EXMIN Resources Inc.
TSX VENTURE : EXM

EXMIN Resources Inc.

March 27, 2009 12:24 ET

EXMIN Signs Letter of Intent to Sell Its Moris Mine Interest

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) announces that it has signed a Letter of Intent to sell its 30% shareholding interest in Minas Santa Maria de Moris, S.A. de C.V., (MSMM), the Mexican holding company of the Moris mine, in western Chihuahua state, Mexico. MSMM is owned jointly by EXMIN 30% and Hochschild Mining Plc. (Hochschild) 70%. Hochschild has been the operator since the companies purchased the Moris mine in December, 2006.

Caza Gold Corp., a private company, has offered to purchase EXMIN's interest in MSMM for U$ 1.5 million plus IVA, the 15% value added tax. The offer is subject to a Right Of First Refusal (ROFR) by Hochschild Mining Plc.

Karl J. Boltz, President & CEO stated, "This is another step in EXMIN's strategy to recapitalize the Company in a very difficult financing environment. The Moris mine has not produced any benefit to EXMIN shareholders. The capital raised in the sale of the mine will benefit shareholders by allowing the Company to advance its other projects."

In a separate agreement, EXMIN has also signed a Letter of Intent to sell a land package of 47,433 hectares of its 71,000 hectare Moris exploration project and its 70% owned, 12,933 hectare Maguarichi exploration project to Caza Gold Corp. This is a separate agreement to the Moris Mine purchase agreement.

Caza Gold Corp., a private company, has offered to purchase the two exploration projects for 400,000 common shares of Caza Gold and a 1% net smelter return (nsr), capped at U$ 1 million in Moris and a 1% nsr capped at U$ 500,000 in Maguarichi.

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.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • EXMIN Resources Inc.
    Karl J. Boltz
    President & CEO
    1-866-49-EXMIN
    or
    EXMIN Resources Inc.
    Investor Relations
    1-866-49-EXMIN
    Email: info@exmin.com
    Website: www.exmin.com