Mexoro Minerals Ltd.
Mexoro Minerals Enters Into Negotiations For Project Financing
Mexoro Minerals Ltd. / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- CHIHUAHUA, MEXICO – NOVEMBER 17, 2008 – Mexoro Minerals Ltd. Enters Into Negotiations For Project Financing With Minera Rio Tinto Mexoro Minerals Ltd. (MXOM.OB) (Frankfurt: OYA1) is pleased to announce that it has entered into negotiations for project financing with Minera Rio Tinto, a private well funded Mexican corporation with existing mining operations in Mexico. The financing is to be used to initiate production at Mexoro’s Cieneguita project as well as to complete a feasibility study on the property. Mario Ayub, President of Minera Rio Tinto has resigned his position as an officer and director of Mexoro Minerals to ensure that there is no conflict of interest. Mexoro has appointed Juan Manuel Flores Carrillo, MSc to replace Mr. Ayub on the Board of Directors. Mr. Flores is currently the general manager for Mexican operations for Constellation Copper Corporation. His experience in the mining industry over the past 30 years includes general management, mining operation management, feasibility studies, metallurgy, geology, design, engineering, planning, cost control, accounting, finance, quality control, environmental, supervision and project management during construction and his joining of board will bring a wealth of experience to the company. Barry Quiroz, Mexoro’s VP Exploration has been appointed as President of the Company. Mr. Quiroz is formerly with BHP-Billiton (17 years) spending the last 2 years with BHP managing their East Asia exploration programs. Mr. Quiroz and the exploration team that he has assembled are responsible for the major discovery that Mexoro has made at its Cieneguita project. Mr. Ayub states, 'MRT has entered into negotiations for the project financing with Mexoro because we believe in the tremendous opportunity of the Cieneguita project. With the help of MRT, the project can be put into production in the first quarter of 2009, generating significant positive cash flow and allowing Mexoro to continue with its exploration plan.' About Mexoro: Mexoro Minerals Ltd. is an exploration company focused on exploring for precious metals in the traditionally mineral rich Sierra Madre region of Chihuahua, Mexico which controls three historical gold-silver mines for which additional exploration has confirmed significant mineral potential. Dana C. Durgin, M. Sc. Economic Geology has recently calculated an inferred mineralization of 14.86 million tons @ 2.12 g/t gold equivalent on the Cieneguita property. The Company also has claims on additional properties, in the state of Chihuahua. The qualified person who has done the geologic modeling and the resource calculation is Dana C. Durgin, M. Sc. Economic Geology. He is a Certified Professional Geologist (CPG #10364) with the American Institute of Professional Geologists, and a Registered Professional Geologist in Wyoming (PG-2886). This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as 'anticipates,' 'believes,' 'estimates,' 'expects,' 'plans,' 'intends,' 'potential' and similar expressions. These statements reflect the Company’s current beliefs and are based upon information currently available to it. No assurance can be given that the financing will close and funds will be available to Mexoro Minerals to put the Cieneguita property into production and fund a feasibility study. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements. Cautionary Note to US Investors: All mineral material have been calculated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101, commonly referred to as NI 43-101. U.S. SEC reporting requirements for disclosure are governed by SEC Industry Guide 7. NI 43-101 and Industry Guide 7 differ materially. The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as 'reserves,' 'resources,' 'geologic resources,' 'proven,' 'probable,' 'measured,' 'indicated,' or 'inferred' which may not be consistent with the reserve definitions established by Industry Guide 7. U.S. investors are urged to consider closely the disclosure in our filings with the SEC. You can review and obtain copies from the SEC website at http://www.sec.gov/edgar.shtml Corporate Headquarters Mexoro Minerals Ltd. C. General Retana #706 Col. San Felipe C.P. 31203 Chihuahua Chih. Mx Investor Relations +52 (614) 426 5505 18.11.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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