Plexmar Resources Inc.
TSX VENTURE : PLE

Plexmar Resources Inc.

October 11, 2005 09:09 ET

Plexmar Evaluating Oil & Gas Projects

QUEBEC CITY, QUEBEC--(CCNMatthews - Oct. 11, 2005) - Plexmar Resources Inc. (TSX VENTURE:PLE), is pleased to announce that it is presently evaluating many large oil and gas projects located in North and South America.

Plexmar remains dedicated to the development of its gold prospects in Peru and is currently evaluating other investment opportunities in the gold sector. The exploration programs will resume shortly after the closing of the Private placement announced on Aug.26,2005.

In order to increase shareholder value, the creation of an oil & gas subsidiary owned 100% by Plexmar is being contemplated.

Plexmar has retained the services of a geologist with 30 years experience in the oil & gas sector. He has worked for numerous large oil & gas US corporations as exploration manager and spent most of his career in Argentina and in Peru.

Plexmar will keep its shareholders informed of the oil and gas projects in-house evaluations shortly.

About the Bolsa del Diablo gold project:
(please refer to www.plexmar.com for more details)

Plexmar controls over 21,134 hectares or 211.3 Km2 of land in this new mining camp. In total 24 properties were acquired by staking and Plexmar has signed option agreements on 2 properties.

Artisanal miners have been working in the general area and finding bonanza grade gold material for the past year and a half only. The area was known to be highly prospective for base metals as indicative by the presence of the undeveloped Tambo Grande (VMS) deposits (e.g., TG1: 56 Mt of 1.6% Cu, 1.0 % Zn, 0.5 g/t Au and 26 g/t Ag, plus 8 Mt of 3.6 g/t Au and 62 g/t Ag; Winter et al., 2004), located approximately 40 kilometres south-east, but was not known to host high grade gold mineralization until recently.

Hundreds of artisanal miners are digging trenches in a total random fashion and extracting material grading between 1.5 ounces to over 10 ounces of gold per tonne in some areas. (See March 29, 2005 press release)

An alteration system of significant size, a minimum of 6 km2, has been identified within the property. All samples collected so far are anomalous in gold with values ranging from 14 ppb to 119 g/t Au. Preliminary observations suggest the presence of a large scale epithermal system with characteristics typical of a high sulphidation system (Yanacocha, Pierina).

All the volcanic rocks in the area of interest show pervasive argillic alteration and have developed very intense stockwork structures. Gold mineralization occurs partly as fracture fillings in the stockwork and also as dissemination throughout the rock. Limonitization is pervasive throughout the rock. This intense stockwork was observed in numerous places throughout the property.

Also, the Company announces the resignation of M. Peter Hawley from the board of Directors. The board wishes to thank M. Hawley for his support and wisdom during the past four years.

46 M shares outstanding

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Plexmar Resources Inc.
    Guy Bedard
    President
    (418) 658-6776
    (418) 658-8605 (FAX)
    info@plexmar.com
    www.plexmar.com
    or
    Paradox Public Relations
    1-866-460-0408
    1-514-341-0408