Plexmar Resources Inc.

Plexmar Resources Inc.

August 24, 2006 10:53 ET

Plexmar Resources Inc.: Update on Escondida Project, Ecuador

SAINTE-FOY, QUEBEC--(CCNMatthews - Aug. 24, 2006) - Plexmar Resources Inc. (TSX VENTURE:PLE), is pleased to announce that it has successfully completed its due diligence on the Escondida block of properties. Plexmar announced last June 26 that it signed a letter of intent to acquire a block of over 907.5 km2 or prime exploration land located in southeastern Ecuador. It had a period of 60 days to carry out a full due diligence on the property.

The legal due diligence was successfully completed. A team of geologist visited only a small portion of the large property. They focused on an area located within 5 km northeast of Aurelian's Fruta del Norte deposit and took 44 samples (See maps attached). The visit confirmed that all of the visited areas contained primary and secondary gold. An alluvial gold deposit has been identified grading a minimum of 0.3 g/m3. Some of the Escondida concessions are crossed by volcanic rocks from the jurassic period similar to Aurelian's Fruta del Norte deposit.

The samples were taken on surface and in small pits. Four samples returned valued of over 10 g/t Au, final values are still pending from the Assay lab. Fiver other samples returned values ranging from 0.30 g/t to 1.23 g/t Au. Below are the best chosen samples

Sample Au ppm Cu ppm Depth (m) Remarks
10 1,23 - 6.0 Coarse sand with clay
24 0.49 - 6.0 Intrusive
25 0.43 - surface Intrusive
33 greater than 10.0 - surface Alluvial
40 greater than 10.0 1,460 surface boulders, pebbles
41 0.302 - surface heavy sands/pans
42 greater than 10.0 423 surface intrusive in contact
with SiO2
43 greater than 10.0 189 surface intrusive in base of
44 0.56 - surface sand at base of fall

Guy Bedard, president says: "We are very encouraged by the good results found on this first field trip. They confirm the high potential of the area as only a small portion of the project was visited."

The Company is currently negotiating final terms with the Owner to acquire an important interest in the property.

108 M shares outstanding

Maps and pictures available at the following address:

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

Contact Information

  • Plexmar Resources Inc.
    Guy Bedard
    (418) 658-6776
    Paradox Public Relations
    1 (866) 460-0408
    1 (514) 341-040