Rio Alto Mining Limited

Published : November 19th, 2007

Acquires the Voladora Mine in the State of Nuevo Leon

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November 19, 2007

Mexican Silver Mines Acquires the Voladora Mine in the State of Nuevo Leon


Mexican Silver Mines Ltd. ("Mexican Silver") (TSXV: MSM; Frankfurt WKN: A0MSLE) is pleased to announce that it has completed a Letter of Intent ("LOI") to acquire a 100% interest in the Voladora Mine located in the municipality of Lampazos, Nuevo Leon, northeastern Mexico. The Voladora Mine, which covers an area of 272 hectares, is situated two kilometers to the northwest of Mexican Silver's La Iguana Mine.

The Voladora Mine is in one of the largest and most geologically complex mining districts on any of the Company's concessions.  Numerous surface and subsurface intrusive bodies are present in the area and the mineralization has been found to be related to chemically favorable carbonate horizons in proximity to a central intrusive complex.

The Voladora Mine consists of a number of adits and several shafts extending to a depth of 30 meters.  This mine was in production from 1758 to 1808 when the historical data indicate that a collapse in the mine was the cause of abandonment of this mining district.

Mineralization at Voladora consists of carbonate replacement deposits (CRD) and stockwork in the adjacent intrusive bodies. Additionally, intrusive sills and dikes are associated with garnet skarns hosted in the adjacent calcareous rocks.  Mineralization occurs as sulfides including sphalerite and argentiferous galena, with a gangue of barite, quartz, calcite, pyrite and iron oxides. The initial exploration plan at Voladora is to implement a detailed mapping and sampling program of the surface and underground workings and to mount an aggressive Diamond drilling phase at the mine upon completion of the drilling at the Iguana mine to the southwest.

The terms of the LOI to acquire a 100% interest in the Voladora Mine consists of an initial US$100,000 payment for a three year option on the property.  Any time during this three year period, Mexican Silver Mines can exercise its option for the outright purchase of the Voladora Mine for a payment of US$900,000.

The background of Voladora reflects the richness and historical importance of the mine to the development of the region. When it was first identified, the mine was considered to be the most significant discovery in the San Antonio de la Iguana area which encompasses Mexican Silver's Ral concession.  Initial prospecting in the area was started by Mulato Felipe de Jasso in March 1758 with the discovery of the Voladora Mine on May 17, 1758 when veins of high grade silver were discovered.

The various silver mines in the area were worked by a reported 1,500 locals, however, after the discovery of the Voladora Mine, the number of miners increased to 5,000. Historical documents suggest that large amounts of native silver were found in the near surface environment at the location of the portal to the main adit.  According to some historians, up to 400 kilograms of silver were extracted from the mine in one single day during the early period of the mine.  The extremely rich grades from the mine caused the King of Spain to send the Governor of the State of Nuevo Leon to live in San Antonio de La Iguana to oversee the taxation of the silver production.  It is well known that Voladora was an important factor that contributed to the development of the postal service between Monterrey and Mexico City (from the Council of Mineral Resources, CRM, Flowers B. R., 1983. Geologic-mining study of the Vallecillo project, corresponding to the area of the Iguana, Municipality of Lampazos, N.L. ).

Two hundred and fifty years or a quarter of a millennium later, Mexican Silver Mines will conduct the very first drilling at Voladora beginning in early 2008.  Feisal Somji, CEO of Mexican Silver Mines states "the acquisition of the Voladora Mine demonstrates that management is keeping with the business model and objectives of the Company.  The Voladora Mine has proven itself to be a producer and the fact that it was abandoned due to a collapse of the workings suggests that significant resources may still be untapped.  Mexican Silver continues to acquire significant advanced properties from locals, that are in general unknown to the industry.  These assets all have the potential to move into development at a rapid pace and that combined with Mexican Silver's working capital and aggressive management team again demonstrates the Company's objective to be a silver producer in the near term."

Mr. William Dynes, P. Geol. is the Qualified Person, as defined in NI 43-101, who has reviewed and verified the scientific and technical mining disclosure contained in this news release.

About Mexican Silver Mines
Mexican Silver Mines is a silver focused junior resource company developing three former silver producing properties in north-eastern Mexico. To learn more about Mexican Silver Mines, please visit: www.mexicansilvermines.com.

ON BEHALF OF THE BOARD OF
MEXICAN SILVER MINES LTD.

Feisal Somji, B.Sc., MBA
President and Chief Executive Officer


FOR FURTHER INFORMATION, CONTACT:

Mexican Silver Mines Ltd.
Feisal Somji, President & CEO
Phone:  403.236.5089
Fax:      403.398.0693
Email: fsomji@mexicansilvermines.com
Web: 
www.mexicansilvermines.com
Investor Relations
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 236
Phone: 866.684.4209
Email:
jamie@ascentacapital.com


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

 

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Rio Alto Mining Limited

DEVELOPMENT STAGE
CODE : RIO.TO
ISIN : CA76689T1049
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Rio Alto is a copper and gold development stage company based in Canada.

Rio Alto develops copper, gold and silver in Peru, and holds various exploration projects in Mexico.

Its main asset in development is LA ARENA in Peru and its main exploration properties are ANILLO DE FUEGO, PROVIDENCIA, RAL ( LA IGUANA ), VALLECILLO, MAMULIQUE and LA BLANCA in Mexico.

Rio Alto is listed in Canada. Its market capitalisation is CA$ 793.2 millions as of today (US$ 798.5 millions, € 597.1 millions).

Its stock quote reached its lowest recent point on December 26, 2008 at CA$ 0.07, and its highest recent level on February 23, 2012 at CA$ 4.54.

Rio Alto has 175 886 000 shares outstanding.

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In the News and Medias of Rio Alto Mining Limited
1/31/2008Follow up N° 2
Annual reports of Rio Alto Mining Limited
2007 annual report
2007 Q1 report
2006 Q3 report
2006 annual report
Financings of Rio Alto Mining Limited
11/30/2010Completes First Tranche of Private Placement for C$12.8 Mill...
1/7/2009Extends Expiry Date of Outstanding Warrants
12/23/2008Proposes to Extend Expiry Date of Outstanding Warrants
Option Grants of Rio Alto Mining Limited
7/23/2009Name Change to Rio Alto Mining Limited and Grant of Stock Op...
5/25/2009Announces Grant of Stock Options
Nominations of Rio Alto Mining Limited
3/14/2011Announces Appointment of Victor Gobitz and Sidney Robinson t...
2/18/2011Announces the Departure of Feisal Somji
6/17/2008Appoints Jose Sayo Garcia as VP Exploration and Brings Addit...
Project news of Rio Alto Mining Limited
4/29/2011(La Arena)Drills 173 Metres of 1.53 Grams of Gold Per Tonne
2/9/2011(La Arena)Announces Acquisition of 100% of La Arena Project
8/5/2009(La Arena)La Arena Surface Rights and Project Update
6/29/2009(La Arena)Confirms Option Agreement on La Arena and Equity Position in...
7/7/2008(Mamulique)Commences First Phase Drilling at the Mamulique Project
6/4/2008(Ral ( La Iguana ))Reports Extension of Mantos in the First Phase of Drilling a...
5/12/2008(La Blanca)Discovers New High Grade Veins
3/25/2008(Vallecillo)Initiates IP Geophysics at Vallecillo
2/19/2008(Mamulique) Announces Positive Exploration Results and Drill Plan for t...
1/30/2008(Ral ( La Iguana ))Announces an Exploration Update on its Iguana Project
1/23/2008(Vallecillo)Reports further drill results from the Vallecillo drill prog...
Corporate news of Rio Alto Mining Limited
4/1/2015Tahoe Resources and Rio Alto Mining Announce Completion of M...
3/30/2015Announces Shareholder and Court Approval of the Plan of Arra...
3/16/2015Announces Net Income of US$49.8 Million for 2014
7/20/2011Drills 238 Metres of 1.06 Grams of Gold Per Tonne
6/15/2011Drills 134 Metres of 2.29 Grams of Gold Per Tonne
5/9/2011(La Arena)Pours 1,115 Oz of Gold at La Arena
6/30/2009Completes Acquisition of Rio Alto Mining Limited
6/22/2009Enters Definitive Agreement to Acquire Rio Alto Mining Limit...
3/10/2009Enters into Letter of Intent to Acquire Rio Alto Mining Limi...
2/25/2009at 2009 Prospectors & Developers Association of Canada Confe...
12/19/2008Featured on Business Television
11/19/2008Provides a Corporate Update and Initiates Review of Strategi...
4/23/2008 Grants and Re-Prices Options
4/8/2008 Announces the Addition of Jim Glass to Board of Directors
2/29/20082007 Q3 Report
1/28/2008Announces Exploration Results from the Magnolia Mine Area wi...
12/5/2007 Announces Positive Drill Assay Results From Vallecillo and ...
11/30/20072007 Q2 report
11/19/2007 Acquires the Voladora Mine in the State of Nuevo Leon
10/31/2007Increases Drill Program at Vallecillo
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