Vancouver,
BC, Canada - March 27, 2012 - Silvermex Resources Inc. ("Silvermex")
(TSX: SLX) announces
further underground drill results
from five drill holes
at its producing La Guitarra property, located in the Temascaltepec Mining
District, in the State of Mexico.
These latest drill results demonstrate the presence of a significant
new ore extension on the main La Guitarra Vein and have returned assays with bonanza grades of gold and silver
while the Doncellas Vein in the hanging wall of the La Guitarra vein continues to return significant
mineralization. Drilling
has demonstrated the potential
extension of the ore shoot 150 meters in depth and 100 meters in strike with the ore shoot still open to the NW and at
depth.
The diamond drill holes
all intersected high grade gold and silver with the most prominent being drill hole LGS-57, where it intersected 147.473 g/t Au and 607.703 g/t Ag
over 3.2 m. This includes a 1.45 m interval of 306.99 g/t Au and 1,033.60 g/t Ag.
This translates to a silver equivalent grade of 18,225.040 g/t.
Other notable intersections include
drill hole LGS-56, where
it intersected 5.35
m of 18.059 g/t Au and 67.694 g/t Ag. This includes
a 1.25 m interval of 55.422 g/t Au and
158.036 g/t Ag. This translates to a silver
equivalent grade of 3,261.683 g/t.
Table 1. Underground Drill Results
Hole
|
From
(m)
|
To
(m)
|
Interval
Length
|
True
Width
|
Au
gpt
|
Ag
gpt
|
AgEQ
gpt (56:1)
|
Vein
|
LGS-50
|
41.40
|
41.55
|
0.15
|
0.10
|
0.440
|
183.80
|
208.493
|
Doncellas
|
LGS-50
|
66.95
|
67.30
|
0.35
|
0.20
|
0.123
|
165.20
|
172.031
|
La
Guitarra
|
LGS-56
|
79.10
|
84.45
|
5.35
|
5.00
|
18.059
|
67.69
|
1,078.993
|
La
Guitarra
|
including
|
79.10
|
80.10
|
1.00
|
0.93
|
22.242
|
64.90
|
1,310.452
|
La
Guitarra
|
including
|
83.20
|
84.45
|
1.25
|
1.15
|
55.422
|
158.04
|
3,261.683
|
La
Guitarra
|
LGS-57
|
49.60
|
50.75
|
1.15
|
0.95
|
0.532
|
173.90
|
203.692
|
Doncellas
|
LGS-57
|
113.10
|
116.30
|
3.20
|
2.85
|
147.473
|
607.70
|
8,866.210
|
La
Guitarra
|
including
|
113.85
|
114.35
|
0.50
|
0.46
|
33.852
|
51.20
|
1,946.856
|
La
Guitarra
|
including
|
114.35
|
115.80
|
1.45
|
1.35
|
306.990
|
1,033.60
|
18,225.040
|
La
Guitarra
|
including
|
115.80
|
116.30
|
0.50
|
0.40
|
6.995
|
217.40
|
609.120
|
La
Guitarra
|
LGS-58
|
37.30
|
37.60
|
0.30
|
0.20
|
0.703
|
177.70
|
217.068
|
Doncellas
|
LGS-58
|
134.60
|
135.40
|
0.80
|
0.60
|
12.247
|
131.40
|
817.232
|
La
Guitarra
|
LGS-59
|
72.60
|
73.40
|
0.80
|
0.60
|
0.061
|
285.00
|
288.416
|
Doncellas
|
LGS-59
|
122.25
|
122.60
|
0.35
|
0.22
|
6.091
|
378.40
|
719.497
|
La
Guitarra
|
LGS-60
|
87.35
|
87.70
|
0.35
|
0.20
|
0.029
|
155.20
|
156.769
|
Doncellas
|
LGS-60
|
103.50
|
104.85
|
1.35
|
1.05
|
0.461
|
370.19
|
396.033
|
La
Guitarra
|
* AgEQ
- silver equivalents based on $1,456 Gold and $26 silver
(56:1 ratio). Recoveries have not been considered.
These intercepts are located between elevations of 1,700 m and 1,600 m. This drilling has demonstrated
the potential extension of the ore shoot 150 m
in depth and 100 m in strike
with the ore shoot still
open to the NW and at depth.
This indicates that significant mineralization extends below the deepest recorded mining on the La Guitarra Vein.
Duane Nelson, CEO of Silvermex reports:"We are very pleased with the bonanza type intercepts we are seeing in this new section of the mine. Never before have we seen gold grades over 300 g/t over such wide strike lengths and depths like this. We have already started to modify our mine plan to
focus on developing this
area. We are confident we
can access the upper portion of the high grade ore body by the third quarter of this year."
Sampling of the drill core
was overseen by one
of the La Guitarra geologists
who marked off the
drill core at appropriate intervals based upon the geology and mineralization present. Sample intervals normally vary from 0.2 -- 1.0 m in length. No sample exceeded 1.5 m in overall length. All core samples were sent to Inspectorate Labs sample preparation in
Durango, Durango, Mexico. Assays for gold were done by 1 Assay Tonne Fire Assay AA Finish and 4 Acid
ICP-AES for silver and other
elements. Gold assays
that exceed 5 g/t by
AA are redone using a
gravimetric finish. Silver
assays in excess of
100 g/t are redone using
Fire Assay Gravimetric. Four acid ICP
analyses were conducted
at the main laboratory
of Inspectorate in Reno, Nevada, USA. Certified standards, blanks,
and duplicate samples were
inserted in every
batch of 20 samples sent to the laboratory.
Pursuant to National Instrument 43-101, Douglas
Blanchflower, P. Geo.,
Geological Consultant to Silvermex,
is the Qualified
Person ('QP') responsible for the disclosure in this news
release.
Company Profile
Silvermex Resources
Inc. is a publicly traded mining company focused in Mexico
and led by a highly qualified team of professionals
from some of the most notable companies in
the silver mining sector. The Company's
portfolio of projects ranges from early stage
exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec
Mining District of Mexico. Silvermex
is currently working to identify future
production centers through
extensive exploration programs to further develop the district. Silvermex
is well financed to further develop resources organically from its multiple projects as well as from the
acquisition of additional assets
that will drive
production growth.
ON BEHALF OF THE BOARD
"Duane
Nelson"
Duane Nelson
CEO & Director
For more information please visit
the Company's website
at www.silvermexresources.com or contact Fiona Grant,
Manager, Investor Relations at
604-682-4004.
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