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Rio Alto Mining Limited

Publié le 19 novembre 2007

Acquires the Voladora Mine in the State of Nuevo Leon

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Mots clés associés :   Canada | G Mexico | K Street |

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November 19, 2007

Mexican Silver Mines Acquires the Voladora Mine in the State of Nuevo Leon


Mexican Silver Mines Ltd. ("Mexican Silver") (TSXV: MSM; Frankfurt WKN: A0MSLE) is pleased to announce that it has completed a Letter of Intent ("LOI") to acquire a 100% interest in the Voladora Mine located in the municipality of Lampazos, Nuevo Leon, northeastern Mexico. The Voladora Mine, which covers an area of 272 hectares, is situated two kilometers to the northwest of Mexican Silver's La Iguana Mine.

The Voladora Mine is in one of the largest and most geologically complex mining districts on any of the Company's concessions.  Numerous surface and subsurface intrusive bodies are present in the area and the mineralization has been found to be related to chemically favorable carbonate horizons in proximity to a central intrusive complex.

The Voladora Mine consists of a number of adits and several shafts extending to a depth of 30 meters.  This mine was in production from 1758 to 1808 when the historical data indicate that a collapse in the mine was the cause of abandonment of this mining district.

Mineralization at Voladora consists of carbonate replacement deposits (CRD) and stockwork in the adjacent intrusive bodies. Additionally, intrusive sills and dikes are associated with garnet skarns hosted in the adjacent calcareous rocks.  Mineralization occurs as sulfides including sphalerite and argentiferous galena, with a gangue of barite, quartz, calcite, pyrite and iron oxides. The initial exploration plan at Voladora is to implement a detailed mapping and sampling program of the surface and underground workings and to mount an aggressive diamond drilling phase at the mine upon completion of the drilling at the Iguana mine to the southwest.

The terms of the LOI to acquire a 100% interest in the Voladora Mine consists of an initial US$100,000 payment for a three year option on the property.  Any time during this three year period, Mexican Silver Mines can exercise its option for the outright purchase of the Voladora Mine for a payment of US$900,000.

The background of Voladora reflects the richness and historical importance of the mine to the development of the region. When it was first identified, the mine was considered to be the most significant discovery in the San Antonio de la Iguana area which encompasses Mexican Silver's Ral concession.  Initial prospecting in the area was started by Mulato Felipe de Jasso in March 1758 with the discovery of the Voladora Mine on May 17, 1758 when veins of high grade silver were discovered.

The various silver mines in the area were worked by a reported 1,500 locals, however, after the discovery of the Voladora Mine, the number of miners increased to 5,000. Historical documents suggest that large amounts of native silver were found in the near surface environment at the location of the portal to the main adit.  According to some historians, up to 400 kilograms of silver were extracted from the mine in one single day during the early period of the mine.  The extremely rich grades from the mine caused the King of Spain to send the Governor of the State of Nuevo Leon to live in San Antonio de La Iguana to oversee the taxation of the silver production.  It is well known that Voladora was an important factor that contributed to the development of the postal service between Monterrey and Mexico City (from the Council of Mineral Resources, CRM, Flowers B. R., 1983. Geologic-mining study of the Vallecillo project, corresponding to the area of the Iguana, Municipality of Lampazos, N.L. ).

Two hundred and fifty years or a quarter of a millennium later, Mexican Silver Mines will conduct the very first drilling at Voladora beginning in early 2008.  Feisal Somji, CEO of Mexican Silver Mines states "the acquisition of the Voladora Mine demonstrates that management is keeping with the business model and objectives of the Company.  The Voladora Mine has proven itself to be a producer and the fact that it was abandoned due to a collapse of the workings suggests that significant resources may still be untapped.  Mexican Silver continues to acquire significant advanced properties from locals, that are in general unknown to the industry.  These assets all have the potential to move into development at a rapid pace and that combined with Mexican Silver's working capital and aggressive management team again demonstrates the Company's objective to be a silver producer in the near term."

Mr. William Dynes, P. Geol. is the Qualified Person, as defined in NI 43-101, who has reviewed and verified the scientific and technical mining disclosure 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: 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: fsomji@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.

 

This email was sent by: Ascenta Capital Partners Inc.
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www.ascentacapital.com

Ascenta Capital provides investor relations services to a number of high-quality junior public companies. To learn about these companies, there are a number of e-news lists you can subscribe or unsubscribe to in our Profile Centre. You can also subscribe to Ascenta's monthly e-newsletter, Resource Investor Monthly.
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Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Rio Alto Mining Limited

EN DÉVELOPPEMENT
CODE : RIO.TO
ISIN : CA76689T1049
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Rio Alto est une société développant des projet miniers de cuivre et d'or basée au Canada.

Rio Alto est en développement de projets de cuivre, d'or et d'argent au Perou, et détient divers projets d'exploration au Mexique.

Son principal projet en développement est LA ARENA au Perou et ses principaux projets en exploration sont ANILLO DE FUEGO, PROVIDENCIA, RAL ( LA IGUANA ), VALLECILLO, MAMULIQUE et LA BLANCA au Mexique.

Rio Alto est cotée au Canada. Sa capitalisation boursière aujourd'hui est 107,3 millions CA$ (798,5 millions US$, 719,9 millions €).

La valeur de son action a atteint son plus bas niveau récent le 26 décembre 2008 à 0,07 CA$, et son plus haut niveau récent le 23 février 2012 à 4,54 CA$.

Rio Alto possède 175 886 000 actions en circulation.

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Dans les médias de Rio Alto Mining Limited
31/01/2008Follow up N° 2
Rapports annuels de Rio Alto Mining Limited
2007 annual report
2007 Q1 report
2006 Q3 report
2006 annual report
Financements de Rio Alto Mining Limited
30/11/2010Completes First Tranche of Private Placement for C$12.8 Mill...
07/01/2009Extends Expiry Date of Outstanding Warrants
23/12/2008Proposes to Extend Expiry Date of Outstanding Warrants
Attributions d'options de Rio Alto Mining Limited
23/07/2009Name Change to Rio Alto Mining Limited and Grant of Stock Op...
25/05/2009Announces Grant of Stock Options
Nominations de Rio Alto Mining Limited
14/03/2011Announces Appointment of Victor Gobitz and Sidney Robinson t...
18/02/2011Announces the Departure of Feisal Somji
17/06/2008Appoints Jose Sayo Garcia as VP Exploration and Brings Addit...
Projets de Rio Alto Mining Limited
29/04/2011(La Arena)Drills 173 Metres of 1.53 Grams of Gold Per Tonne
09/02/2011(La Arena)Announces Acquisition of 100% of La Arena Project
05/08/2009(La Arena)La Arena Surface Rights and Project Update
29/06/2009(La Arena)Confirms Option Agreement on La Arena and Equity Position in...
07/07/2008(Mamulique)Commences First Phase Drilling at the Mamulique Project
04/06/2008(Ral ( La Iguana ))Reports Extension of Mantos in the First Phase of Drilling a...
12/05/2008(La Blanca)Discovers New High Grade Veins
25/03/2008(Vallecillo)Initiates IP Geophysics at Vallecillo
19/02/2008(Mamulique) Announces Positive Exploration Results and Drill Plan for t...
30/01/2008(Ral ( La Iguana ))Announces an Exploration Update on its Iguana Project
23/01/2008(Vallecillo)Reports further drill results from the Vallecillo drill prog...
Communiqués de Presse de Rio Alto Mining Limited
01/04/2015Tahoe Resources and Rio Alto Mining Announce Completion of M...
30/03/2015Announces Shareholder and Court Approval of the Plan of Arra...
16/03/2015Announces Net Income of US$49.8 Million for 2014
20/07/2011Drills 238 Metres of 1.06 Grams of Gold Per Tonne
15/06/2011Drills 134 Metres of 2.29 Grams of Gold Per Tonne
09/05/2011(La Arena)Pours 1,115 Oz of Gold at La Arena
30/06/2009Completes Acquisition of Rio Alto Mining Limited
22/06/2009Enters Definitive Agreement to Acquire Rio Alto Mining Limit...
10/03/2009Enters into Letter of Intent to Acquire Rio Alto Mining Limi...
25/02/2009at 2009 Prospectors & Developers Association of Canada Confe...
19/12/2008Featured on Business Television
19/11/2008Provides a Corporate Update and Initiates Review of Strategi...
23/04/2008 Grants and Re-Prices Options
08/04/2008 Announces the Addition of Jim Glass to Board of Directors
29/02/20082007 Q3 Report
28/01/2008Announces Exploration Results from the Magnolia Mine Area wi...
05/12/2007 Announces Positive Drill Assay Results From Vallecillo and ...
30/11/20072007 Q2 report
19/11/2007 Acquires the Voladora Mine in the State of Nuevo Leon
31/10/2007Increases Drill Program at Vallecillo
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