QUEBEC, Dec. 5, 2006 (PRIME NEWSWIRE) -- Plexmar Resources Inc. (TSX-V:PLE) (the "Company") provides the following update to shareholders from its President, Guy Bedard:
Dear Shareholder, the Company has made significant progress in the past months. In northern Peru, spectacular high-grade gold exploration results from Bolsa del Diablo were obtained and the Company received a Supreme decree to operate near the Ecuadorian border.
The airborne survey detected a large magnetic and potassic anomaly measuring 2.5km x 2.8km coincident with a mapped intrusive body. The ground geophysical program over the 6 sq. kms alteration zone is on-going and should be completed shortly. Preliminary results from the IP program indicate that high resisitivity is consistent with silicification associated with the veins. At 100 meters of depth, the resisitivity decreases and the chargeability increases. This may represent an increase in sulphide mineral content that would be consistent with a gold bearing alteration system which is the target the Company is exploring for. A PIMA sampling program over the zone is also near completion. Application for a drill permit has been submitted and a drill contractor has been located and is on standby.
Presidential Elections in Ecuador
The Company does not believe that the election of Rafael Correa will adversely affect its ability to explore and develop its projects in Ecuador. The country has become a major focus globally of mining explorers because of recent large discoveries and untapped mineral potential. Well before the present great interest developed, Plexmar staked a significant amount of land in northern Peru and, more recently, southern Ecuador. Plexmar and its local partners fully expect to pursue its great relationship with the Ecuadorian government
In southern Ecuador, the Company acquired 841 km2 of prime land adjoining Aurelian and Corriente. Geological crews are currently on the ground doing the preliminary mapping and prospecting in the vicinity of the 396 g/t Au sample located some 6 kms northwest of Aurelian's Fruta del Norte deposit. Assays will be released shortly.
We are very confident about the Company's prospects and continue to work to generate value for our shareholders.
Guy Bedard President and Chairman
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
About Plexmar
Plexmar is a publicly listed junior mining exploration Company (TSX.V:PLE) with properties in Peru and southern Ecuador. It holds over 220 km2 of land in northern Peru at the Bolsa del Diablo project and over 840 km2 in the cordillera del Condor in southern Ecuador near Aurelian and Corriente.
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.