Rio Alto Mining Limited

Published : June 04th, 2008

Reports Extension of Mantos in the First Phase of Drilling at the Iguana Mine

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June 4, 2008

Mexican Silver Mines Ltd. Reports Extension of
Mantos in the First Phase of Drilling at the Iguana Mine

Mexican Silver Mines Ltd. ("Mexican Silver") (TSXV: MSM; Frankfurt WKN: A0MSLE) has identified and tested significant mineralization from the Phase I drill program at the historic Iguana Mine. The Iguana Mine is a part of the 41 sq. km Ral (100% owned) property located in a tenement in the municipality of Lampazos, Nuevo Leon, see press release dated January 30th, 2008.  

The purpose of the Phase I drill program was to determine if the manto that was previously mined extended past the end of the historical mine workings.  Mexican Silver has successfully located and tested the continuity of this manto, also previously disclosed by geologic mapping and sampling in the nearby underground working of the Iguana Mine.  Drill holes IG-07, IG-08 and IG-09 were sited 50-100 meters south-southeast of the end of the existing mine workings.

Mexican Silver is encouraged with the results from this first phase drilling, which consisted of three drill holes, as it confirmed the extension of the Iguana Mine manto. 

The results from Phase I indicate that the manto type mineralization has a south-southeast continuity and the manto tends to thicken between IG-08 to IG-07 from 3.5 to 9 meters respectively.  The manto is at a shallow depth of between 40 to 60 meters.

Mexican Silver will now carry out a Phase II drill program within an area of 180 meters by 250 meters. This program is currently underway. The second phase drilling is aimed at defining the tested mineralization for eventual conversion into indicated mineral resource.

The Iguana Project is a carbonate replacement deposit (CRD) with silver, lead and zinc occurring as mantos and as low-angled veins within vast skarn-altered zones. The mineralization is associated with an igneous rock complex characterized by stocks, dikes and sills of monzonite and monzodiorite composition that were intruded in a sequence of Cretaceous sedimentary rocks known as the Eagle Ford and Georgetown formation. The sulfides consist of galena, argentite, sphalerite, pyrite, with gangue minerals consisting of barite and quartz.

Previous reconnaissance geologic mapping/sampling indicated several mantos style mineralization outcroppings in an area that is 400 meters long and 200 meters wide. The mantos occur in stacks.

The significant mantos intercepted by the drill holes with the respective grades are as follows:

9 meters of continuous mineralization was intersected between the 54m and 63m depth

Description Drill Hole # From To Interval m. Ag
 ADF 2375 IG07 54.3 54.85 0.55 3.3 0.082 0.298
 ADF 2376 IG07 54.85 55.5 0.65 5.8 0.117 1.18
 ADF 2377 IG07 55.5 55.7 0.2 4.5 0.171 0.899
 ADF 2378 IG07 55.7 56.5 0.8 2.2 0.046 0.258
 ADF 2379 IG07 56.5 57.05 0.55 15.2 0.309 2.88
 ADF 2380 IG07 57.05 57.65 0.15 9.1 0.309 2.88
 ADF 2381 IG07 57.65 57.8 0.15 9.1 0.593 4.07
 ADF 2382 IG07 57.8 58.3 0.5 2.1 0.037 0.161
 ADF 2383 IG07 58.3 58.5 0.2 7.2 0.618 0.98
 ADF 2385 IG07 58.5 59.1 0.6 2.9 0.078 0.298
 ADF 2386 IG07 59.1 59.35 0.25 4.3 0.026 0.038
 ADF 2387 IG07 59.35 59.55 0.2 16.8 0.229 0.412
 ADF 2388 IG07 59.55 59.8 0.25 501 12.15 10.45
 ADF 2389 IG07 59.8 60.2 0.4 5.8 0.094 0.323
 ADF 2390 IG07 60.2 60.45 0.25 1.9 0.102 0.279
 ADF 2391 IG07 60.45 60.71 0.26 9.4 0.126 0.598
 ADF 2392 IG07 60.71 60.85 0.14 4.6 0.105 0.239
 ADF 2393 IG07 60.85 61.1 0.25 8.4 0.255 0.392
 ADF 2394 IG07 61.1 61.53 0.43 3.4 0.123 0.382
 ADF 2395 IG07 61.53 61.75 0.22 1.2 0.031 0.071
 ADF 2396 IG07 61.75 62.3 0.55 2.4 0.045 0.127
 ADF 2398 IG07 62.3 62.85 0.55 3.5 0.086 0.265
 ADF 2399 IG07 62.85 63.3 0.45 6.4 0.189 0.584

21 meters of mineralization, including 3.5 meters of continuous mineralization was intersected between 27 m and 61 m

Description Drill Hole # From To Interval m. Ag
 ADF 2422 IG-08 27.05 27.4 0.35 36.1 0.05 0.2

 ADF 2426 IG-08 40.31 41 0.69 16.5 1.1 1.63

 ADF 2429 IG-08 49.25 50.55 1.3 55.2 0.33 0.66

 ADF 2434 IG-08 54.6 54.85 0.25 27.7 2.43 1.22
 ADF 2435 IG-08 54.85 55.15 0.3 8.5 0.4 0.6

 ADF 2444 IG-08 58.15 58.65 0.5 12.4 0.124 0.262
 ADF 2445 IG-08 58.65 58.7 0.05 4.7 0.298 0.503
 ADF 2446 IG-08 58.7 58.95 0.25 5.3 0.0057 3.77
 ADF 2447 IG-08 58.95 59.3 0.35 155 5.4 1.42
 ADF 2448 IG-08 59.3 59.9 0.6 61.4 0.467 5.15
 ADF 2449 IG-08 59.9 60.4 0.5 10.9 0.38 0.81
 ADF 2450 IG-08 60.4 60.77 0.37 53.2 2.84 3.9
 ADF 2451 IG-08 60.77 61.15 0.38 36.2 2.28 4.24
 ADF 2452 IG-08 61.15 61.65 0.5 46.3 2.21 2.6


Description Drill Hole # From To Interval m. Ag
 ADF 2463 IG-09 53.7 54.07 0.37 17.5 0.348 1.28
 ADF 2464 IG-09 54.07 54.65 0.58 6.4 0.188 0.47
 ADF 2465 IG-09 54.65 54.95 0.37 3.6 0.237 1.76

"The drilling at the Iguana Mine shows that the historical mining in the area did not mine out the available deposit," stated Feisal Somji, President and CEO of Mexican Silver. "Much of the deposit still remains in place at both the Iguana and the recently acquired Voladora Mine, located 2.5 km from the Iguana Mine. This program has given Mexican Silver the first evidence of this.  We are excited that the Iguana Mine is the first of many of our past producing mines where we can now start the process of defining and building a resource estimate."

Mexican Silver will also pursue follow-up detailed mapping and sampling of other similar mineralized zones in the Iguana Area as well as in the immediate vicinity of the Voladora Mine, situated 2.3 km northwest of the Iguana Mine.  

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 Iguana Mine, is the Corporation's nominated Qualified Person responsible for monitoring the supervision and quality control of the programs completed within its properties. Mr. Dynes has reviewed and verified the technical information 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:



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


Mexican Silver Mines Ltd.
Feisal Somji, President & CEO
Phone:  403.236.5089
Fax:      403.398.0693
Investor Relations
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 236
Phone: 866.684.4209

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.

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

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
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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
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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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