Esperanza Drills 58.5 Meters of 1.2 GPT Gold and 52.5 Meters of 1.4 GPT Gold at Cerro Jumil
04 June 2010 - 12:00PM
Marketwired
Esperanza Silver Corp. (TSX VENTURE: EPZ)(PINK SHEETS: ESPZF)
announces the results of its on-going drilling campaign at its 100%
owned Cerro Jumil gold project in Morelos State, Mexico. Highlights
of the drill results include:
-- Drill Hole RCHE-10-152 intersected 58.5 meters containing 1.23 grams of
gold per tonne including a 10.5 meter interval containing 2.12 grams
gold per tonne.
-- Drill Hole RCHE-10-165 intersected 52.5 meters containing 1.44 grams
gold per tonne and a separate interval intersected 27.0 meters
containing 1.70 grams gold per tonne.
-- Drill Hole RCHE-10-153 intersected 25.5 meters containing 1.97 grams
gold per tonne and a separate interval intersected 19.5 meters
containing 1.59 grams gold per tonne including a 6.0 meter interval
containing 3.61 grams gold per tonne.
-- Drill Hole RCHE-10-160 intersected 25.5 meters containing 2.47 grams of
gold including 13.5 meters containing 3.68 grams of gold per tonne.
Complete results are in the accompanying table.
The current exploration drilling phase has now been completed
including approximately 9,500 meters in 74 holes. Assays are
pending for the last 9 holes and should be received within the next
few weeks. Total drilling to date at Cerro Jumil includes
approximately 41,750 meters in 251 drill holes. Upon receiving the
final assay results the Company intends to update the existing
resource estimate for the Cerro Jumil deposit (see News Release
October 1, 2008). Results of this estimate should be available in
the third quarter of 2010.
The drilling at Cerro Jumil is a part of a comprehensive work
program recommended by the 2009 Preliminary Economic Assessment and
is designed to move the project to the full feasibility level as
rapidly as possible. Additional work planned for 2010 in includes
advanced metallurgical testing, geotechnical analysis,
environmental baseline data collection and other efforts required
to advance the project.
Esperanza also has an active community relations program and has
been working effectively with the local people as the project
advances.
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Cerro Jumil RC Drill Holes
June 3, 2010
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Grade
From To Interval (grams
Hole (meters) (meters) Length Au/tonne)
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RCHE-10-152 34.5 42.0 7.5 0.911
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RCHE-10-152 75.0 133.5 58.5 1.233
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includes 115.5 126.0 10.5 2.118
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RCHE-10-153 25.5 51.0 25.5 1.965
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RCHE-10-153 94.5 114.0 19.5 1.591
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includes 97.5 103.5 6.0 3.613
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RCHE-10-154 16.5 42.0 25.5 0.867
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RCHE-10-154 49.5 60.0 10.5 1.980
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includes 54.0 60.0 6.0 3.049
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RCHE-10-154 73.5 93.0 19.5 1.192
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RCHE-10-155 1.5 18.0 16.5 0.702
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RCHE-10-156 132.0 148.5 16.5 1.515
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RCHE-10-157 27.0 43.5 16.5 1.589
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includes 28.5 34.5 6.0 2.983
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RCHE-10-158(i) 4.5 36.0 30.0 1.126
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RCHE-10-158 52.5 75.0 22.5 0.963
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RCHE-10-158 100.5 123.0 22.5 1.347
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RCHE-10-159(ii) 99.0 114.0 15.0 2.721
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RCHE-10-159 181.5 195.0 13.5 0.680
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RCHE-10-160 192.0 217.5 25.5 2.467
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includes 195.0 208.5 13.5 3.682
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RCHE-10-161 178.5 204.0 25.5 1.646
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includes 192.0 199.5 7.5 3.042
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RCHE-10-162 193.5 220.5 27.0 2.176
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RCHE-10-163 No significant intervals
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RCHE-10-164 51.0 61.5 10.5 0.636
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RCHE-10-164 168.0 177.0 9.0 0.458
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RCHE-10-165 19.5 39.0 19.5 0.622
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RCHE-10-165(ii) 49.5 102.0 52.5 1.436
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RCHE-10-165(ii) 130.5 157.5 27.0 1.704
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(i) no return from 19.5-21.0 meters
(ii) one, 1.5 meter interval, assay cut to 10 grams Au/tonne, for grade
calculation
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About Esperanza
Esperanza is a gold and silver company focused on advancing the
development of its two principal properties: the 100%-owned Cerro
Jumil gold project in Morelos State, Mexico and the San Luis gold
and silver joint venture in Peru. It also holds an extensive
portfolio of exploration properties in Mexico and Peru.
QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President
of Exploration, Esperanza Silver Corp. is the Qualified Person (QP)
under NI 43-101 responsible for the Cerro Jumil exploration
program. He has verified the drill results and other data disclosed
in this news release, including sampling, analytical and test data.
Field work has been conducted under his supervision. All samples
were submitted to ALS Chemex laboratories for analysis in
Vancouver, Canada. Gold samples were analyzed by fire assay and
atomic absorption spectroscopy with a 30 g nominal sample weight.
Silver is analyzed by induction coupled plasma - atomic emission
spectroscopy (ICP-AES). A description of quality control and
quality assurance protocols can be found at:
http://www.esperanzasilver.com/protocols.php.
SAFE HARBOR: Some statements in this release are forward-looking
in nature. The United States Private Securities Litigation Reform
Act of 1995 provides a "safe harbor" for certain forward-looking
statements. Such statements include statements as to the potential
of the Cerro Jumil property, the ability to finance further
exploration, permit drilling and other exploration work, and the
availability of drill rigs. The forward-looking statements involve
risks and uncertainties and other factors that could cause actual
results to differ materially, including those relating to
exploration and bringing properties into production. Please refer
to a discussion of some of these and other risk factors in
Esperanza's Form 20-F filed with the U. S. Securities and Exchange
Commission. The forward-looking statements contained in this
document constitute managements' current estimates as of the date
of this release with respect to the matters covered herein.
Esperanza expects that these forward-looking statements will change
as new information is received and that actual results will vary,
possibly in material ways. Forward-looking statements are based on
the beliefs, expectations and opinions of management on the date
the statements are made, and the company does not assume any
obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change. For
these reasons, investors should not place undue reliance on
forward-looking statements.
RESOURCES: The terms "measured resource", "indicated resource"
and "inferred resource" used in this news release are Canadian
geological and mining terms as defined in accordance with National
Instrument 43-101, Standards of Disclosure for Mineral Projects of
the Canadian Securities Administrators under the guidelines set out
in the Canadian Institute of Mining, Metallurgy and Petroleum (the
"CIM") Standards on Mineral Resources and Mineral Reserves, adopted
by the CIM Council as may be amended from time to time by the CIM.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. We advise U. S. investors that
while such terms are recognized and permitted under Canadian
regulations, the SEC does not recognize them. U. S. investors are
cautioned not to assume that any part or all of the mineral
deposits in the measured, indicated, and inferred categories will
be converted into reserves.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Esperanza Silver Corporation Bill Pincus President and
CEO (866) 890 5509 info@esperanzasilver.com
www.esperanzasilver.com
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