EXMIN Resources Inc.

EXMIN Resources Inc.

June 26, 2008 09:59 ET

EXMIN/Yale Drilling Makes Significant Gold-Silver Discovery at Cerro Colorado, Urique Project, Chihuahua, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2008) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce that assay results have been received for the nine holes of the diamond drill program at the Cerro Colorado target, Urique project. Most of the holes intersected interesting precious metals values. Hole UCC-08-8 cut 4.6 metres with 0.98 grams per metric ton (g/t) gold and 162.2 g/t silver within a wider 9.2 metre interval with 0.51 g/t gold and 96.5 g/t silver (see table of assays below).

The drill program was completed in early May for a total of 1,706.2 metres of core in eleven holes (see Yale News Release of May 9, 2008). Nine of the holes tested the Cerro Colorado target area for a total of 1,363 metres, and two holes totalling 343 metres were drilled at the San Pedro target. EXMIN was the operator of the program, and utilized the core rig that was acquired by Globexplore Drilling and Exploration of Hermosillo, under an agreement for drilling services announced in a News Release of December 7, 2006.

Dr. Craig Gibson, Co-Founding Executive Vice President of Exploration for EXMIN, stated, "We have an important mineralized system at Cerro Colorado. These drill results are distributed over approximately 2 kilometres of strike length along the main structure. Several holes cut significant intervals of 2 to 6 ounce per ton silver equivalent, suggesting that there is potential to delineate a bulk tonnage silver-gold deposit. It is important that the best intercept, in hole UCC-08-8, tested the area between known surface occurrences at El Vergel and Mina Guadalupe, and that this is one of the deeper intercepts."

Cerro Colorado Target

The Cerro Colorado target is in the northern portion of the Urique project, and consists of a 2.5 kilometre long mineralized structural zone. Three areas of mineralization with past mining activity have been identified along the main structure, at El Vergel, Mina Guadalupe, and La Minitas (Ampliacion Guadalupe). Mapping and trenching revealed wide zones of silver-gold mineralization along the surface trace of the structure (see Yale News Release of February 15, 2007).

The drill program tested the structure over approximately 2 kilometres of strike length, at vertical depths ranging from 10 to approximately 150 metres. The structure appears to be widest in the north near the El Vergel mine (holes 1,2,7, and 8). To the south, the structure appears to be more restricted in width but with generally higher gold values (holes 3, 4, 5, and 9). Please see www.exmin.com for maps and sections from the Urique project.

About the Urique Project

The Urique project is located in the prolific Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico, next to the Barranca de Cobre (Copper Canyon) and includes sixteen concessions covering 29,100 hectares (please visit www.exmin.com to view project maps). The project includes the town of Urique, an historic, small scale, silver producing area, similar to Batopilas, and is within a region with several active exploration and mining projects including the El Sauzal mine (Goldcorp), and exploration properties of Dia Bras, Paramount Gold and Silver, and Kimber Resources. Paramount's Andrea project and Kimber's Monterde project land package were staked up to the Urique project land boundaries.

The Urique project is the subject of an earn-in joint venture between EXMIN Resources and Yale Resources, whereby Yale can earn up to a 75% interest. Yale may earn an initial 60% interest in the project by making expenditures of US $2.8 million in exploration and issuing 1 million shares to EXMIN over four years, and can earn an additional 15% interest by investing US $1.7 million in exploration and issuing 500,000 shares to EXMIN in the fifth year. EXMIN is the project operator.

Assay data for core holes from the Cerro Colorado Target
From To Width Au Ag Ag equiv
Core Hole (m) (m) (m)(1) (g/t) (g/t) (g/t)(2)
UCC-08-01 5.00 9.00 4.00 0.08 40.7 44.9
46.00 56.00 10.00 0.15 59.1 66.4
including 50.00 56.00 6.00 0.23 86.0 97.4
including 52.00 54.00 2.00 0.15 124.0 131.5
UCC-08-02 44.50 64.00 19.50 0.07 51.5 55.1
including 48.30 60.00 11.70 0.11 70.3 76.0
including 50.80 56.00 5.20 0.25 106.5 118.7
UCC-08-03 36.50 39.50 3.00 0.64 59.1 91.3
including 37.40 39.20 1.80 1.04 82.2 134.3
UCC-08-04 19.35 23.40 4.05 0.08 58.8 62.8
including 19.35 22.00 2.65 0.10 78.7 83.5
UCC-08-05 31.70 34.60 2.90 0.13 75.7 82.4
including 32.10 33.20 1.10 0.28 154.1 168.2
UCC-08-06 No significant values; anomalous Ag over 40 m interval
UCC-08-07 50.50 70.60 20.10 0.07 18.3 21.5
including 50.50 56.00 5.50 0.07 23.6 27.0
including 50.50 52.00 1.50 0.18 34.3 43.4
and 64.00 70.60 6.60 0.12 20.8 26.9
Including 64.00 66.00 2.00 0.30 22.7 37.7
UCC-08-08 107.80 117.00 9.20 0.51 96.5 122.2
including 109.80 114.40 4.60 0.98 162.2 211.4
UCC-08-09 149.90 156.80 6.90 0.48 5.2 29.1
including 149.90 151.00 1.10 2.38 25.6 144.4
162.00 168.90 6.90 0.34 10.6 27.7
including 164.00 165.30 1.30 1.08 32.3 86.2
including 164.00 164.30 0.30 2.99 89.7 239.2

Data from holes 1 and 2 were released previously but have been modified
with additional data.
1-Widths are measured along the core axis; the holes were designed to be
approximately perpendicular to the structure, but true widths have not
been calculated.
2-Silver equivalent has been calculated using a 50:1 ratio in the metal
prices using in situ values; variable recoveries and NSR have not been
taken into account.

Quality Assurance

Samples were prepared and analyzed by ALS Chemex in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 2-7 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish. Silver was analyzed as part of a multi-element ICP package using a 4 acid digestion.

At the Urique project, core samples are split lengthwise into two approximately equal portions; one half is sampled and sent to the analytical lab, and the second half is retained and stored on site at the joint venture's field office near the project. The joint venture has conducted an internal quality control/quality assurance program consisting of insertion of standard and blank samples in the drill core sample stream.

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. Ian Foreman, President of Yale Resources and a qualified person, has reviewed this release.


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
    Co-Founding President & CEO
    1-866-493-9646 or 1-866-49-EXMIN
    Internet: www.exmin.com
    Email: info@exmin.com