1.22 1.82 4.75
La Joya
----------------
J-1 1.19 - - 0.47 0.44
J-2 0.30 - - 0.11 0.70
J-3 0.30 - - 0.11 1.36
J-5 - 4 0.15 0.28 0.78
J-8 - 15 - 0.79 0.69
Other areas
----------------
CG-74 0.05 6 1.51 - -
CG-77 1.11 401 1.85 2.79 7.39
CG-78 0.03 58 0.37 4.01 12.55
CG-80 1.53 3 1.39 0.26 -
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(i) all are rock-chips samples except for CG-75, CG-76 and 1604
which are selected dump samples


A location map can be found at the following link: http://www.exmin.com/press/Luz_Recon_2_7Nov05.jpg

Dr. Craig Gibson, PhD., Executive Vice President of Exploration, is the authorized professional geologist for the Company and the direct manager of all technical programs and information.

About EXMIN

EXMIN Resources Inc. is currently focused on the exploration and development of precious metal properties of significant merit in the Sierra Madre gold belt of Northwestern 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.
    Laney Stolle
    Investor Relations
    1-888-244-0304
    info@exmin.com
    www.exmin.com