Silvermex Resources Ltd. (TSX VENTURE: SMR) (the "Company" or
"Silvermex") is pleased to announce that it has completed the
acquisition of all of the shares of Aurcana de Mexico S.A. de C.V.
from Aurcana Corporation (TSX VENTURE: AUN) and has thereby
acquired the Rosario Project located in Sinaloa, Mexico.
The past-producing Rosario Silver/Gold/Lead/Zinc mine and 8,515
hectare property position is strategically located within 5
kilometers of Silvermex's San Marcial Silver Project in south
eastern Sinaloa State, Mexico.
The assets acquired include all facilities and infrastructure at
Rosario including; 20 year surface rights agreement in good
standing, 30 year water use permit, underground workings, tailings
dam, water, 60 km - 33 KV power line, offices, shops, 120 man camp,
infirmary, warehouses and assay lab. The previous owner invested
approximately $11 million in property payments, exploration,
upgrades and renovations to the mine and mill site including
upgrading of electrical substations and wiring, camp and
accommodations, mine dewatering and detailed engineering of an 800
tonne per day (t/d) mill designed to be installed on the existing
foundations and structures.
Historic production on the Rosario Project by Grupo Mexico, the
prior operator, averaged 600 t/d from 1986 to 2000. During this
production period a total of 2.5 million tonnes of ore were
extracted which averaged 190.5 grams per tonne (g/t) silver, 0.92
g/t gold, 2.02% zinc and 2.38% lead.
The Rosario project is comprised of 2 past producing mines, the
Plomosas-La Cruz mine and the San Juan Mine. The mines were
operated by Grupo Mexico until 2001. Operations were ceased in 2001
due to low metal prices and a regional labor dispute.
Plomosas-La Cruz Mine
The Plomosas Mine had been partially refurbished by the previous
operator in preparation for an 800 tpd operation. The Plomosas Mine
currently has 323,278 tonnes of historic reserves with grades of
92.0 grams per tonne silver, 3.7% zinc, 2.5% lead and 1.0 gram per
tonne gold and 286,613 tonnes of historic inferred resources with
grades of 161.3 grams per tonne silver, 3.21% zinc, 2.23% lead and
1.2 grams per tonne gold.
The historic reserves are located in a number of mineral zones
which include the Veta Plomosas, Plomositas, Lead-Zinc Stock Work,
and Silver Stock Work. Silvermex will focus on the potential that
remains within these zones and intends to expand the resource from
areas remaining between old mine levels along strike and below the
lowest level exploited. The stock work zones have potential for
tonnage expansion along the strike and dip of the Plomosas fault
structure.
The reader should be cautioned the historic reserves and
resources do not conform to National Instrument 43-101 requirements
for reporting purposes; as such the Company is not treating these
historic estimates as current reserves or resources. The historical
reserves do not have demonstrated current economic viability and
are being treated as historical resources. These estimates should
not be relied upon until they have been verified by further due
diligence and by the Company's "Qualified Person".
Plomosas-La Cruz Mine - Select Underground Channel Samples taken by Aurcana
Corporation from Levels 775 to 825
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g/t oz/t % %
WIDTH ------------- ------------- -------------------- ------
SAMPLE (meters) Au Ag Au Ag Cu Pb Zn Pb+Zn
---------------------------------------------------------------------------
866 2.00 25.4 611.0 0.8 19.6 1.3 2.6 11.4 13.9
---------------------------------------------------------------------------
867 2.00 18.0 379.0 0.6 12.2 0.3 0.8 5.5 6.3
---------------------------------------------------------------------------
869 2.00 41.0 123.0 1.3 4.0 0.6 3.1 2.7 5.8
---------------------------------------------------------------------------
882 1.80 4.3 148.0 0.1 4.8 0.1 0.7 2.5 3.2
---------------------------------------------------------------------------
883 0.75 36.4 1536.0 1.2 49.4 0.5 17.9 11.3 29.2
---------------------------------------------------------------------------
885 1.00 4.1 125.0 0.1 4.0 0.1 11.1 36.6 47.7
---------------------------------------------------------------------------
891 1.20 2.6 38.0 0.1 1.2 0.0 29.3 19.5 48.8
---------------------------------------------------------------------------
894 2.00 2.9 44.0 0.1 1.4 0.0 37.7 26.3 64.1
---------------------------------------------------------------------------
895 0.35 2.5 52.0 0.1 1.7 0.0 35.6 27.1 62.7
---------------------------------------------------------------------------
931 1.85 1.7 43.0 0.1 1.4 0.1 7.8 23.7 31.6
---------------------------------------------------------------------------
932 1.25 2.0 42.0 0.1 1.4 0.1 6.3 11.3 17.5
---------------------------------------------------------------------------
934 1.70 1.3 36.0 0.0 1.2 0.1 10.9 15.2 26.1
---------------------------------------------------------------------------
935 0.50 4.1 85.0 0.1 2.7 0.1 28.6 32.3 60.9
---------------------------------------------------------------------------
936 1.50 2.9 54.0 0.1 1.7 0.2 14.9 20.7 35.6
---------------------------------------------------------------------------
939 2.00 2.6 63.0 0.1 2.0 0.1 25.5 20.3 45.8
---------------------------------------------------------------------------
1244 2.00 0.7 17.0 0.0 0.5 0.1 12.1 9.1 21.2
---------------------------------------------------------------------------
1245 1.10 0.9 35.0 0.0 1.1 0.4 14.7 10.5 25.2
---------------------------------------------------------------------------
1251 1.50 4.0 56.0 0.1 1.8 0.0 18.9 28.2 47.1
---------------------------------------------------------------------------
1252 0.70 5.5 45.0 0.2 1.4 0.5 5.6 15.5 21.1
---------------------------------------------------------------------------
1257 1.30 6.0 98.0 0.2 3.2 2.0 5.0 5.7 10.7
---------------------------------------------------------------------------
1258 2.00 14.2 124.0 0.5 4.0 0.8 4.0 7.5 11.5
---------------------------------------------------------------------------
1261 2.00 5.2 259.0 0.2 8.3 3.9 4.5 15.8 20.3
---------------------------------------------------------------------------
1262 2.00 6.4 61.0 0.2 2.0 0.4 0.4 1.4 1.8
---------------------------------------------------------------------------
1263 1.55 19.6 218.0 0.6 7.0 0.8 0.4 1.3 1.7
---------------------------------------------------------------------------
San Juan Mine
The San Juan Mine at Rosario is 4 kms from the Rosario mill site
and is strategically located along trend between the San Marcial
Mine and the Plomosas Mine.
San Juan is a high priority target with an 230,511 tonnes of
historic inferred resources with average grades of 327.8 grams per
tonne silver, 3.90% zinc, 1.70% lead and 0.2 grams per tonne gold.
Developed workings consist of several hundred metres of drifts and
cross cuts on two levels.
The reader should be cautioned the historic reserves and
resources do not conform to National Instrument 43-101 requirements
for reporting purposes; as such the Company is not treating these
historic estimates as current reserves or resources. The historical
reserves do not have demonstrated current economic viability and
are being treated as historical resources. These estimates should
not be relied upon until they have been verified by further due
diligence and by the Company's "Qualified Person".
Two adits provide access to the San Juan prospect. A decline has
been driven into the San Juan Vein and has tested the vein
structure over a vertical distance of 40 metres. Historic drill
intersections suggest that the zone remains open at depth.
San Juan Mine - Select Channel Samples taken by Aurcana Corporation from
Main Level and Ramp
---------------------------------------------------------------------------
g/t oz/t % %
WIDTH ------------- ------------- ------------------- -------
SAMPLE (meters) Au Ag Au Ag Cu Pb Zn Pb+Zn
---------------------------------------------------------------------------
377 1.7 1.3 605.0 0.0 19.5 0.0 0.1 0.3 0.5
---------------------------------------------------------------------------
381 2 0.2 247.0 0.0 7.9 0.0 0.1 0.5 0.5
---------------------------------------------------------------------------
383 2 0.2 982.0 0.0 31.6 0.0 0.2 0.3 0.5
---------------------------------------------------------------------------
384 2 0.3 262.0 0.0 8.4 0.0 0.3 0.4 0.7
---------------------------------------------------------------------------
391 1.3 0.1 714.0 0.0 23.0 0.0 1.0 0.5 1.5
---------------------------------------------------------------------------
392 2 0.4 988.0 0.0 31.8 0.0 0.7 0.3 1.0
---------------------------------------------------------------------------
398 2 0.0 277.0 0.0 8.9 0.0 0.6 0.7 1.3
---------------------------------------------------------------------------
408 1.6 0.4 1735.0 0.0 55.8 0.2 1.1 2.0 3.1
---------------------------------------------------------------------------
409 2 0.2 396.0 0.0 12.7 0.0 0.9 0.5 1.4
---------------------------------------------------------------------------
413 1.2 0.5 393.0 0.0 12.6 0.1 0.7 1.3 2.0
---------------------------------------------------------------------------
422 1.35 0.3 284.0 0.0 9.1 0.0 0.5 0.9 1.4
---------------------------------------------------------------------------
423 0.95 0.1 464.0 0.0 14.9 0.0 0.6 1.0 1.6
---------------------------------------------------------------------------
483 1.5 0.3 223.0 0.0 7.2 0.0 0.1 0.2 0.3
---------------------------------------------------------------------------
505 1.7 0.1 282.0 0.0 9.1 0.0 0.2 0.6 0.8
---------------------------------------------------------------------------
572 2 0.1 961.0 0.0 30.9 0.1 0.2 0.1 0.3
---------------------------------------------------------------------------
698 0.8 0.5 377.0 0.0 12.1 0.0 4.3 1.5 5.8
---------------------------------------------------------------------------
699 2 0.4 1248.0 0.0 40.1 0.1 3.3 4.2 7.5
---------------------------------------------------------------------------
702 1.8 0.1 930.0 0.0 29.9 0.0 2.5 0.9 3.5
---------------------------------------------------------------------------
703 1.2 1.0 779.0 0.0 25.0 0.0 2.8 1.0 3.9
---------------------------------------------------------------------------
713 1.35 5.9 1167.0 0.2 37.5 0.0 0.1 0.2 0.2
---------------------------------------------------------------------------
San Marcial Silver Project
The current mineral resource at San Marcial includes an
indicated mineral resource of 18.0 million ozs silver, 55.3 million
lbs of zinc (Zn) and 29.9 million lbs of lead (Pb) and an inferred
mineral resource of 4.4 million ozs silver, 34.7 million pounds of
zinc (Zn) and 19.5 million lbs of lead (Pb). The Technical Report
for the San Marcial Property dated November 23, 2007 as updated on
November 5, 2008 was prepared by Mr. William Lewis, B. Sc., P.Geo.
(Micon International Ltd.) the independent Qualified Person, and
was prepared using CIM definitions for mineral resources as
required by National Instrument 43-101.
--------------------------------------------------------------------------
Ag Pb Zn Contained Contained Contained
Category Tonnes (g/t) (%) (%) Ag (oz) Pb (lb) Zn (lb)
--------------------------------------------------------------------------
Indicated 3,755,893 149.20 0.36 0.67 18,021,221 29,931,874 55,328,145
--------------------------------------------------------------------------
Inferred 3,075,403 44.21 0.29 0.51 4,371,018 19,525,788 34,690,817
--------------------------------------------------------------------------
Preliminary resource modeling has determined that the resource
at San Marcial hosts a near-surface, potentially bulk-mineable,
high-grade resource of 1.13 million tonnes grading 321 g/t
containing 11.6 million ounces of silver. The existing resource is
open at depth and along strike and has been traced on surface for
1.6 kms.
Select Drill Results from San Marcial
--------------------------------------------------------------------------
Interval Silver Interval Silver
Drill Hole (meters) Grade (g/t) (feet) Grade (oz/t)
--------------------------------------------------------------------------
SM-2 11.01 392.10 35.78 12.61
--------------------------------------------------------------------------
SM-3 10.59 227.00 34.42 7.30
--------------------------------------------------------------------------
SM-4 53.95 235.00 175.34 7.56
--------------------------------------------------------------------------
(incl.) 15.00 731.00 48.75 23.50
--------------------------------------------------------------------------
(incl.) 27.00 247.20 87.75 7.95
--------------------------------------------------------------------------
SM-5 17.16 282.00 55.77 9.07
--------------------------------------------------------------------------
SM-5 3.00 490.00 9.75 15.75
--------------------------------------------------------------------------
SM-6 3.00 500.40 9.75 16.09
--------------------------------------------------------------------------
SM-9 9.00 873.70 29.25 28.09
--------------------------------------------------------------------------
SM-11 7.50 664.80 24.38 21.37
--------------------------------------------------------------------------
SM-12 2.80 1317.86 9.10 42.37
--------------------------------------------------------------------------
SM-12 6.00 234.50 19.50 7.54
--------------------------------------------------------------------------
SM-13 21.20 762.00 68.90 24.50
--------------------------------------------------------------------------
SM-15 14.60 292.10 47.45 9.39
--------------------------------------------------------------------------
SM-15 27.00 111.60 87.75 3.59
--------------------------------------------------------------------------
SM-16 2.60 506.00 8.45 16.27
--------------------------------------------------------------------------
SM-18 22.70 238.30 73.78 7.66
--------------------------------------------------------------------------
SM-20 2.00 426.30 6.50 13.71
--------------------------------------------------------------------------
SM-20 2.40 1241.50 7.80 39.91
--------------------------------------------------------------------------
SM-20 1.70 727.00 5.53 23.37
--------------------------------------------------------------------------
SM-22 38.00 123.60 123.50 3.97
--------------------------------------------------------------------------
SM-0805 61.00 91.40 198.25 2.94
--------------------------------------------------------------------------
SM-0808 8.50 468.00 27.63 15.05
--------------------------------------------------------------------------
SM-0808 17.00 370.50 55.25 11.91
--------------------------------------------------------------------------
SM-0810 3.00 326.00 9.75 10.48
--------------------------------------------------------------------------
SM-0812 11.00 347.80 35.75 11.18
--------------------------------------------------------------------------
SM-0812 7.80 282.00 25.35 9.07
--------------------------------------------------------------------------
SM-0813 2.00 323.50 6.50 10.40
--------------------------------------------------------------------------
The Company also announces the granting of 1,400,000 incentive
stock options at an exercise price of $0.34 per share, subject to
TSX Venture Exchange approval. The options expire on Dec. 3,
2014.
Qualified Person
The contents of this press release were reviewed and approved by
Mr. William Lewis, B. Sc., P.Geo. (Micon International Ltd.) who is
recognized as a Qualified Person under the guidelines of National
Instrument 43-101. Mr. Lewis also prepared the Technical Report on
the San Marcial Silver Project.
This News Release contains forward-looking statements. Forward
looking statements are statements which relate to future events. In
some cases, you can identify forward-looking statements by
terminology such as "may", "should", "expects", "plans",
"anticipates", believes", "estimates", "predicts", "potential", or
"continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, level of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance, or achievements
expressed or implied by these forward-looking-statements.
While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our
current judgment regarding the direction of our business, actual
results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future
performance suggests herein. Except as required by applicable law
the Company does not intend to update any forward-looking
statements to conform these statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Silvermex Resources Ltd. Duane Nelson Director
604-638-8971 www.silvermexresources.com
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