EXMIN/Yale Drill the Urique Project, Sierra Madre Precious Metal Belt, Chihuahua, Mexico
VANCOUVER, BRITISH COLUMBIA–( EMWNews – April 1, 2008) – EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) and its joint venture partner, Yale Resources Ltd. (Yale) (TSX VENTURE:YLL) are pleased to announce that a diamond drill program has commenced at the Urique project, located in the prolific Sierra Madre Precious Metal Belt of southern Chihuahua State, Mexico. The drill program is planned for approximately 1,500 metres of core to test the Cerro Colorado and San Pedro target areas. Drilling is being conducted by Globexplore Drilling and Exploration of Hermosillo, under an agreement for drilling services announced by EXMIN on December 7, 2006.
A recently completed 13.35 km IP geophysical survey within the Cerro Colorado and San Pedro targets of the Urique Project (see Yale news release dated March 26, 2008) indicates that the mineralization and alteration identified on surface may extend to depths greater than 100 metres. The first hole has been completed and intersected the targeted vein. Please go to www.exmin.com for photos of the drill program.
Dr. Craig Gibson, Executive Vice President of Exploration for EXMIN, stated, “We have advanced the Urique project, which lacked any prior modern exploration, to the drill ready stage in a short time period, especially considering the abundance of targets in this well mineralized region. This initial drill program will test two target areas out of many that have been identified at the project over the last year and a half. To our knowledge these are the first drill programs conducted in each of these areas. Our agreement with Globexplore allows us to conduct a small initial drill program that would otherwise be very difficult in this short time frame due to the high level of exploration activity in Mexico.”
The Cerro Colorado target consists of a 2.5 kilometre long mineralized structural zone. Four areas of mineralization with past mining activity have been identified at El Vergel, Mina Guadalupe, Ampliacion Guadalupe and Las Taunas. Assays of as much as 9.1 metres of 5.46 grams per metric ton (g/t) gold and 4 metres of 337 g/t silver have been encountered in surface samples and trenches (see Yale press release of February 15, 2007). Mapping has shown that the main structure is continuous between the areas with old mine workings, and the drill program is designed to test the continuity of mineralization at depth and along the structural trend from the old mines and prospects.
The San Pedro target consists of an area of gold and silver bearing precious metal veins surrounding the historic Sangre de Cristo which is owned by a third party. Work by the joint venture has identified several small mines and prospects developed on three principal sets of quartz veins; sampling has yielded assays ranging from 6.6 to 137.5 g/t gold and 61.0 to 401.0 g/t silver over 0.25 to 1.1 metre vein widths. Wider zones of lower grade mineralization, including 0.33 g/t gold and 7.6 g/t silver over 21.65 metres, were also encountered.
About the Urique Project
The Urique project consists of 16 concessions covering 29,100 hectares in western Chihuahua State. The project is the subject of an earn-in joint venture between EXMIN Resources and Yale Resources, whereby Yale can earn a 75% interest. Yale may earn an initial 60% interest in the project by making expenditures of US $2.8 million in exploration and issuing 1 million shares to EXMIN over four years, and can earn an additional 15% interest by investing US $1.7 million in exploration and issuing 500,000 shares to EXMIN in the fifth year. EXMIN is the project operator.
Samples were prepared and analyzed by ALS Chemex in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish. Samples with more than 10 g/t gold were analyzed by gravimetric methods. Silver and the base metals were analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 100 g/t silver were analyzed by AA.
Dr. Craig Gibson, PhD., Certified Professional Geologist, and Executive Vice President of Exploration, is the authorized professional geologist for EXMIN Resources Inc. and the direct manager of all technical programs and information on the part of EXMIN. Ian Foreman, President of Yale Resources and a qualified person, has reviewed this release.
EXMIN Resources Inc. (EXMIN) is currently focused on the exploration and development of precious metal properties of exceptional merit in the Sierra Madre gold belt of Northwestern Mexico as well as in other highly mineralized areas of 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.
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