Esperanza Resources Corp. (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) is pleased to
provide this update on its Cerro Jumil, Mexico project. Highlights of recent
drill results include:




--  Drill Hole RCHE-11-212 intersected 52.5 meters containing 0.9 grams of
    gold per tonne. 

--  Drill Hole RCHE-11-214 intersected 61.5 meters containing 1.6 grams gold
    per tonne. 

--  Drill Hole RCHE-11-215 intersected 27.0 meters containing 1.30 grams
    gold per tonne. 



Complete results are in the accompanying table and drill hole locations are
shown on the accompanying map. A detailed drill hole plan map
(http://www.epzresources.com/cerrojumil_drillholelocationsdetail.php) can be
found on the Company's website.


All drill holes were drilled to find extensions of the Las Calabazas gold zone.
This is one of the three principal and contiguous gold zones that currently
comprise the gold resource. Mineralization has now been extended an additional
100 meters down dip. Results from the current drilling will be used in the
future to estimate an updated resource in conjunction with a bankable
feasibility study.


Present work is now focused on exploration of the Southwest Extension area - a
potential new gold resource area described in a News Release dated October 17,
2011 (http://www.epzresources.com/release.php?R_ID=280), as well as the
Colotepec target.


Preparing for Feasibility

As a result of the successful conclusions reached in a recent Preliminary
Economic Assessment of the Cerro Jumil project (News Release dated September 13,
2011 (http://www.epzresources.com/release.php?R_ID=280)) the Company has decided
to complete a bankable feasibility study. To that end the Company, along with
its metallurgical consultants, is designing an extensive program to decisively
examine various processing alternative. The main focus of the testing will be on
analyzing crushed versus uncrushed (run-of-mine) heap-leach scenarios for gold
recovery. The Company also expects to begin a geotechnical drill program to
provide data for engineering of pit slopes and various facility foundations.
Esperanza intends to complete the feasibility study by late 2012.


A total of 8236 meters of drilling has now been completed since the start of the
current campaign for a project total of 49,818 meters. The updated Preliminary
Economic Assessment completed by Golder Associates, demonstrated a proposed mine
would produce 103,000 gold ounces annually at a cash cost of US$499 per ounce.
Initial capital, including pre-stripping, is estimated to be US$114 million. The
on-going drill program is designed to evaluate areas adjacent to the known
resources and to fill-in those areas now classified as inferred resource. Much
of the fill-in drilling is now complete.


Additionally the Company has identified a further 6 drill targets within a 10 km
radius of Cerro Jumil. Work has begun on securing necessary government and
community approvals to begin their exploration.


About Esperanza

Esperanza is focused on advancing the development of its principal property, the
wholly-owned Cerro Jumil gold project in Morelos State, Mexico. It is also
actively investigating 11 other exploration interests in Peru and Mexico. In
October of 2010 it announced a strategic investment which resulted in a 28%
interest in Global Minerals Ltd. (TSX VENTURE:CTG), owner of the Strieborna
silver/copper project in Roznava, Slovakia.


QUALIFIED PERSON: William Bond, CPG and Vice-President, Esperanza Resources 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.epzresources.com/protocols.php.


SAFE HARBOUR: Some statements in this release are forward-looking in nature. The
United States Private Securities Litigation Reform Act of 1995 provides a "safe
harbour" 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.


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 and indicated categories will be converted into reserves.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States of America. The
securities have not been and will not be registered under the United States
Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S. Persons (as
defined in the U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws, or an exemption from such registration
is available.




----------------------------------------------------
            Cerro Jumil RC Drill Results            
                    October 2011                    
----------------------------------------------------
                                               Grade
                  From        To  Interval    (grams
Drill Hole    (meters)  (meters)  (meters)  gold/tn)
----------------------------------------------------
RCHE-11-209         No significant intervals        
----------------------------------------------------
RCHE-11-210         No significant intervals        
----------------------------------------------------
RCHE-11-211         No significant intervals        
----------------------------------------------------
RCHE-11-212      193.5     246.0      52.5      0.90
----------------------------------------------------
includes         195.0     220.5      25.0      1.36
----------------------------------------------------
RCHE-11-213      132.0     138.0       6.0      0.93
----------------------------------------------------
RCHE-11-213      181.5     189.0       7.5      2.43
----------------------------------------------------
RCHE-11-213      301.5     330.0      28.5      1.31
----------------------------------------------------
RCHE-11-214      319.5     381.0      61.5      1.55
----------------------------------------------------
includes         324.0     340.5      16.5      3.86
----------------------------------------------------
RCHE-11-215       96.0     103.5       7.5      0.98
----------------------------------------------------
RCHE-11-215      192.0     219.0      27.0      1.28
----------------------------------------------------
includes         201.0     211.5      10.5      2.44
----------------------------------------------------
RCHE-11-216         No significant intervals        
----------------------------------------------------



To view 2011 Drill Hole Location Map, visit the following link:
http://media3.marketwire.com/docs/2011_Drill_Hole_Location.jpg
Esperanza Resources Corp. (TSXV:EPZ)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Esperanza Resources Corp. Charts.
Esperanza Resources Corp. (TSXV:EPZ)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Esperanza Resources Corp. Charts.