Tuesday, November 27, 2007
Silvermex Resources Acquires El Rayo Claims In Mexico Underground Channel Sampling By The Company Returns Assays As High As 2.79 Kilos Of Silver Across 3 Metres
Silvermex Resources Ltd. (the "Company") has entered into an agreement to acquire a 100% interest in the 150 hectare El Rayo Claims located in the municipalities of Santa Ana and Magdalena de Kino, State of Sonora, Mexico. The Company has staked an additional 2,200 hectares to ensure the mineral rights to any extensions to the known mineralization are secured. To exercise the option the Company must pay a total of US$315,000 over a period of two years. In addition, the Company is required to issue 250,000 common shares for every 10 million ounces silver identified in measured and/or indicated mineral resource categories (CIM definition). The Vendor is an arm's-length party and retains no royalties on the claims. The acquisition is subject to approval by the TSX Venture Exchange.
Silvermex has recently completed a first phase exploration on the claim block. This included prospecting, sampling and reconnaissance mapping along 750 metres of intermittent exposures of a northwest trending, brecciated, shear zone that dips 50° to 75° to the southwest. Widths vary from 0.50 to 15 meters with a 12 meter wide zone exposed in the old underground workings. The mineralization consists of pyrite, galena and sphalerite boxworks, and calcite stockworks hosted in a volcanic breccia. The sulphide mineralization appears to relate to the silica flooding.
A total of 60 samples including 8 channel samples from the underground workings were taken. The assays from the underground sampling returned 665 g/t silver, 0.83% lead, 0.50% copper and 0.43% zinc across an average width of 12 m.
Assay Results underground workings in the El Rayo Claim.
Surface sampling of the several outcrops along the northwestern extension of the mineralized zone returned the following grades:
The silver, lead, zinc and copper values have been traced for at least 150 to 200 m along strike of the mineralization zone with the highest silver values returning from the exposures near the portal of the underground workings.
The Company is planning a more intensive surface and underground program for the first quarter of 2008 consisting of detailed geological mapping, sampling and trenching. The objective of the program will be to identify parallel structures and confirm the continuity of the known mineralized systems.
Pursuant to National Instrument 43-101, Darcy Krohman, P.Geo., C.A,. Executive Vice-President and CFO of Silvermex Resources Ltd. is the Qualified Person (QP) responsible for the disclosure in this news release. Field work has been conducted by Silvermex Resources Ltd. employees and contractors.
For Further information, contact:
Bruce Bragagnolo
CEO
Vancouver, B.C., Canada
Tel: 604-638-8980
bruce@silvermexresources.com
Darcy Krohman, P.Geo., C.A.
Executive Vice-President & CFO
Vancouver, BC, Canada
Tel: 604-638-8971
darcy@silvermexresources.com
Investor Relations:
Jason Leikam
Corporate Development
Vancouver, BC, Canada
Tel: 604-638-8979
jason@silvermexresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect out current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.