Plexmar Resources Inc.

Plexmar Resources Inc.

September 22, 2005 11:51 ET

Plexmar: First Closing

QUEBEC CITY, QUEBEC--(CCNMatthews - Sept. 22, 2005) - Plexmar Resources Inc. (TSX VENTURE:PLE), announces that the closing of a first tranche of $328,000 of the private placement announced on August 26th 2005. The private placement has a minimum of $150,000 and a maximum of $900,000. Shares are being issued at $0.05 with one warrant per share valid for a period of twenty-four months at a price of $0.10. The balance of the private placement is expected to close shortly.

The funds will be used to pursue exploration on its flagship Bolsa del Diablo gold property and to continue metallurgical testing in order to install a 20 tons per day gold processing plant.

About the Bolsa del Diablo project:

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 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.

Recent metallurgical tests on the tailings from an amalgam of oxidized gold ore coming from local workings have revealed the following:

- It is possible to recover more than the 83% of the gold and
31.6% of the silver with direct cyanidation, CIL, with an
agitation time of 60 hours.
- Better gold and silver recoveries (90%min. for gold) could be
obtained by increasing the agitation time and the degree of
grinding. It is recommended to continue the tests to tune up
these parameters in order to reach a minimum 90% recovery for

46 M shares outstanding

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

Contact Information

  • Plexmar Resources
    Guy Bedard
    (418) 658-6776
    (418) 658-8605 (FAX)
    Paradox Public Relations
    (514) 341-0408 or 1-866-460-0408