PR Dec. 18, 06 Phase 3 drill start, C. Jumil
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Mon Dec 18, 2006
Esperanza Begins Phase 3 Drilling at Cerro Jumil Gold Property
Vancouver, B.C.: Esperanza Silver Corporation ("Esperanza" or "the Company") is pleased to announce that Phase 3 drilling has begun at its wholly-owned Cerro Jumil gold project in Morelos State, Mexico. A diamond core rig arrived on site in the last week of November and a second reverse-circulation drill rig is now being mobilized.
During 2005 and earlier in 2006 the Company completed 31 diamond-drill holes for a total of 4,850 meters. This drilling defined two major areas of gold mineralization, the West and Southeast zones, which extend for 350 meters and 600 meters, respectively, and to a depth of 200 meters. Both zones are open along their northern and southern extensions and at depth.
The planned Phase 3 program consists of drilling along the West and Southeast zone extensions combined with in-fill drilling in the mineralized sections. The program is budgeted at $1.5 million and is expected to be completed by the second quarter of 2007.
Cerro Jumil is a potential bulk-tonnage heap-leach gold project where preliminary metallurgical test work has indicated good gold recovery in bottle-roll tests. As part of the current program, material will be collected from core holes for column heap-leach recovery tests.i
Completes Transaction
In related news, Esperanza announces that it has finalized the previously disclosed agreement (October 2, 2006) to complete the acquisition of the Cerro Jumil mineral concessions from Recursos Cruz del Sur S.A. All regulatory approvals have been received and the title to the concessions has been registered in Esperanza's name. The Company has completed the payment of $CDN 417,375 and the issuance of 500,000 shares. |
