Cerro Jumil Drilling Finds New Gold Mineralization
Drill Hole RCHE-09-111 intersected 25.5 meters containing 1.34 grams
gold per tonne.
Drill Hole RCHE-09-112 intersected 22.5 meters containing 1.09 grams of
gold and 16.5 meters containing 1.66 grams of gold per tonne.
Drill Hole RCHE-09-114 intersected 24 meters containing 1.09 grams of
gold per tonne.
Drill Hole RCHE-09-115 intersected 15.0 meters containing 1.37 grams of
gold per tonne.
Bill Pincus, Esperanza's President and CEO, commenting upon the drill results said, "These are very positive results as the drill holes are largely contained within the open pit defined by our recent Preliminary Economic Assessment. The drilling identifies new gold mineralization much of which falls in areas previously categorized as waste or inferred resource. This should result in not only additional resource ounces but a lowered strip ratio.
"The drilling is between the Calabazas and Southeast zones, an area adjacent to the principal resource area and previously identified as prospective. The new gold mineralization confirms our geologic interpretation and increases our confidence that we will continue to find more. These are the first results of an on-going 15,000 meter program that will continue into the second quarter of this year. Once drilling is completed the resource model will be updated."
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 includes advanced metallurgical testing, geotechnical analysis, environmental baseline data collection and other efforts required to advance the project.
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