Southwestern Resources Corp.

Southwestern Resources Corp.

November 24, 2006 13:38 ET

Southwestern's 50.39% Owned Zincore Metals Inc. Commences 20,000 Metre Drill Program at the Accha Deposit, Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) - Southwestern Resources Corp. (TSX:SWG) ("the Company") announces that its 50.39 per cent owned Zincore Metals Inc. has commenced a 20,000 metre drill program at the Accha Deposit, Peru. The Accha deposit is one of two known deposits on Zincore's 45,000 hectare, 100% owned Accha-Yanque property in southern Peru. The planned drill program for the Accha deposit consists of approximately 20,000 metres of HQ diamond drilling. Two drill rigs have been mobilized to site and a third rig is planned for early 2007.

The Accha deposit was previously explored with 56 drill holes totaling 13,500 metres defining the deposit and two historical JORC resource estimates were completed based on this drilling (see "About the Accha Deposit" below). The drill program objectives include obtaining additional material for metallurgical testing and improving drill density within the historical mineral resource envelope. The Accha deposit remains open along strike to the west and down-dip to the south and step out drilling targeted at expanding the deposit will test these areas. Results from the drill program will enable preparation of a current resource estimate under NI 43-101.

Zincore's Peruvian subsidiary is managing the program, Bradley-MDH S.A.C. has been awarded the drilling contract and Watts Griffis & McOuat, who has significant experience consulting on non-sulphide zinc deposits, has been retained to advise on the program and complete the resource estimate. Concurrently, metallurgical test work has commenced under the supervision of the GTI-Matomo Joint Venture who are industry leaders in zinc oxide processing, design and technology. Ore samples have been sent to Canadian, South African and Australian labs that are assisting with the work.

About Southwestern

Southwestern Resources is a Vancouver-based mineral exploration company engaged in the identification, acquisition, evaluation and exploration of gold, silver and base metals mineral properties in China and Peru. At the end of June 2006, the Company had working capital of $52.3 million, total assets of over $100 million, and no long-term debt. Southwestern Resources is a reporting issuer in British Columbia, Alberta, Manitoba, and Ontario and trades on the Toronto Stock Exchange under the symbol SWG.

About the Accha Deposit

The Accha-Yanque property consists of 56 concessions over a 30-kilometre distance in southern Peru. At the north end of the property is the Accha deposit and at the south end is the Yanque deposit. A number of zinc prospects with limited prior exploration occur between these two deposits. A total of 56 holes were completed by Cominco Ltd., Savage Resources Ltd. ("Savage"), and Pasminco Limited ("Pasminco") at the Accha deposit for 13,500 metres.

Savage, and later, Pasminco, which acquired Savage, evaluated Accha between 1998 and 2001. Two historical resource estimates under the AUSIMM JORC standards were calculated for the Accha deposit using differing assumptions. In 1999, Kvaerner Metals ("Kvaerner"), under engagement to Savage calculated an indicated mineral resource of approximately 7.0 million tonnes grading 8.9% zinc and an inferred mineral resource of 1.8 million tonnes grading 8.9% zinc. In 2000, Pasminco calculated an indicated mineral resource of approximately 3.8 million tonnes grading 8.9% zinc and 1.0% lead and an inferred mineral resource of 2.0 million tones grading 11.4% zinc and 1.9% lead under more conservative assumptions.

Quality Control (refer to Zincore Metals Inc. News Release dated November 23, 2006)

Forward-looking Statements

Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

Contact Information

  • Southwestern Resources Corp.
    Meghan Brown
    Manager Investor Relations
    (604) 669-2525
    (604) 688-5175 (FAX)