EXMIN Resources Inc.

EXMIN Resources Inc.

April 12, 2006 09:00 ET

Exploration Update: EXMIN to Drill Three Projects This Year

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 12, 2006) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) has nearly completed its first year as a public company and Management is pleased to offer this project update and exploration goals for the rest of 2006. Many of EXMIN's achievements in 2005 may have been missed by shareholders new to the Company in 2006. Management suggests that all shareholders visit www.exmin.com to review the complete list of news releases and drill results that EXMIN will refer to in this update.

Reyna De Oro Project

Exploration results to date at the Reyna De Oro deposit have been spectacular, in Management's opinion. (See Table below and News Releases from May 18, and August 30, 2005.) Drilling and sampling have defined a 250 meter by 75 meter mineralized horizon 15 to 30 meters in thickness with 1-4 grams per metric ton (g/t) gold. This body is open down dip and the mineralized horizon has been traced an additional 600 meters east of the drilled area. EXMIN has planned an updated program to complete the Phase II drilling at Reyna De Oro, to commence as soon as the desired drill rig is available. The first goal of the second half of the Phase II program, that was postponed last year, is to define a proven resource at the mine to NI 43-101 standards. The second goal of the program is to test the eastern extension of the mineralized horizon and the mineralized area surrounding the intrusion on EXMIN's 100% owned Luz De Oro, that is the likely source of mineralization at the Reyna De Oro deposit. The planned 3,000 metres of core drilling should also help to further confirm the geologic model developed during the exploration program.

EXMIN will also continue to investigate the potential of commencing small scale production at the mine this year. Cash flow from production would be used to make the Reyna property acquisition payments and to help finance ongoing exploration on the surrounding 14,000 hectare Luz De Oro claim.

Maguarichic Project - JV With Industrias Penoles, S.A. de C.V. (Penoles)

The technical committee met in EXMIN's Chihuahua offices in March and determined a plan of action to explore EXMIN's 100% owned Tati De Oro concession group. Subsequently, representatives of both companies met in the field at Maguarichic to review the results of exploration at the project by EXMIN in 2005 and to determine the logistical details involved in implementing the exploration plan. EXMIN and Penoles have decided to continue the mapping and sampling program begun in 2005 to expand and refine the current drill targets in the San Jose area and anticipate drilling to commence at the project in the early Autumn. The program will consist of a minimum 2,000 metres of core drilling in the Maguarichic mining district. For details on the earn-in joint venture with Penoles, please refer to EXMIN's news release of February 15, 2006.

Moris Project - JV With Mauricio Hochschild & Cia. Ltda. (MHC)

EXMIN and MHC are working to finalize the contracts of the earn-in joint venture, announced on March 22, 2006. Please see news release on that date for terms of the proposed joint venture. Three regional scale mineralized structural zones are present in the Moris district and Exmin controls significant land positions in all three areas. EXMIN has an ongoing regional mapping and sampling program at the project and has advanced detailed surface mapping and sampling on two areas with potential for discovery of large precious metal deposits. EXMIN has also conducted a geophysical study of one of these areas. As a result of this work, EXMIN has already identified three million-ounce gold targets located on ground it controls. It is anticipated that MHC will drill one or more of the targets, as soon as practicable. To that end, the companies will tour the project together during the week after Easter and begin developing a detailed exploration program. EXMIN is hopeful that drilling will commence in Moris after the earn-in joint venture contract is signed, around the beginning of June.

Table of Selected Drill Intercepts, Reyna de Oro Deposit

Drill Hole Interval Intercept Au Ag Cu Comments
(m) (m) (ppm) (ppm) (%)
RDO-04-R3 0.0-25.9 25.9 4.02 2.9 0.18
includes 0.0-10.7 10.7 7.17 3.3 0.09
42.7-68.6 25.9 0.91 2.3 0.52
includes 51.8-59.4 7.6 2.08 3.3 0.67

RDO-04-R4 3.0-22.9 19.8 1.32 2.9 0.22 Poor recovery,
lost hole

RDO-04-R5 18.3-50.3 32.0 2.17 1.3 0.42
includes 30.5-44.2 13.7 4.05 2.7 0.66

RDO-04-R6 36.6-54.9 18.3 6.14 4.1 0.55
includes 45.7-53.3 7.6 11.31 6.5 0.68

RDO-04-R7 21.3-39.6 18.3 1.37 2.0 0.98 Includes 7.7
meter void
includes 21.3-29.0 7.6 0.57 0.6 0.08 Before void
includes 36.6-39.6 3.0 3.38 4.9 0.15 After void,
lost hole

RDO-04-R8 30.5-79.2 48.8 1.61 0.4 0.07 Includes 3 1.5
meter voids

RDO-04-R9 0.0-9.1 9.1 2.08 1.0 0.13 Lost hole
56.4-80.8 24.4 0.93 0.9 0.14
includes 59.4-64.0 4.6 2.45 1.5 0.21

RDO-04-R10 21.3-54.9 33.5 2.03 4.4 0.27
includes 47.2-54.9 7.6 4.80 7.3 0.21

RDO-05-R13 38.1-42.7 4.6 5.35 2.4 0.22

RDO-05-R14 108.2-125.0 16.8 0.60 3.6 0.48

RDO-05-R15 22.9-42.7 19.8 1.84 7.4 0.10
includes 36.6-42.7 6.1 3.99 19.8 0.15
57.9-80.8 22.9 2.94 6.6 0.64 5' with no
includes 59.4-68.6 9.1 6.49 8.7 0.78

RDO-05-R16 0.0-15.2 15.2 1.19 1.0 0.08
24.4-29.0 4.6 1.29 1.0 0.23
83.8-97.5 13.7 7.85 7.2 0.89
includes 86.9-89.9 3.0 25.41 20.3 2.26

RDO-05-R19 41.1-51.8 10.7 0.52 1.3 0.02
61.0-67.1 6.1 0.52 - -

RDO-05-R20 65.5-77.7 12.2 0.56 1.9 0.12 Poor Recovery
includes 68.6-74.7 6.1 1.11 3.2 0.24
134.1-140.2 6.1 0.21 2.9 0.41
includes 138.7-140.2 1.5 0.65 5.6 0.72 Ended in zone

RDO-05-R21 125.0-153.9 29.0 0.93 3.3 0.15
includes 126.5-128.0 1.5 6.54 1.4 0.07
includes 147.8-153.9 6.1 1.60 4.4 0.49 Ended in zone


EXMIN Resources Inc. is currently focused on the exploration and development of precious metal properties of significant merit in the Sierra Madre gold and silver 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
    EXMIN Resources Inc.
    Laney Stolle
    Investor Relations