Esperanza Starts Expansion Drill Program and Begins Update of the Preliminary Economic Assessment Study for Its 100% Owned Cerro
April 20 2011 - 6:00AM
Marketwired
Esperanza Resources Corp. (TSX VENTURE: EPZ)(PINK SHEETS: ESPZF) is
pleased to announce that additional drilling has begun at its 100%
owned Cerro Jumil gold project in Mexico. The current program will
focus on expanding and upgrading the currently defined resource. It
will also further evaluate adjacent mineralized targets identified
in previous drill programs. Concurrently a detailed mapping and
rock/soil sampling program has begun on nearby prospects (within 5
kilometers) contained on the 15,000 hectare claim block.
Esperanza is also pleased to announce that the previously
completed Preliminary Economic Assessment (PEA) (NI 43-101
Technical Report, September, 01, 2009) will be updated to reflect
the most recent resource estimate (News Release September 16, 2010)
and new metallurgical information currently being completed. The
updated PEA will be done by Golder Associates Inc. with Mine
Development Associates and Lyntek Inc. providing design and cost
estimates for the mine and process areas respectively.
Cerro Jumil is an advanced project with over 41,000 meters of
drilling, pilot-scale metallurgical work and other completed
technical studies. It is currently envisioned as an open-pit,
heap-leach gold project. As previously announced the deposit
contains 935,000 gold equivalent ounces classified as measured and
indicated plus 233,000 gold equivalent ounces classified as
inferred.
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 35% interest
in Global Minerals Ltd. (TSX VENTURE: CTG), owner of the Strieborna
silver/copper/antimony project in Roznava, Slovakia. In March of
2011 the Company announced the sale of its minority interest in the
San Luis Joint Venture in Peru to Silver Standard Resources Inc.
for total consideration valued at approximately $30 million plus a
1% net smelter return royalty.
QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President
of Exploration, 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 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 management's
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.
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
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.
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.
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 Resources Corp. Bill Pincus President and
CEO Toll Free: 1-866-890-5509 info@epzresources.com
www.epzresources.com
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