VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/12 -- Silvermex Resources Inc. ("Silvermex") (TSX: SLX) announces underground drill results from its La Guitarra mine, located in the Temascaltepec Mining District in the State of Mexico. A total of 91 underground drill holes have been completed for a total of 7,636 m. This drilling completes the 7,500 m drill program proposed in 2011, which was designed to test the continuity of various structures underground throughout the La Guitarra Mine. Drilling is ongoing by two contractor rigs and two rigs owned by the mine.
Recent drilling continues to extend the limits of gold and silver mineralization in existing stopes and ore chutes, which will be mined in the immediate future. "As was reported in a news release on November 3, 2011, our underground program has been very successful in identifying the largest ore chute to date in the La Guitarra mine," commented Michael Callahan, Silvermex's President. "Our most recent drilling continues to extend this zone both laterally and vertically. This program has been very successful in extending the life of the La Guitarra mine and we will continue with an aggressive drill campaign into 2012."
The La Guitarra mine is divided into three sectors: the Northwest Zone, the Central Zone and the Southeast Zone. Drilling in the Northwest Zone is focused on delineation of mineralized shoots for future production, in up to four distinct ore shoots within the broad La Guitarra vein. Delineation drilling in the Northwest zone has identified mineralized structures within the broader La Guitarra vein structure, which will aid in guiding future mine development. The presence of high grade gold and silver mineralization in parallel structures to the La Guitarra Vein is highly encouraging as such zones have been very productive in the past. Follow-up drilling will investigate the full potential of these structures.
In the Southeast Zone, a total of 57 holes have been completed. Drilling has focused on extending the Southeast Zone down dip and defining the strike length and plunge of the ore shoot. Highlights of the results include hole LGS-10, which intercepted 2.0 m of 509.1 g/t Ag and 1.71 g/t Au, hole LGS-13, which intercepted 0.9 m of 586.3 g/t Ag and 0.14 g/t Au, hole LGS-16, which intercepted 1.1 m of 476.1 g/t Ag and 2.32 g/t Au, LGS-17 which intercepted 2.1 m of 406.2 g/t Ag and 1.09 g/t Au, and hole LGS-44, which intercepted 0.15 m of 1,154 g/t Ag and 8.9 g/t Au. All widths are true widths. As shown in the table below, widths and grades for the LGS series of holes in the Southeast zone are consistent.
Assays for 29 of the 91 holes are reported in the table below. Previous results were reported on September 28, 2011 and November 3, 2011 and can be viewed on the Company website www.silvermexresources.com. All significant drill intercepts (defined as any mineralization grading a minimum of 150 g/t Ag equivalent using factor of 1 gram Au = 56 gram Ag) are presented in the following table:
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True Ag
From To Width Width Au Ag Eq
Hole No (m) (m) (m) (m) (g/t) (g/t) (g/t)
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Northwest Zone
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GMU-09 37.90 38.60 0.70 0.60 3.700 60.00 267.20
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GMU-110 29.00 30.00 1.00 0.85 4.300 115.00 355.80
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GMU-112 2.35 3.60 1.25 1.20 0.700 169.00 208.20
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GMU-113 10.80 12.20 1.40 1.20 0.250 156.00 170.00
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GMU-115 13.50 14.15 0.65 0.60 1.292 161.62 233.98
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Southeast Zone
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LGS-09 48.60 49.20 0.60 0.50 0.393 127.60 149.61
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57.10 57.80 0.70 0.06 0.764 254.50 297.28
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69.00 70.90 1.90 1.60 1.973 88.93 199.43
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LGS-10 31.50 31.75 0.25 0.20 0.569 128.60 160.46
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63.85 64.70 0.85 0.75 0.441 124.80 149.50
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66.50 68.90 2.40 2.00 1.712 509.14 605.02
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LGS-11 29.00 29.25 0.25 0.20 2.298 475.70 604.39
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66.20 66.70 0.50 0.40 0.455 139.60 165.08
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LGS-13 105.40 106.60 1.20 0.90 0.138 586.25 593.98
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115.20 115.95 0.75 0.60 0.621 122.68 157.43
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LGS-14 117.50 118.15 0.65 0.50 0.154 330.02 338.64
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LGS-15 154.60 157.40 2.80 1.65 1.398 175.56 253.88
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159.60 161.80 2.20 1.30 1.380 118.89 196.14
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LGS-16 187.00 188.60 1.60 1.10 2.315 476.10 605.77
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LGS-17 154.60 157.90 3.30 2.10 1.092 406.15 467.29
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LGS-18 8 8.3 0.30 0.30 0.307 166.10 183.29
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60.45 60.55 0.10 0.10 1.423 112.60 192.29
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65.35 65.45 0.10 0.10 5.265 91.70 386.54
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LGS-19 55.50 58.45 2.95 1.97 0.587 198.48 231.37
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60.15 62.30 2.15 1.44 0.734 131.14 172.25
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LGS-20 60.95 61.30 0.35 0.27 0.284 140.00 155.90
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LGS-25 118.00 120.85 2.85 2.20 4.941 166.09 442.81
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132.20 132.50 0.30 0.15 0.490 322.60 350.04
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LGS-26 133.95 134.80 0.85 0.65 0.354 631.20 651.02
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LGS-30 78.70 79.00 0.30 0.20 0.062 289.30 292.77
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LGS-31 75.65 78.35 2.70 2.20 0.317 239.79 257.56
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108.00 108.35 0.35 0.20 0.611 165.40 199.62
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LGS-38 62.50 63.15 0.65 0.50 0.552 413.10 444.01
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LGS-39 48.00 48.85 0.85 0.70 0.261 147.20 161.82
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55.05 55.25 0.20 0.15 0.462 303.40 329.27
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64.70 66.75 2.05 1.80 0.252 176.10 190.21
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LGS-40 55.15 55.35 0.20 0.15 0.179 176.50 186.52
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LGS-44 59.20 59.40 0.20 0.15 8.899 1,154.50 1,652.84
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LGS-45 28.90 29.30 0.40 0.30 0.708 135.80 175.45
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LGS-46 37.20 38.15 0.95 0.80 0.112 203.10 209.37
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LGS-47 34.20 36.35 2.15 1.80 0.234 179.24 192.32
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Ag Eq = Ag Assay + 56 X Au Assay
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Sampling of the drill core was overseen by a Minera La Guitarra geologist who marked off the drill core at appropriate intervals based upon the geology and mineralization present. Sample intervals normally vary from 0.2 - 1.0 m in length. No sample exceeded 1.5 m in overall length. All core samples were sent to Inspectorate Labs sample preparation in Durango, Mexico. Assays for gold were done by 1 Assay Tonne Fire Assay AA Finish and 4 Acid ICP-AES for silver and other elements. Gold assays that exceed 5 g/t by AA are redone using a gravimetric finish. Silver assays in excess of 100 g/t are redone using Fire Assay Gravimetric. Four acid ICP analyses were conducted at the main laboratory of Inspectorate in Reno, Nevada, USA. The GMU series of drill holes were assayed at La Guitarra's own laboratory (Fire Assay Gravimetric Finish) with check assaying of pulps from intercepts with significant intercepts completed by Inspectorate. Certified standards, blanks, and duplicate samples were inserted in every batch of 20 samples sent to all laboratories.
Pursuant to National Instrument 43-101, Douglas Blanchflower, P. Geo., Geological Consultant to Silvermex, is the Qualified Person ('QP') responsible for the disclosure in this news release.
Company Profile
Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.
ON BEHALF OF THE BOARD
Duane Nelson, CEO & Director
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Management has assumed that these will be our major projects going forward. Risks include that we are unable to satisfy environmental or other regulators, that we determine that our resources are not commercially viable, or that we have difficulties due to unavailability of labour or equipment.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Silvermex Resources Inc.
Fiona Grant
Manager, Investor Relations
604-682-4004
www.silvermexresources.com
