For Immediate Release
February 23, 2007
PE�OLES EXERCISES
OPTION TO CONTINUE EXPLORATION PROGRAM AT THE MAGUARICHIC PROJECT, CHIHUAHUA, MEXICO
EXMIN
Resources Inc. (EXMIN) (EXM:TSX.V) is pleased to announce that Industrias
Pe�oles (Pe�oles), its joint venture partner at the 38,800 hectare Maguarichic
Project, has elected to continue with year two of the earn-in joint venture (see
News Release of February 15, 2006, for terms of the earn-in joint venture
agreement).� In conjunction with this decision, EXMIN has assigned 10% of the mining
rights to its concessions that make up the project to Pe�oles, and Pe�oles has
made the required payment of US$ 100,000 to EXMIN that was called for in the
original option agreement.
Karl Boltz,
President and CEO of EXMIN, stated “We are pleased that our joint venture
partner has elected to continue the exploration program at the Maguarichic
project.� The drill program completed late last year successfully defined
strong anomalies of indicator elements but was not designed to test for deeper mineralization.
�Pe�oles was required to drill a minimum of 2000 metres in the first year of
the joint venture, and the drill sites were located high in the system along
existing roads high in the system, and were not ideal for testing the best
targets in the bottom of the valley and below the strong upper level alteration.
The presence of anomalous gold values over large intervals in some of the drill
holes is a plus, and provides positive results for continued exploration.”
The Targets
Past production
within the Maguarichic district mined low sulfidation epithermal quartz veins
with bonanza grades of gold and silver.� Based on exposures at the Patria mine,
the largest former producer in the district and currently held by a third
party, the ore shoots occur below strongly altered rock, consisting largely of
clay minerals with local quartz and alunite.� Alteration similar to that above
the Patria mine extends for more than 10 kilometres onto ground controlled by
the joint venture.�
High sulfidation
type mineralization, similar to that at currently producing gold mines at El
Sauzal (Goldcorp) and Mulatos (Alamos Gold), also exists in the region
surrounding the Maguarichic project.� There are indications that this type of
mineralization may exist on the property in addition to the bonanza style low
sulfidation epithermal veins.� High sulfidation deposits commonly provide large
tonnage bulk mineable targets, and low sulfidation deposits are generally mined
by lower tonnage underground operations.�
The Program
The locations of
the drill sites for this program were in easily accessible areas along existing
roads and allowed a preliminary test of the strongly altered rock to aid future
exploration.� No permits for construction of new roads to the areas with the
best potential for a discovery were on hand.�
The drill program was
completed in late 2006, and a total of 5,006 metres was drilled in 18 reverse
circulation holes.� In general, the holes cut hydrothermally altered andesite
and rhyolitic dikes.� Alteration types intersected include silicification,
quartz-alunite alteration and argillic alteration with zones of vuggy residual
quartz.� Local zones of quartz veinlets were also reported.� Anomalous values
of gold and the indicator elements arsenic and antimony, with locally anomalous
zinc and lead, were encountered.� Four holes intersected interesting gold
values: MAG-06-03 cut 1.5 metres with 0.36 grams per tonne (g/t) gold,
MAG-06-09 cut 19.5 metres with 0.13 g/t gold, MAG-06-12 cut 3.0 metres of 0.46
g/t gold, and MAG-06-15 cut 18 metres of 0.03 g/t Au.
Surface mapping and
sampling has continued in the first quarter of 2007.� The data generated will
be combined with that obtained from the drilling to define areas for further
exploration.� A second stage of drilling, planned for late 2007, will include
permitting of drill sites in locations that will allow testing of potential
near surface high sulfidation targets as well as the bonanza type vein
targets.�
Quality Assurance
The drill program
utilized a reverse circulation drill rig.� Drill samples were taken in 1.52
metre (5 foot) intervals and were prepared and analyzed by BSI Inspectorate at
their labs in Mexico and Reno. Surface samples were
prepared and analyzed by BSI Inspectorate and by ALS Chemex at their labs in Mexico and Vancouver.�
All samples were analyzed for gold by fire assay with and AA finish and for
multielement ICP packages.�
Dr. Craig Gibson, PhD., Executive Vice President of Exploration
is the authorized professional geologist for the Company and the direct manager
of all technical programs and information.
About
Pe�oles
Industrias Pe�oles
is one of the largest Mexican mining companies and is the largest producer of refined
silver in the world with production of nearly 91.3 million ounces of silver and
1.13 million ounces of gold in 2005.� Their principal mine, at Fresnillo,
Zacatecas, is the richest silver deposit in the world and produced 33.8 million
ounces in 2005.�
About
EXMIN
EXMIN Resources
Inc. is currently focused on the exploration and development of precious metal
properties of significant merit in the Sierra Madre gold belt of Northwestern Mexico.
For further information, please contact:
Karl J. Boltz,
President & CEO or Investor Relations at 1-888-244-0304, both of EXMIN
Resources Inc.
Visit us on the
internet: www.exmin.com or Email us at: info@exmin.com
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.