Sept. 19, 06 PR, Prop. Update
tinyurl.com
Tue Sep 19, 2006
Esperanza Provides Projects Update
Esperanza Silver Corporation provides the following update on its activities at the San Luis, Peru and Cerro Jumil, Mexico projects.
San Luis
The Company is now in the process of completing the construction of access roads for its initial drill program on the San Luis site. A 4000 meter diamond-core program is planned and the drill-rig is on site. The first drilling will test the Ayelén and Inés veins as well as a newly discovered stockwork zone between the two veins.
Unanticipated heavy-equipment problems have resulted in the delay of the start of drilling activity. The Company has now contracted SVS Engineers, a Peruvian engineering and construction company, to supervise road construction and logistics. New personnel and equipment are now in place at the project and work is advancing at a more rapid pace.
Previously published channel sampling results on the two veins (News Release June 22, 2006) has made known two high-grade zones of gold and silver. Continuous mineralization on the Ayelén vein is found along a 350 meter strike length, averages 3.25 meters wide and contains 52 grams per tonne of gold and 1077 grams per tonne of silver. Continuous mineralization on the Inés vein is found along a 75 meter length and contains 16 grams per tonne of gold and 407 grams per tonne of silver. The two veins are separated by approximately 100 meters.(i)
A report compliant with the requirements of National Instrument 43-101 has been completed and is available through SEDAR.
The project is held in a 50%-50% joint-venture with Silver Standard Resources Inc. Silver Standard is currently funding the next US$500,000 on-going exploration to earn an additional five percent interest.
Cerro Jumil
Cerro Jumil is the Company's 100% owned bulk-tonnage gold project in southern Mexico. To date over 5000 meters of drilling have been completed outlining multiple zones of gold mineralization. This includes the Southeast zone which extends for over 600 meters in length and is open along both its north and south extensions.
Geological mapping, rock-chip sampling and a geophysical survey have been completed during the summer months. Analysis of this work have resulted in the Company refining new drill targets, particularly in the southern extension of the Southeast zone. Preliminary metallurgical tests have been completed on material collected from the Southeast zone. Gold recovery in bottle-roll tests have varied from 88 to 95 percent depending on grind size and reagent strength. These are similar to results received earlier for the West zone and indicate the amenability of gold to standard processing techniques. The Company and its consultants are now planning follow-up tests.(ii)
In addition the Company has amended community agreements and applied for additional work permits to allow for expanded drilling. A number of drill sites are now prepared and the company is in negotiations to contract both a core and reverse circulation drill rig. New drilling will consist of step-outs to expand the extent of the known mineralized zones and in-fill drilling to allow sufficient data for resource estimation.
About Esperanza
Esperanza is an exploration company focused on precious metals and is founded on the experience and success of its management and field teams in discovering ore bodies. Its properties include the San Luis high-grade gold and silver discovery in central Peru and the 100%-owned Cerro Jumil bulk tonnage gold prospect in Morelos State, Mexico. It has other exploration interests in Peru, Mexico and Bolivia. The Company's objective is to take properties up to the resource definition stage and then find partners to take them into production.
Safe Harbor
Some statements in this presentation 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 San Luis and Cerro Jumil properties and other exploration properties. 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 these and other risk factors in Esperanza's Annual Information Form filed with the Canadian regulators and Form 20-F filed with the US Securities and Exchange Commission.
The forward-looking statements contained in this presentation constitute management's current estimates as of the date of this presentation with respect to the matters covered herein. We expect that these forward-looking statements will change as new information is received and that actual results will vary, possibly in material ways. While we may elect to update this forward-looking information at any time, we do not undertake to do so.
- 30 -
For further information contact:
William Pincus
(303) 830 0988Tel
(303) 830 9098 Fax
wpincus@esperanzasilver.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release
(i) William Pincus, M.Sc., CPG. and President, Esperanza Silver Corp. is the Qualified Person (QP) under NI 43- 101 responsible for the San Luis exploration program. He has verified the data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted by Esperanza personnel under his supervision. All samples were submitted to SGS laboratories in Lima, Peru for analysis. Samples were analyzed by ICP analysis and fire assay. A description of quality control and quality assurance protocols can be found at esperanzasilver.com.
(ii) 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 La Esperanza exploration program. He has verified the 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 in Vancouver, Canada for analysis. Gold samples were analyzed by fire assay and atomic absorption spectroscopy with a 30 g nominal sample weight. A description of quality control and quality assurance protocols can be found at |
