EXMIN Signs Letter of Agreement to Sell Urique Project

VANCOUVER, BC - EXMIN Resources Inc. reported that it has signed a Letter of Agreement to sell its Urique project to its joint venture partner, Yale Resources Ltd. Yale has agreed to pay US$250,000 and issue 1 million shares to EXMIN. Yale has also agreed to assume responsibility for approximately US$148,000 of project expenditures that EXMIN incurred in the first half of 2008 as project operator at Urique. EXMIN will transfer its 100% owned concessions and three option agreements to Yale, and will retain a production royalty ranging from 0.5% to 2%.
Karl Boltz, Founding President, CEO and Director of the EXMIN, stated, "This is a win-win deal for the companies. EXMIN will be able to pay off amounts owed that are related to operation of last year's drill program as well as those related to the concessions, while keeping an interest in the project and in Yale, and Yale will be able to continue its exploration of the project at its own pace. EXMIN has implemented a cost reduction program to weather the financial crisis, and this is a major step forward."
The Urique project is located in the prolific Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico, and includes sixteen concessions covering 29,100 hectares. The project includes the town of Urique, an historic silver producing area similar to nearby Batopilas. The project land package abuts the properties surrounding several active exploration and mining projects, including Goldcorp's El Sauzal mine, and exploration properties of Dia Bras, Paramount Gold and Silver, and Kimber Resources. Paramount's Andrea project and Kimber's Monterde project land packages were staked up to the Urique project land boundaries.
The company’s address is 1066 West Hastings Street, Suite 2000 Vancouver, BC V6E 3X2, (866) 493-9646, fax: (604) 806-6112.