Rio Alto Mining Limited

Published : January 28th, 2008

Announces Exploration Results from the Magnolia Mine Area within the Valle

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Keywords :   Canada | Diamond | G Mexico | K Street | Lead | Mexico | Recovery | Silver |

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January 28, 2008

Mexican Silver Mines Ltd. Announces Exploration Results from the Magnolia Mine Area within the Vallecillo Ag-Pb-Zn Mining District



Mexican Silver Mines Ltd. ("Mexican Silver") (TSXV: MSM; Frankfurt WKN: A0MSLE) is pleased to announce additional information regarding exploration at the Magnolia mine area within the Vallecillo Ag-Pb-Zn mining district.  MSM’s Phase I exploration program at the Vallecillo district consisted of surface mapping, sampling and initial Diamond drilling on multiple targets located along a five kilometer long structure that hosts mineralization within the Vallecillo district.  These multiple targets are known as the Dolores mine, the Santa Maria mine, the Magnolia mine and the Coronel mine.  The Magnolia mine area is located approximately three kilometers west of the Dolores shaft, the main historic producer in the district.

Detailed surface mapping and rock chip sampling within the Magnolia mine area has been completed with positive results.  Multiple vein systems have been identified from the historic workings and have been sampled both on the surface and in underground stopes.  These samples averaged from 0.2 to 0.8 meters in width with assay results ranging from 10 to 100 gm/tonne silver.  Lead assays averaged from 0.5% to 5.0%.  Potential targets at Magnolia include both lateral extensions to the mineralization at depths to 30 meters where the historic workings are located and within the stratigraphic sequence beneath the workings which provide significant upside to the project.

A single drill hole, V-12, was drilled 50 meters to the east of the Magnolia shaft and, as previously reported, intersected 1.3 meters of calcite/sulphide vein material that assayed 374 gm/tonne Ag and 12.35% Pb.  This mineralized interval was located at down hole depth of 146.5 to 147.8 meters.  Additionally, an intercept of one meter assaying 24 g/t Ag was drilled from 38.7 to 39.7 meters.  Historically, the underground stopes and mine workings at Magnolia are estimated to have been developed to depths of only 30 meters.  This intercept of 11 oz/t Ag and 12% Pb at 146 meters depth represents a newly discovered zone of mineralization that will be further evaluated in the Phase II drilling program at Vallecillo.  The Eagle Ford formation hosts the majority of the mineralization in the district and is the host for the intercepts encountered in drill hole V-12. 

The mineralization found at the Magnolia mine area, both in drill hole V-12 and in the underground workings, is situated on the crest of the northwesterly trending Vallecillo anticline.  This anticlinal feature is a favorable structural location for mineralization to be emplaced.  All of the mines located within the Vallecillo structural zone are present on this anticline.  The Dolores and Santa Maria mines are on the eastern limb of the anticline; the Magnolia mine area is on the crest of the anticline and the Coronel mine area is located on the western limb.  Mexican Silver is evaluating the use of a variety of ground geophysical techniques to augment the exploration program in the district prior to the start of Phase II drilling.

The Vallecillo district has been the site of silver-lead mining activities dating back to 1776, where mineralization is hosted within structures and mantos in a sequence of interbedded limestones and silty carbonates. The largest historic mine in the district, the Dolores mine, has a known depth of 100 metres.  The Vallecillo district is located in the southern part of the Mexican Silver's 100-per-cent-owned Providencia concession.

All drill core samples were shipped to ALS Chemex Laboratory ("Chemex") for analyses. Chemex has an International Standard Organization rating of ISO 9001:2000 and is independent of Mexican Silver. The split drill core sample was crushed and a sub-sample (aliquot) split off, pulverized and screened through a 150 mesh screen. Analyses were performed using standard acid digestion and spectrographic techniques.  Mexican Silver follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards and duplicates into the sample stream submitted to Chemex for analyses.  Mr. William Dynes, P. Geol., the project supervisor of Mexican Silver's drilling program on the Vallecillo Property, is the Corporation's nominated Qualified Person responsible for monitoring the supervision and quality control of the programs completed within the its properties. Mr. Dynes has reviewed and verified the technical information contained in this news release.

This news release contains forward-looking information including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations and potential mineral recovery processes. Forward-looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. When used in this news release. The words "estimated", "plan", "anticipated", "expected", "intend", believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Mexican Silver to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. For any forward-looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, there can be no assurance that forward-looking statements will prove to be accurate and actual results may differ materially from those currently anticipated in such statements. For such statements, we claim safe harbour.

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: info@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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