EXMIN Resources Inc.
TSX VENTURE : EXM

EXMIN Resources Inc.

August 16, 2007 14:53 ET

EXMIN Provides Exploration Drill Results From the Horcon Project, Guanajuato Region, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2007) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce assay results from the recent exploration drilling at the 100% owned Horcon Project located in the Guanajuato region, Mexico. Exploration at the Horcon project has consisted of a regional program to catalogue and evaluate mines and prospects on the 7,900 hectare land package and a drill program to test high grade veins that are exposed in the Horcon mine (see Press Release of December 6, 2006). The drill program at the Horcon mine is complete; five holes were drilled for a total of 1,052 metres of HQ core. EXMIN has received assay results for all of the samples submitted from the drill program.

All of the holes cut polymetallic mineralization consisting of sulfide-bearing quartz veins hosted by a granitic intrusive body (see the attached table for complete assay results). Zones of narrow veins as well as several larger discrete veins were intersected. The most significant structure encountered in the drilling is the Diamantillo vein. Hole HOR-07-1 cut a 30 cm vein (estimated 20 cm true width) that assayed 18.2 grams per metric ton (g/t) gold, 124 g/t silver, 8.2 percent zinc and 13 percent lead within a wider zone that measures 3.6 m (estimated 2.4 meter true width) with 2.9 g/t gold, 60.9 g/t silver, 2.2 percent zinc and 2.8 percent lead. Hole HOR-07-4 was collared about 60 metres along strike and cut 1.7 m with 0.48 g/t gold, 86.4 g/t silver, 0.8% zinc and 0.7% lead within a wider lower grade zone.

Craig Gibson, Executive Vice President of Exploration for EXMIN, stated, "The drill program was successful in exploring veins in the vicinity of the Horcon mine. Several low angle veins were cut lateral to the stopes that were previously sampled, and an area of mineralization with interesting metal grades, possibly within an ore shoot, was defined along the Diamantillo vein. This relatively small amount of work has demonstrated the potential for encountering significant tonnages of shallow mineralization at the Horcon project."

Targets

Several types of mineralization occur at the Horcon Project, including polymetallic epithermal veins, intrusion related replacements and skarns, and volcanogenic massive sulfide deposits. The current exploration program is focused on high grade polymetallic veins in the Horcon mine area that were exploited over the past several hundred years (see press release of May 22, 2007, for assay data). Two principal sets of veins occur, northwest striking, regionally extensive high angle veins, including the Diamantillo vein and the Veta Madre, as well as a set of low angle veins that occur in the footwall of the Diamantillo vein. Much of the past mining exploited the narrow low angle veins, but the extent of mining at depth is not known because the stopes are filled with water to the level of the main access, the Horcon adit.

The drill program was successful in intersecting the targeted systems of veins. Several low angle veins with interesting metal grades were cut, including 1.4 m of 2.8 g/t gold, 28.9 g/t silver and 1.6% combined lead and zinc in hole HOR-07-2 and several intercepts in hole HOR-07-3 (see table of assay results below). Due to the low angle dips of the veins, it is difficult to correlate known veins in the mine to the veins intersected in the relatively steep drill holes because small variations can drastically change the depth of the intercept. Therefore, the drill program was modified to explore the relatively shallow and well defined Diamantillo vein cut in hole HOR-07-1 and to postpone exploration of the low angle veins until a specialized drill rig becomes available to drill from underground sites closer to the exposures.

The Diamantillo vein is a regional-scale high-angle structure, dipping at about 70 degrees, and has been mined at shallow levels in the past along several hundred metres of strike length in the vicinity of the Horcon mine. About 120 metres of accessible drifts were sampled at irregular intervals along the strike of the vein in available exposures and pillars that were left behind during past mining; average values were 1.86 g/t gold, 77.6 g/t silver, 1.08% zinc, and 0.98% lead over an average vein width of 1.7 m (see table below). Drill holes HOR-07-1 and HOR-07-4 were spaced about 60 metres apart and intersected the vein about 50 metres underneath the sampled mine workings with grades similar to those sampled in the mine, but surrounded by a wider zone of lower grade mineralization not exposed in the narrow workings. Hole HOR-07-5 was drilled to explore the vein about 350 metres along strike from these two holes in the nearest accessible location. This hole intersected a quartz vein with low grade metal values that is believed to correspond to the Diamantillo vein, but apparently may not have transected the entire structural zone. A future drill program will include permitting of new roads to be able to explore the Diamantillo vein in between these intercepts.

About the Horcon Project

The Horcon project is located about 50 kilometres northwest of Guanajuato along the regional strike of mineralization. Guanajuato is a world class mining region and is the site of exploration and mining programs being carried out by several international resource companies, including the main Guanajuato district (Great Panther and Gammon Lake Resources) the San Anton project (San Anton Resources) and the Providencia area (Canarc Resource). For more information on the Horcon Project, please see the press releases of May 22, 2007, March 5, 2007, and December 6, 2006.

Quality Assurance

Core drilling was undertaken using an Atlas Copco CS1000 P6 hydraulic rig provided under an agreement with Globexplore Drilling, S.A. de C.V., of Hermosillo, as reported in a press release of December 7, 2006. All of the samples to date were taken of HQ core that was split into two approximately equal portions. Sample weights are generally between about 1.5 and 6 kgs, corresponding to approximately 25 cm to 1.5 metres of split core, but a few smaller samples were taken to provide specific geologic information. Rock samples from the Diamantillo vein weighed between 2 kg and 7 kg.

Samples were prepared and analyzed by ALS Chemex at their labs in Guadalajara and Vancouver, respectively. Gold analyses were performed by 30 gram fire assay with an AA finish; samples with more than 10g/t gold were analyzed by fire assay and gravimetric methods. Silver and the base metals were analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 100 g/t silver or more than 1% base metals were analyzed by AA. EXMIN inserted standard pulps into the sample stream from drill holes for quality assurance purposes.

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.



Assay results for diamond drill holes, Horcon project
--------------------------------------------------------------------------
Depth Intercept Au Ag Cu Pb Zn
Hole m m g/t g/t % % % Vein
--------------------------------------------------------------------------
--------------------------------------------------------------------------
HOR-07-1(i) 26.60 2.90 0.55 16.4 0.1 0.3 0.2
including 28.80 0.35 2.89 85.3 0.3 1.9 1.4
48.00 24.02 0.75 20.9 0.1 0.6 0.7
including 48.00 13.70 1.12 29.3 0.1 0.9 0.9
Including 52.00 3.60 2.88 60.9 0.2 2.8 2.2 Diamantillo
including 53.90 0.30 18.20 124.0 0.7 13.0 8.2
81.55 0.70 1.75 73.7 0.3 1.7 1.6

HOR-07-2 94.80 1.40 2.89 28.9 0.1 0.7 0.9
157.80 0.25 0.11 15.3 0 0.9 2.7
172.95 0.70 0.19 16.1 0.1 1.7 1.6

HOR-07-3 15.50 0.40 0.39 174.0 0.0 7.6 12.4 Cruceros
103.80 0.80 0.07 1.8 0.0 0.0 1.1
138.80 0.80 0.15 7.9 0.1 0.5 1.6
188.82 0.20 0.63 15.5 0.1 3.3 5.0
202.00 0.35 0.63 46.8 0.1 0.8 1.0

HOR-07-4 95.85 0.60 0.55 51.3 0.1 0.1 0.1
100.20 5.45 0.26 31.5 0.1 0.4 0.5
including 100.20 1.70 0.48 86.4 0.2 0.7 0.8 Diamantillo
and 104.05 0.60 0.71 23.9 0.2 1.1 0.5 Diamantillo

HOR-07-5 103.30 3.65 0.39 14.9 0.1 0.2 0.9
150.40 0.90 0.47 2.9 0.0 0.3 0.2 Diamantillo
--------------------------------------------------------------------------
(i) Results for hole HOR-07-1 were previously released and are included for
completeness. Depths and intercepts are the values measured along the
core. True widths are estimated to be about two-thirds to
three-quarters of the measured intercepts


Samples from the Diamantillo vein
------------------------------------------------------------------
Width Au Ag Cu Pb Zn
Sample metres g/t g/t % % %
------------------------------------------------------------------
------------------------------------------------------------------
Underground workings(i)
----------------------
25643 0.75 0.62 2.0 0.01 0.29 0.20
25644 1.20 1.28 25.0 0.09 1.07 0.37
25697 2.00 2.78 20.0 0.09 0.67 0.93
25698 1.30 2.43 42.0 0.10 2.29 2.28
25699 1.80 0.09 7.0 0.02 0.07 0.08
5301-5302 2.35 2.13 140.8 0.14 0.91 1.30
5303 1.60 3.16 69.6 0.31 1.23 1.82
5304-5305 2.45 1.08 120.4 0.04 0.30 0.42
5306-5307 2.10 2.18 54.2 0.29 1.15 1.37
5308 1.65 2.27 36.8 0.11 1.53 2.12
5309-5310 1.95 1.12 30.1 0.07 1.10 0.51
5311 1.80 3.13 257.0 0.08 0.31 0.28
5312 1.20 0.89 15.8 0.06 0.92 0.60
5313-5315 2.10 2.77 178.0 0.61 1.49 1.89
5316 1.50 0.76 22.7 0.14 1.77 1.82
-------------------------------------------------
Average 1.72 1.86 77.6 0.15 0.98 1.08

Drill Holes
-----------
HOR-07-1 3.60 2.88 60.9 0.22 2.76 2.18
Including 0.30 18.20 124.0 0.67 13.00 8.17

HOR-07-4 1.70 0.48 86.4 0.20 0.69 0.78
0.60 0.71 23.9 0.19 1.08 0.54
------------------------------------------------------------------
(i) Samples 25643, 25644, 25697, 25698 and 25699 are from the
database of a previous major international exploration company
provided by the mine owner. All other samples were taken by
EXMIN.


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