Esperanza Drills 58.5 Meters of 1.2 GPT Gold and 52.5 Meters of 1.4 GPT Gold at Cerro Jumil
June 03 2010 - 9:00PM
Marketwired Canada
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.
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