March 20, 2007
News Release
Hemis Corporation (the "Company") (OTCbb: HMSO, Frankfurt: XZA) is pleased to announce it has signed an Earn-In agreement with Goldcorp Inc. (TSX:G)(NYSE:GG) through its Mexican subsidiary Glamis Exploration S.A. de C.V ("Goldcorp") and Corex Gold Corp (TSX-V: CGE). Under the Agreement Goldcorp has the right to earn up to an 80% interest in Corex's Santa Rita and Zuloaga (collectively "Santa Rita") concessions in the states of Zacatecas and Coahuila.
Goldcorp is the world's second largest gold company.
The Santa Rita Property encompasses 39,878 hectares and is located in the Sierra Madre Oriental which is approximately 15 km from Goldcorp's Penasquito deposit. The Santa Rita property is also near the Concepcion del Oro mining district. Past production from this district is estimated at 250 million ounces of silver and 1.5 million ounces of gold. Concepcion del Oro produced gold and silver from a variety of deposit styles including skarns, mantos, breccias and disseminated deposits in favorable lithologies.
Goldcorp's Peñasquito property as of June 2006 has proven and probable gold reserves at totaling 9.98 million ounces. Silver reserves were 575 million ounces while lead and zinc totaled 1.67 million tonnes and 3.62 million tonnes respectively. Initial mine start up is expected in late 2008 with full production reached by late 2009.
Norman Meier, President of Hemis Corp., states, "With the advance towards production at Goldcorp's Penasquito mine we are extremely pleased to have a company of Goldcorp's reputation and experience working our landholdings in Mexico. The progress at Santa Rita is extremely encouraging and together with the ongoing work programs at Hemis' other projects in Mexico, El Tigre and La Cenitlla, Hemis' Resource Unit continues to maximize shareholder value ."
The Earn-In agreement provides that Goldcorp can Earn-In to a 70% interest in the Zuloaga property by spending US$4,000,000 over a 5-year period and paying Corex US$150,000 over an 18 mo. period. Goldcorp shall have the option to increase its interest from 70% to 80% upon paying 100% of the expenditures associated with placing the Property or any part thereof, into commercial production based on a mine development project approved for all or part of the property, with 20% to be repayable to Glamis from Corex Sub's related project cash-flows, or arranging the proportionate share of a debt financing.
In connection with entering into the Earn-In Agreement, Corex and Hemis Corporation agreed to replace Hemis' option to acquire a 49% interest in Corex's Santa Rita property (June 26, 2006) with an option to acquire a 49% interest in Corex's interest in the Santa Rita property upon payment to Corex US$950,000 and 200,000 shares of Hemis over 2 years.
About Hemis Corporation
Hemis Corporation is a precious metals exploration company trading on the OTCBB under the symbol HMSO and listed on the Frankfurt stock exchange under the symbol XZA. Hemis Corporation is comprised of both a resource division and a resource investment unit. Hemis' high profile team is focused on evaluating gold projects with strong potential. The resource investment unit is actively reviewing other natural resource companies for joint ventures and investment.
Hemis is incorporated in Nevada, USA with its head office in Zurich, Switzerland and a North American corporate communications office in Vancouver, Canada. Led by an experienced team of exploration geologists and financial professionals, this company has extensive international capital markets experience and proven track records.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to commencement of drilling operations, concentration in mineral deposits, delays in testing and evaluation of ore samples, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Hemis Corporation
Norman Meier +41 43 355 0228
President
www.hemiscorporation.com
Hudson Capital, 1-604-662-3910
Investor Relations
www.hudsoncapital.ca
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