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Message: Signs Letter of Agreement to Sell Urique Project to Yale Resources
| February 18, 2009 |
| EXMIN Signs Letter of Agreement to Sell Urique Project to Yale Resources |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2009) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce that it has signed a Letter of Agreement to sell its Urique project to its joint venture partner, Yale Resources Ltd. (Yale). 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." About the Urique Project: 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 (please visit www.exmin.com to view project maps). 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 Urique project was the subject of an earn-in Option Agreement between EXMIN Resources Inc. and Yale Resources Ltd., whereby Yale could earn up to a 75% interest by making expenditures of US$4.5 million in exploration and issuing 1.5 million shares to EXMIN over five years. The companies were in year 3 of the joint venture, and Yale had invested nearly US$1.3 million in exploration. Under the terms of the Letter of Agreement, Yale has advanced US$75,000 so that EXMIN can bring the property payments up to date as of year end 2008. Yale will also take responsibility for US$148,000 in past expenditures at the project for which it owed EXMIN. EXMIN's Mexican subsidiary will cede the rights to its 100% owned concessions to Yale's Mexican subsidiary, comprising 10 concessions covering 28,830.7 hectares, subject to a 2% production royalty. EXMIN will also cede the rights to three exploration options on 6 concessions, covering 276.1 hectares, also subject to a royalty that ranges from 0.5% to 2% depending on the concession and the exploration results. Dr. Craig Gibson, PhD., Certified Professional Geologist, and Executive Vice President of Exploration, is the authorized professional geologist for EXMIN Resources Inc. and the direct manager of all technical programs and information on the part of EXMIN. Ian Foreman, P.Geo. is the Qualified Person for Yale Resources Ltd. and has reviewed this news release. |
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