|
|
|
 Esperanza Silver Acquires New Peruvian Project, Grant of Stock OptionsMay 7, 2004 Esperanza Silver Corporation (the "Company" or "Esperanza") is pleased to announce that it has acquired Estrella, a new exploration project in Peru. It consists of 400 hectares covering known outcrops of silver and copper bearing sandstones. Esperanza is also in the process of acquiring, through staking, an additional land which surround the new concessions. Surface mineralization is strata bound within a Permian-age sandstone unit. Outcrops and prospect pits show surface mineralization along a band two kilometers long within the sandstone. This is open along both ends. Three reconnaissance rock-chip samples collected by Esperanza returned values between 19.3 to 73.6 grams of silver per tonne (0.6 to 2.1 ounces per ton) and 0.72 to 2.99% copper. These are similar to results obtained from the property owner in previous sampling. The prospect is considered to be grass-roots.1 The Company acquired the core concessions under an option-to-purchase agreement with a local prospector. Under the terms of the agreement Esperanza must make the following payments to maintain its option: May 5, 2004 US$ 7,000 (Paid) 1st Anniversary US$ 10,000 2nd Anniversary US$ 15,000 3rd Anniversary US$ 25,000 4th Anniversary US$ 40,000 5th Anniversary US$500,000 (Final purchase price)
"This provides one more prospect for Esperanza to move into its exploration pipeline assuring a continuous project flow. Although early in its development, it demonstrates wide-spread mineralization. We look forward to moving Estrella forward." said William Pincus, Esperanza's President. Grant of Stock OptionsEsperanza announces that pursuant to the Company's stock Option Plan, 80,000 stock options exercisable at $0.58 per share for a period of five years have been granted to an officer, and a consultant of the Company. For further information contact: William Pincus The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release 1 William Pincus, C.P.G., President, is the Qualified Person as defined by N.I. 43-101 Standards of Disclosure for Mineral Projects responsible for the Estrella exploration program. He has verified the data disclosed in this news release including sampling and analytical data. Field work has been conducted by Esperanza personnel under his supervision. All samples were submitted to ALS Chemex laboratories in Lima, Peru. Samples were analyzed by Atomic Absorption Spectroscopy after multi-acid digestion. Quality control samples have not been analyzed. |
