EXMIN Resources Inc.

EXMIN Resources Inc.

September 19, 2007 08:15 ET

EXMIN-Penoles Joint Venture to Drill Second Program at the Maguarichic Project, Chihuahua, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2007) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce that it has received an update of exploration activities at the 38,800 hectare Maguarichic Project from Industrias Penoles (Penoles), its partner at the earn-in joint venture (see News Release of February 15, 2006, for terms of the earn-in joint venture agreement).

More than 30 square kilometres have been mapped and 1,800 rock samples have been collected at the project, and multiple new targets have been discovered. Work has focused on two general areas: the large area of clay alteration to the southwest of the old high-grade Patria mine along the structural trend of the vein system, and a large area of abandoned small mines and prospects to the northeast of the Patria mine where local high grade veins were mined to the surface in the past. In the latter area, at least 10 veins have been delineated and one channel sample assayed 7.7 grams per metric ton (g/t) gold and one dump sample assayed 986 g/t silver (See Table of Selected Assays below). A drill program to test several of these areas is planned to commence in late September.

Craig Gibson, Executive Vice President, Exploration of EXMIN, stated, "We are pleased with the advance that our joint venture partner has shown this year. Exploration mapping and sampling has continued to define additional areas of mineralization. The program is on track with several defined drill targets for a core drilling campaign planned for early fall. We feel that this round of drilling will test the potential at the project."

The Targets

The primary exploration target at Maguarichic consists of bonanza epithermal precious metal veins. Past production within the district is evident from more than 30 mines and prospects developed on quartz veins. The Patria mine, the largest, formerly producing mine in the district which is currently held by a third party, is being used as the exploration model for mineralization. High grade ore shoots at the Patria mine occur below strongly altered rock, consisting largely of clay minerals with local quartz and alunite, which were discovered where they were exposed in deeply incised canyons that cut through the overlying altered rock with weak mineralization.

One of the main targets of the current exploration program is a large area of similar strong alteration that occurs to the southwest along the structural trend of the veins in the Patria mine. It is believed that this alteration may overlie epithermal veins that have not been exposed by erosion. Geologic mapping has indicated that tabular quartz-alunite bodies, or ledges, with a similar orientation to the veins at the Patria mine are present. Also, sampling of the area has yielded precious metal values of 0.5-1 g/t gold and 50-70 g/t silver in the ledges and anomalous values of the indicator metals, arsenic, antimony, and mercury in the surrounding strongly altered rock. This alteration zone extends for more than 5 kilometres to the southwest on ground controlled by the joint venture.

A second target area occurs to the northeast of the Patria mine where many of the small mines and prospects in the district are located. In this area, it appears that a deeper level of erosion has exposed the ore shoots and presumably removed overlying strongly altered rock. Several of these mines lie on ground controlled by the joint venture. Several veins have been identified by mapping and sampling. In the Mojarachi area, several veins from 0.5 to 1.5 metres in width with 0.2-1 g/t gold and 50-900 g/t silver along with local lead, zinc, and copper have been defined. In the los Llanitos target, northeast striking veins 0.3-1.5 metres in width have assayed 0.2-1 g/t gold, and 50-800 g/t silver with local base metal values.

The Program

Surface mapping and sampling has continued throughout 2007; over 30 square kilometres have been mapped and more than 1,800 rock samples have been taken during the exploration program.

A preliminary drill program was completed in late 2006, and a total of 5,006 metres was drilled in 18 reverse circulation holes. This program was designed to test the strong high-level alteration to the southwest of the Patria mine, and was completed in easily accessed areas on existing roads because no permit for road construction was in hand. In general, the holes cut andesite and rhyolitic dikes with zones of silicification, quartz-alunite alteration and argillic alteration with zones of vuggy residual quartz. Local zones of quartz veinlets were also reported. Anomalous values of gold and the indicator elements arsenic and antimony, with locally anomalous zinc and lead, were encountered (See news release of Feb. 23, 2007, for additional information).

A second stage of drilling will commence in mid to late September, 2007. This phase includes a planned 3,000 metres of core drilling that will test approximately ten veins in the northeastern part of the district as well as structural zones within the strong alteration to the southwest. Two drill rigs will be used, a portable machine that will complete 100 to 120 metre holes in areas with poor road access, and a conventional rig that will be used where road access is good. A bulldozer is currently on site rehabilitating existing roads. Additional holes to test potential zones of high sulfidation mineralization may also be drilled.

Table of Selected Assay Results from the Maguarichic project
Area/Prospect Samples Width (m) Au (g/t) Ag (g/t) Source
Plata Rica dump 0.8 0.36 456 Penoles
El Tiro dump 1.0 0.11 797 Penoles
Casa Colorada dump 0.5 0.96 871 Penoles
El Socavon channel 1.2 0.25 847 Penoles
El Socavon 9 channel - 0.63 133 CRM(i)
Los Llanitos
Santa Martha channel 0.7 0.72 30 Penoles
La Telurica dump 0.6 0.67 749 Penoles
Las Cruces channel 0.7 0.79 1 Penoles
Minita del oro channel 0.6 0.10 24 Penoles
La Cunada channel 0.5 0.40 48 Penoles

Las Esmeraldas
Tierras de Maurilio chip 1.5 0.53 3 Penoles
Jabalines chip 1.5 0.07 55 Penoles
Recompensa dump 0.7 0.92 986 Penoles
Other areas
La Gloria channel 0.7 7.70 22 Penoles
La Gloria 5 channel - 6.74 13 CRM
Rio de las Casas 2 channel - 0.52 17 EXMIN
(i) CRM, the government geological survey formerly known as the Consejo de
Recursos Minerales, now the Servicio Geologico Mexicano.

Quality Assurance

Surface samples were prepared and analyzed by BSI Inspectorate and by ALS Chemex at their labs in Mexico and Vancouver. All samples were analyzed for gold by fire assay with and AA finish and for multielement ICP packages.

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

About Penoles

Industrias Penoles is one of the largest Mexican mining companies and is the largest producer of refined silver in the world with production of nearly 99.3 million ounces of silver and 1.6 million ounces of gold in 2006. Their principal mine, at Fresnillo, Zacatecas, is the richest silver deposit in the world and produced 33.7 million ounces in 2006.


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
    1-866-49-EXMIN (39646)
    EXMIN Resources Inc.
    Mary Ryan
    Investor Relations
    1-866-49-EXMIN (39646)
    Email: info@exmin.com
    Website: www.exmin.com