Esperanza Resources Corp.

Published : May 11th, 2009

Begins Cerro Jumil Economic Study

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Keywords :   Canada | G Mexico | Gold | Mexico | Peru | Recovery | Silver |

                                                                                                           

TSX-V: EPZ

                                                                                                            www.esperanzasilver.com

 

 

NEWS RELEASE

Esperanza BEGINS cERRO jUMIL Economic Study 

Vancouver, B.C., May 11, 2009: Esperanza Silver Corp announces that it has begun a Preliminary Economic Assessment study of its Cerro Jumil gold project in Morelos, Mexico. The study will be conducted by Vector Engineering Inc. with contributions by Mine Development Associates for mining issues and Lyntek, Inc. for metallurgical and processing subjects. Study results are anticipated by the third quarter of 2009.

 

The wholly owned Cerro Jumil gold project contains estimated resources as presented below:

 

Cerro Jumil Resource Estimate

October 2008

Category

 

Tonnes

(000)

Au

g/t

Ag

g/t

Au Equiv.

g/t

Au

oz (000)

Ag

oz (000)

Au Equiv.*

oz (000)

Measured

 

8,003

0.90

0.01

0.90

232

4

232

Indicated

 

15,225

0.83

1.0

0.84

405

476

410

M&I

Total

23,227

0.85

0.6

0.86

636

479

642

 

Inferred

 

15,810

0.74

11.9

0.87

378

6,068

442

 

* Gold-equivalent values are based upon prices of US$ 700/oz gold and US$ 12.50/oz silver, and a Ag:Au metal recovery ratio of 0.62. Totals may not sum due to rounding.

 

Dean Turner, P. Geo. a Qualified Person as defined by National Instrument 43-101 and an independent consulting geologist is responsible for the Cerro Jumil mineral resource estimate.

 

As currently conceived, the project will be an open-pit, heap-leach operation for the recovery of gold and silver.

 

The three contractors involved in the study all have significant experience in similar projects located in Mexico and are well-known within the mining industry for their engineering expertise.

 

Bill Pincus, President and CEO of Esperanza Silver commented, "The Preliminary Economic Assessment is the next step in moving the project towards development. It has two principal purposes. First, this will provide us with an independent evaluation of the projects anticipated economic performance. Second and maybe more importantly, the study will help us to evaluate various technical alternatives for the development of the project. Those that show the most promise will be targeted for additional engineering study and optimization with the aim of providing sufficient detail for a subsequent full-feasibility study."

 

  

About Esperanza

 

Esperanza is an emerging precious metal company focused on advancing the development of its two principal properties: the 100%-owned Cerro Jumil gold project in Morelos State, Mexico and the San Luis gold and silver joint venture in Peru.  It also has a portfolio of exploration properties that it is investigating.

 

QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President of Exploration, Esperanza Silver Corp. is the Qualified Person (QP) under NI 43-101 responsible for the Cerro Jumil exploration program. He has verified the drill results and other data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted under his supervision.  All samples were submitted to ALS Chemex laboratories for analysis in Vancouver, Canada.  Gold samples were analyzed by fire assay and atomic absorbtion spectroscopy with a 30 g nominal sample weight. Silver is analyzed by induction coupled plasma - atomic emission spectroscopy (ICP-AES).  A description of quality control and quality assurance protocols can be found at: http://www.esperanzasilver.com/protocols.php

 

CAUTIONARY NOTE TO U.S. INVESTORS concerning disclosure of estimates of mineral resources and contained ounces of gold and silver: The terms "measured resource", "indicated resource" and "inferred resource" used in this news release are Canadian geological and  mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators using the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council as may be amended from time to time by the CIM.   We advise U.S. investors that while such terms are recognized and permitted under Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in the measured and indicated categories will ever be converted into reserves.

 

 "Inferred resources" have a greater amount of uncertainty as to their existence, and greater uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.  Under Canadian rules estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists, or is economically or legally mineable.

 

Disclosure of gold and silver resources expressed in ounces in the mineral resource categories in this news release are in compliance with Canadian National Instrument 43-101, but does not meet the requirements of Industry Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, of the SEC, which will accept only the disclosure of tonnage and grade estimates for non-reserve mineralization.

 

SAFE HARBOR: Some statements in this presentation are forward looking in nature.  The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements.  Such statements include statements as to the potential of the San Luis and Cerro Jumil properties and other exploration properties.  The forward-looking statements involve risks and uncertainties and other factors that could cause actual results to differ materially, including those relating to exploration and bringing properties into production.   

 

The forward-looking statements contained in this presentation constitute management's current estimates as of the date of this presentation with respect to the matters covered herein.  We expect that these forward-looking statements will change as new information is received and that actual results will vary, possibly in material ways.  While we may elect to update this forward-looking information at any time, we do not undertake to do so. 

 

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada  accepts responsibility for the adequacy or accuracy of this release.

 

- 30 -

For further information, contact:

 

  Esperanza Silver Corp

  Bill Pincus, President and CEO

  Toll free: (866) 890 5509

  info@esperanzasilver.com

  www.esperanzasilver.com  

<
Data and Statistics for these countries : Canada | Mexico | Peru | All
Gold and Silver Prices for these countries : Canada | Mexico | Peru | All

Esperanza Resources Corp.

CODE : EPZ.V
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Esperanza Res. is a producing company based in Canada.

Esperanza Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 79.6 millions as of today (US$ 75.6 millions, € 57.2 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 4.25, and its lowest recent point on October 24, 2008 at CA$ 0.31.

Esperanza Res. has 78 846 000 shares outstanding.

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In the News and Medias of Esperanza Resources Corp.
4/15/2008 May Start Two Gold-Silver Mines by 2011
Annual reports of Esperanza Resources Corp.
2009 Annual Report
2007 Annual Report
Option Grants of Esperanza Resources Corp.
2/8/2008Granting of Stock Options/Director Resigns
Nominations of Esperanza Resources Corp.
9/4/2008Appoints George Elliott Director
Project news of Esperanza Resources Corp.
10/31/2012(Cerro Jumil)Signs Surface Rights Agreement for the Cerro Jumil Gold Proj...
5/22/2011(Colqui Orcco)Begins Drilling at Colqui Orcco Project, Peru
4/27/2011(Pucarana)Begins Drilling at Pucarana Project, Peru
4/20/2011(Cerro Jumil)Starts Expansion Drill Program and Begins Update of the Prel...
3/30/2011(Colqui Orcco)Esperanza Provides Exploration Update
3/1/2011(San Luis Project)to Sell San Luis, Peru Interest to Silver Standard
9/8/2009(Cerro Jumil)Cerro Jumil Preliminary Economic Assessment Very Positive
12/2/2008(San Luis Project)San Luis Gold Resources Increase by 31%
10/1/2008(Cerro Jumil)Announces Initial Cerro Jumil Gold Resource
5/28/2008(Cerro Jumil)Begins Resource Estimate, Expanded Metallurgical Testing for...
5/9/2008(San Luis Project)San Luis Project Update and New Resource Estimate to be Prep...
3/3/2008(Cerro Jumil) Discovers Potential New Gold Zone at Cerro Jumil
Corporate news of Esperanza Resources Corp.
8/30/2013Alamos Announces Closing of Esperanza Resources Acquisition
8/22/2013Acknowledges Recent Amendment to State Law in Morelos, Mexic...
8/16/2013Leading Independent Proxy Advisory Firms Recommend Esperanza...
7/12/2013Alamos Announces Friendly Acquisition of Esperanza Resources
6/10/2013Provides Update on Permitting for Esperanza Gold Project
5/28/2013Announces Execution of Definitive Agreements with Pan Americ...
5/28/2013Announces Execution of Definitive Agreements with Pan Americ...
3/13/2013Announces the Grant of Stock Options and Restricted Share Un...
2/25/2013Enters into Agreement with Pan American Silver to Acquire Th...
1/15/2013Announces Disposition of Non-Core Assets
10/16/2012Commences Trading on the OTCQX
9/11/2012(Cerro Jumil)Increases Measured and Indicated Gold Resources by 61% at th...
7/5/2011Signs Definitive Agreement to Sell San Luis Joint Venture to...
6/13/2011Corporate Update and Granting of Incentive Stock Options
2/25/2009Provides Update of Company Activities
11/25/2008at the San Francisco Hard Assets & Mines and Money London 20...
8/25/2008Confirms Base-Metal Breccia Pipe at San Luis, Peru
5/9/2008at the New York Hard Assets 2008
1/28/2008Esperanza Reports Continued Expansion of Cerro Jumil's South...
1/28/2008 Reports Continued Expansion of Cerro Jumil's Southeast Zone
3/22/2006and Silver standard extend strike length of gold-silver disc...
1/18/2006Announces New Cerro Jumil Drill Results
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