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Message: Genco Discontinues U.S. District Court of Arizona Litigation

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Genco Discontinues U.S. District Court of Arizona Litigation

posted on Jan 15, 09 12:08PM

January 15, 2009

Genco Discontinues U.S. District Court of Arizona Litigation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2009) - Genco Resources Ltd. (TSX:GGC) ("Genco") has discontinued its legal action (as previously announced in a news release dated January 6, 2009) in the U.S. District Court of Arizona. As a majority shareholder of Chief Consolidated Mining Co. ("Chief"), Genco asserted certain 'derivative' claims on Chief's behalf against certain Chief's officers and directors.

The dismissal will enable Genco to comply with certain pre-suit demand requirements under Arizona's derivative litigation procedures, which stipulate that demand must first be served on Chief to take suitable action against the Defendants for alleged malfeasance against Chief. If Chief fails to do so, Genco may initiate proceedings against these officers and directors on behalf of Chief.

The U.S. Court action is in addition to a lawsuit filed in the Supreme Court of British Columbia against Andover Ventures Inc. ("Andover") for alleged breaches of agreements respecting Andover's purchase of shares representing a controlling interest in Chief from Genco.

About Genco Resources Ltd.

Genco's core asset is the producing La Guitarra silver-gold mine, located in the Temascaltepec Mining District of Mexico. La Guitarra Mine currently consists of two underground operation centres - La Guitarra and San Raphael - and a flotation mill with a proven capacity of 320 tonnes per day. Genco believes significant potential exists to expand production within the 39,714 hectares of mining concessions it currently owns or leases in the Temascaltepec Mining District.

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