SAINTE-FOY, Quebec, Feb 22, 2007 (PrimeNewswire via COMTEX News Network) --
Plexmar Resources Inc. (TSX-V:PLE) is pleased to report an exploration update from the Escondida project in southeastern Ecuador.
A preliminary, non systematic, conventional stream sediment survey was carried out in December 2006 and has been recently compiled. It consisted of 34 stream sediment samples covering concessions Escondida III and Escondida IV, taken in the drainage system surrounding a series of plateaux between the Zamora and Nagaritza rivers.
During sampling, a review of the geological units was done at the sampling sites.
On Escondida IV, the government geological map previously showed the Zamora batholith covering most of the concession. After field review, the Misahualli volcanic and tuff unit, the same volcanic unit hosting Aurelian's Fruta del Norte deposit, was observed in numerous outcrops and boulders in the southern part of Escondida IV and northern part of Escondida III and covers most of the concession. The map can be found on the company's website www.plexmar.com
The geochemistry results behavior may be explained by the revision of geological units:
* In the Zamora batholith, gold in stream sediments is usually very low (less than 10ppb) * In the general area where the volcanic unit was observed, gold values in stream sediments were higher, between 14 and 47 ppb, with three higher values (91 ppb, 319ppb, 600ppb).
Higher values are distributed in three different drainage systems in the northeastern section of Escondida IV.
"This is very significant as we can now say that on Escondida IV, we have the same volcanic unit as Fruta del Norte, located 20 kms away, and there is gold in the streams running down from this unit. We hope the next phase of work will locate the source of gold on the higher plateaux," says Guy Bedard, president.
Detailed follow-up work will help define the newly discovered potentially gold-bearing geological environment. A systematic stream sediment sampling and mapping program will be undertaken shortly and will cover most of the Escondida concessions.
Samples were assayed by ALS Chemex in Lima, Peru. Stephane Amireault, P.Eng, acted as the QP for the preparation of this release and is in charge of the field exploration programs in Ecuador.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
About the Escondida project
The Escondida project represents one of the largest land positions in the Cordillera del Condor near Aurelian Resources' Fruta del Norte gold discovery. The project covers 84,110 hectares (841.1 km2) and borders Aurelian's large land package on the western flank and north of Corriente Mirador project. Fruta del Norte is believed to be the most significant gold discovery made by a junior miner in over a decade. Corriente is planning to produce annually 250 million lbs. of copper starting in 2008.
During its due diligence process on the Escondida I and II concessions, Plexmar took 44 samples, 12 returned anomalous values of gold and the best values were: 14.2 g/t, 38.4 g/t, 91.4 g/t and 396.0 g/t Au confirming the high potential of the area. The samples are located on the Escondida II concession adjacent to Aurelian's ground and approximately 8 kilometers northwest of Fruta del Norte.
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
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