EXMIN/Yale Drilling Makes Significant Gold-Silver Discovery at Cerro Colorado, Urique Project, Chihuahua, Mexico

EXMIN Resources Inc. (EXMIN) (TSX VENTURE: EXM) is pleased to announce that assay results have been received for the nine holes of the diamond drill program at the Cerro Colorado target, Urique project. Most of the holes intersected interesting precious metals values. Hole UCC-08-8 cut 4.6 metres with 0.98 grams per metric ton (g/t) gold and 162.2 g/t silver within a wider 9.2 metre interval with 0.51 g/t gold and 96.5 g/t silver (see table of assays below).

The drill program was completed in early May for a total of 1,706.2 metres of core in eleven holes (see Yale News Release of May 9, 2008). Nine of the holes tested the Cerro Colorado target area for a total of 1,363 metres, and two holes totalling 343 metres were drilled at the San Pedro target. EXMIN was the operator of the program, and utilized the core rig that was acquired by Globexplore Drilling and Exploration of Hermosillo, under an agreement for drilling services announced in a News Release of December 7, 2006.

Dr. Craig Gibson, Co-Founding Executive Vice President of Exploration for EXMIN, stated, "We have an important mineralized system at Cerro Colorado. These drill results are distributed over approximately 2 kilometres of strike length along the main structure. Several holes cut significant intervals of 2 to 6 ounce per ton silver equivalent, suggesting that there is potential to delineate a bulk tonnage silver-gold deposit. It is important that the best intercept, in hole UCC-08-8, tested the area between known surface occurrences at El Vergel and Mina Guadalupe, and that this is one of the deeper intercepts."

Cerro Colorado Target

The Cerro Colorado target is in the northern portion of the Urique project, and consists of a 2.5 kilometre long mineralized structural zone. Three areas of mineralization with past mining activity have been identified along the main structure, at El Vergel, Mina Guadalupe, and La Minitas (Ampliacion Guadalupe). Mapping and trenching revealed wide zones of silver-gold mineralization along the surface trace of the structure (see Yale News Release of February 15, 2007).

The drill program tested the structure over approximately 2 kilometres of strike length, at vertical depths ranging from 10 to approximately 150 metres. The structure appears to be widest in the north near the El Vergel mine (holes 1,2,7, and 8). To the south, the structure appears to be more restricted in width but with generally higher gold values (holes 3, 4, 5, and 9). Please see www.exmin.com for maps and sections from the Urique project.

About the Urique Project

The Urique project is located in the prolific Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico, next to the Barranca de Cobre (Copper Canyon) and includes sixteen concessions covering 29,100 hectares (please visit www.exmin.com to view project maps). The project includes the town of Urique, an historic, small scale, silver producing area, similar to Batopilas, and is within a region with several active exploration and mining projects including the El Sauzal mine (Goldcorp), and exploration properties of Dia Bras, Paramount Gold and Silver, and Kimber Resources. Paramount's Andrea project and Kimber's Monterde project land package were staked up to the Urique project land boundaries.

The Urique project is the subject of an earn-in joint venture between EXMIN Resources and Yale Resources, whereby Yale can earn up to a 75% interest. Yale may earn an initial 60% interest in the project by making expenditures of US $2.8 million in exploration and issuing 1 million shares to EXMIN over four years, and can earn an additional 15% interest by investing US $1.7 million in exploration and issuing 500,000 shares to EXMIN in the fifth year. EXMIN is the project operator.


Assay data for core holes from the Cerro Colorado Target
------------------------------------------------------------------------
               From        To     Width      Au         Ag      Ag equiv
Core Hole        (m)       (m)    (m)(1)   (g/t)      (g/t)      (g/t)(2)
------------------------------------------------------------------------
------------------------------------------------------------------------
UCC-08-01      5.00      9.00      4.00    0.08       40.7          44.9
              46.00     56.00     10.00    0.15       59.1          66.4
 including    50.00     56.00      6.00    0.23       86.0          97.4
 including    52.00     54.00      2.00    0.15      124.0         131.5
UCC-08-02     44.50     64.00     19.50    0.07       51.5          55.1
 including    48.30     60.00     11.70    0.11       70.3          76.0
 including    50.80     56.00      5.20    0.25      106.5         118.7
UCC-08-03     36.50     39.50      3.00    0.64       59.1          91.3
 including    37.40     39.20      1.80    1.04       82.2         134.3
UCC-08-04     19.35     23.40      4.05    0.08       58.8          62.8
 including    19.35     22.00      2.65    0.10       78.7          83.5
UCC-08-05     31.70     34.60      2.90    0.13       75.7          82.4
 including    32.10     33.20      1.10    0.28      154.1         168.2
UCC-08-06         No significant values; anomalous Ag over 40 m interval
UCC-08-07     50.50     70.60     20.10    0.07       18.3          21.5
 including    50.50     56.00      5.50    0.07       23.6          27.0
 including    50.50     52.00      1.50    0.18       34.3          43.4
 and          64.00     70.60      6.60    0.12       20.8          26.9
 Including    64.00     66.00      2.00    0.30       22.7          37.7
UCC-08-08    107.80    117.00      9.20    0.51       96.5         122.2
 including   109.80    114.40      4.60    0.98      162.2         211.4
UCC-08-09    149.90    156.80      6.90    0.48        5.2          29.1
 including   149.90    151.00      1.10    2.38       25.6         144.4
             162.00    168.90      6.90    0.34       10.6          27.7
 including   164.00    165.30      1.30    1.08       32.3          86.2
 including   164.00    164.30      0.30    2.99       89.7         239.2
------------------------------------------------------------------------

Data from holes 1 and 2 were released previously but have been modified
with additional data.
1-Widths are measured along the core axis; the holes were designed to be
  approximately perpendicular to the structure, but true widths have not
  been calculated.
2-Silver equivalent has been calculated using a 50:1 ratio in the metal
  prices using in situ values; variable recoveries and NSR have not been
  taken into account.