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March 25, 2008
Mexican Silver Mines Initiates IP
Geophysics at Vallecillo
Mexican
Silver Mines Ltd. ("Mexican Silver")
(TSXV: MSM; Frankfurt WKN: A0MSLE) has initiated a Ground Induced
Polarization ("IP") Geophysical Survey at its Vallecillo
Project in the state of Nuevo Leon, Mexico in follow up to the Phase 1
drilling program. The layout of the initial IP survey lines has
been tied to the results of the Company's phase 1 drilling results (news
release January 23, 2008). The IP survey will initially target three
areas:
The La Magnolia
and Carmencita Mines comprise a group of old workings which have returned
significant surface sampling results. The Company's phase 1 drilling
completed a single hole here (V-12) which intersected 1.3 meters of 374
g/t Ag and 12.35% Pb (press release Dec 5, 2007). Two IP lines, each 1,300 m long and
spaced 50 m
apart, will be completed between the mines and both cross the parallel
structures that host the two mines.
The Santa Maria and Colorada Mines comprise a group of old workings that
have also returned significant results from surface sampling but no drill
holes have yet tested this area. Two lines, 1,300 m long and each
spaced 50 m
apart will be completed to test the response of two parallel structures (800 m apart on average)
believed to host the two mines.
The Dolores Mine is the largest mine in the district, and based on
historical information, it is inferred that the mine has produced more
than 250,000 tons with grades averaging 2,000 g/t silver (15,000,000 oz
of silver). Holes V-03, V-11 and V-13 have already intersected, and
partially delineated at 50
m centers, a new mineralized manto located 250 meters west of
the Dolores shaft (press release January 23, 2008). Although
results from Hole V-10 are still pending, the hole visibly intersected 2.48 m of
mineralization east of the San Pablo mine suggesting significant
dimensions to this mineralization. Two IP survey lines, each 700 m long and spaced 50 m apart, will test
this area.
Ground IP Geophysical Program
At Vallecillo, the characteristic of the sedimentary rocks are favorable
to IP geophysics. The host rock resistivity predicts accurate IP
information to depths of 350
m. In addition, the lack of sulphides within the
host rock in contrast with the disseminated metallic sulphides associated
with the Ag-Pb-Zn mineralization will provide it with a distinct IP response.
Finally, this technique should delineate the historic subsurface workings
and openings, allowing for the fine tuning of phase 2 drilling by
avoiding these obstacles to drilling and be able to get closer to the
areas of known mineralization.
Geolinsa SA de CV of Linares, Neuvo Leon has been retained as the
geophysical contractor to acquire and process the IP data. An
initial 8 line kilometer ground IP survey has already been completed as
an orientation to a larger, more detailed 32 line kilometer at
Vallecillo.
The Vallecillo district ("District") has been the site of
silver-lead mining activities dating back to 1776, where mineralization
is hosted within structures and mantos in a sequence of interbedded
limestones and silty carbonates. The largest mine in the District is the
Dolores Mine which was mined to a depth of 100 m. All the other
mines in the area have been mined from 5 to 20 metres. These
mines were restricted to the water table due to inadequate mining and
water management techniques at the time. Based on historical
information, it is inferred that the mine has produced more than 250,000
tons with grades averaging 2,000 g/t silver or approximately 15,000,000 oz
of silver. The reader is cautioned that these numbers are rough estimates
only and are not NI 43 101 qualified and that these inferences are based
upon preliminary visual surface observations, historical data and
interviews with locals who once worked the area. There is no evidence
that any of these workings were exploited past the 100 m depth and no
drill holes have ever been completed in the District prior to the first
phase drilling just completed by MSM.
The Company's phase 1 drill program at Vallecillo was the first ever
drilling directed at this district by any group. As the majority of the
underground workings are inaccessible, and historic mine maps from the
various mines in the district were not available, this drilling program
provided the first concrete subsurface information for in situ
mineralization. MSM was cautious in its drilling pattern due to the lack
of historic mine maps as it did not want the drill to encounter
underground open areas which would result in the loss of the hole and
potential damage to the drilling equipment. The subsurface information
obtained through this phase of drilling in addition to the current
geophysical program will allow phase 2 drilling to step closer to the
historic mining targets. MSM believes that because of this it has
not yet drilled through the main vein or mantos but is drilling the
conduits of the fluids bringing the mineralization.
The land position assembled by MSM encompasses the Vallecillo district,
is such that it can, for the first time, be treated as one large coherent
exploration project. Initial surface mapping and geochemistry has located
mantos style silver lead zinc (Ag-Pb-Zn) mineralization over a strike
length of more than six kilometres within the District. Initial
drilling (press release January 23, 2008) indicates the presence of a
large Ag-Pb-Zn mineralized mantos chimney complex in subsurface
association with the considerable strike of this mineralization. The
current geophysical survey will test the use of IP as a tool to
effectively delineate mineralization and geology within this environment.
If successful, this will be a very powerful tool to the further
exploration of the entire District.
Mr. William Dynes, P. Geol., the project supervisor of Mexican Silver's
drilling program on the Vallecillo Property, is the Corporation's
nominated Qualified Person responsible for monitoring the supervision and
quality control of the programs completed within the 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: 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:
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", "inferred", "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.
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