EXMIN Resources Inc.

EXMIN Resources Inc.

March 03, 2008 12:43 ET

EXMIN Significantly Expands Polymetallic Mineralization and Acquires Additional Ground in the Horcon Mine Area, Guanajuato Region, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to provide an update of exploration activities at the Horcon project in the Guanajuato region of central Mexico. To date, EXMIN has focused exploration predominantly on a relatively small area of the land package surrounding the Horcon mine, which was the subject of a core drilling program in 2007 (see news releases of March 5, May 22 and August 16, 2007).

The Horcon mine was developed on the Diamantillo vein and several low angle veins in the footwall. Compilation of underground samples and drill intercepts of the Diamantillo vein in the area of the Horcon mine show that it is mineralized over at least 600 metres along strike and over a vertical extent of 350 metres, suggesting that it may be possible to develop significant gold, silver, zinc lead and copper resources with further exploration (see table below). Also, exploration to the southeast along the trend of the Diamantillo vein has extended the known vein structures to about 2.5 kilometres of strike length, where several small mines exploited breccia bodies hosted by sedimentary rocks; samples from small irregular workings have yielded as much as 7.48 grams per metric ton (g/t) gold, 152 g/t silver, 9.41 % lead, 1.85 % zinc, and 0.29 % copper over an exposed width of 1.8 metres (see table of results below). The breccia bodies extend to the edges of the mine workings and appear to be larger than the sampled width.

EXMIN has entered into an option agreement with a private Mexican citizen to acquire about 390 hectares in several concessions that lie within the boundaries of the project land package and cover part of the southeastern extension of veins mentioned above. This acquisition gives EXMIN nearly 100% control over the district.

Craig Gibson, Executive Vice President of Exploration of EXMIN, stated, "We have been working to expand the known mineralization in the Horcon mine area. Based on the data from our exploration program and information from past exploration by other groups, we feel that the chances of delineating significant resources at the Horcon mine are good. This represents a small portion of the total project area, and there are many additional targets."

The Acquisition

EXMIN has entered into an option agreement to acquire 390 hectares in 7 concessions by making staged payments over the five year term of the option agreement for 100% of the rights to the concessions, subject to a net smelter return royalty (NSR), under the following terms:

1. Payment of US $25,000 (paid);

2. Payments totalling US $215,000 over three years;

3. Subsequent payments totalling US $1.26 million in the 4th and 5th years.

The properties are subject to a 1.5% net smelter return royalty capped at US$ 400,000; 1% of the NSR can be purchased for US$ 250,000 at any time, leaving a permanent 0.5% NSR. EXMIN will assume the normal requirements to keep the concessions in good standing with the Mexican Mining Secretariat. EXMIN can terminate the contract unilaterally at any time, with no further obligations to the titleholder. The only work commitment required is a 500 metre drill program to be completed on the concessions during the period of option.

Assay values from underground workings along the Diamantillo vein
Mine working Length(i) Width Au Ag Cu Pb Zn
(# of samples) (m) (m) (g/t) (g/t) (%) (%) (%)
Horcon mine (5) 24 1.41 1.5 20 0.1 0.8 0.8
Diamantillo tunnel (16) 80 1.90 2.0 100 0.2 1.0 1.2
La Luz (16) 55 1.04 3.8 56 0.2 3.8 3.3
Genovevas (8) 35 0.89 1.0 17 0.1 1.0 1.7
(i)The reported length is the distance sampled along the strike of the
vein. The samples are generally not continuous but were taken at
available exposures.
Assay values were obtained from the database of a previous operator,
except for those from the Diamantillo tunnel, which are from samples
taken by EXMIN

Selected assays from mine workings southeast of the Horcon mine
Width ppm Ag Cu Pb Zn
Sample Mine m (ii) ppm ppm ppm ppm
4112 Cuina 1.80 7.48 152.0 0.29 9.41 1.85
4113 Cuina 1.50 1.33 152.0 0.17 3.00 3.94
4114 Cuina 1.20 2.33 74.6 0.11 3.79 4.26
4115 Los Pitos 2.0 1.49 84.2 0.03 0.39 0.31
4117 Los Pitos Dump 5.29 40.6 0.06 1.54 0.73
4120 Tititlan 1.10 0.91 93.6 0.34 1.15 1.99
4122 Tititlan 1.20 0.17 71.2 0.08 3.35 9.13
4123 Tititlan 1.50 0.28 48.8 0.11 0.72 7.88
(ii) ppm equals (g/t)

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. Approximately 25 kilometres of veins have been mapped at the surface, and replacement mineralization and volcanogenic massive sulphide horizons also occur in the area. For more information on the Horcon Project, please see the press releases of August 16, 2007, May 22, 2007, March 5, 2007, and December 6, 2006.

Quality Assurance

Samples taken by EXMIN generally consisted of 1 to 3 kg of material, and were prepared and analyzed by ALS Chemex in their facilities in Mexico and Vancouver, respectively. Gold analyses were performed by 30 gram fire assay with an AA finish. 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. Assay data for samples not taken by EXMIN were obtained as part of an extensive data package assembled by past operators and are believed to be reliable.

Dr. Craig Gibson, PhD., Certified Professional Geologist, and 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.


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
    EXMIN Resources Inc.
    Investor Relations
    Email: info@exmin.com
    Website: www.exmin.com