Cerro Jumil: Esperanza Completes Drill Campaign
07 July 2010 - 9:00PM
Marketwired
Esperanza Silver Corporation ("Esperanza") (EPZ) (TSX VENTURE:
EPZ)(PINK SHEETS: ESPZF) announces the final results of its
recently completed drilling campaign at its 100% owned Cerro Jumil
gold project in Morelos State, Mexico. Highlights of the drill
results include:
-- Drill Hole RCHE-10-139A intersected 40.5 meters containing 1.7 grams of
gold per tonne including a 9.0 meter interval containing 4.5 grams gold
per tonne.
-- Drill Hole RCHE-10-171 intersected 28.5 meters containing 1.5 grams gold
per tonne.
-- Drill Hole RCHE-10-170 intersected 82.5 meters containing 1.0 grams gold
per tonne.
Complete results are in the accompanying table.
All drill holes are in the Las Calabazas area. The current drill
program has now been completed with a current total of 41,750
meters in 251 holes since the beginning of the project. The Company
is now in the process of updating the existing resource estimate
for the Cerro Jumil deposit (see News Release October 1, 2008).
Results of this estimate are anticipated prior to the end of the
third quarter of 2010.
Additionally, the Company has shipped a 15 tonne metallurgical
sample to McClelland Laboratories in Nevada. Advanced testing
includes pilot scale column leach testing to determine anticipated
heap leach gold recoveries of different size material including
run-of-mine (or uncrushed) rock. This, combined with other planned
testing, will provide the required data for final design criteria
and environmental planning.
The drilling at Cerro Jumil is 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 addition
to the advanced metallurgical testing includes: 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 successfully working with the local stakeholders as the
project advances. This effort is important to the success of the
project.
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Cerro Jumil Drill RC Holes
July 5, 2010
---------------------------------------------------------------
From To Interval Grade
Hole (meters) (meters) Length (grams Au/tonne)
---------------------------------------------------------------
RCHE-10-166 No significant intervals
---------------------------------------------------------------
---------------------------------------------------------------
(i)RCHE-10-167 48.0 75.0 25.5 0.528
---------------------------------------------------------------
---------------------------------------------------------------
RCHE-10-168 64.5 72.0 7.5 0.617
---------------------------------------------------------------
---------------------------------------------------------------
RCHE-10-169 49.5 73.5 24.0 1.130
---------------------------------------------------------------
---------------------------------------------------------------
RCHE-10-170 13.5 96.0 82.5 0.961
---------------------------------------------------------------
---------------------------------------------------------------
RCHE-10-139A 1.5 42.0 40.5 1.726
---------------------------------------------------------------
includes 10.5 19.5 9.0 4.495
---------------------------------------------------------------
---------------------------------------------------------------
RCHE-10-171 0.0 28.5 28.5 1.467
---------------------------------------------------------------
---------------------------------------------------------------
RCHE-10-172 229.5 243.0 13.5 0.913
---------------------------------------------------------------
---------------------------------------------------------------
RCHE-10-173 135.0 144.0 9.0 0.475
---------------------------------------------------------------
---------------------------------------------------------------
RCHE-10-174 81.0 118.5 37.5 0.983
---------------------------------------------------------------
(i) no sample from 51.0-52.5 meters
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 Corp. Bill Pincus President and CEO
Toll free: (866) 890 5509 info@esperanzasilver.com
www.esperanzasilver.com
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