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Genco Resources Ltd. has acquired the entire Temascaltepec Mining District land position as well as La Guitarra Mine, an operating gold and silver mine located within the District. The land position totals approximately 12,373 hectares and covers some 15 kilometers of an epithermal silver and gold vein system. The property is located via highway access approximately 2.5 hours drive from Mexico City.

Genco will utilize an aggressive development plan to expand mineable reserves within the existing mine and hopes to develop additional mines if the resultant drill programs warrant within the Temascaltepec District.

The company believes that the combination of cash flow from existing operations in conjunction with blue sky exploration provides an attractive investment opportunity.

Genco Resources Ltd.    GGC   (TSVX)

La Guitarra, Mexico State: Wheaton River Minerals Ltd. announced it has agreed to the sale of its La Guitarra silver/gold mine in Mexico to Genco Resources Ltd. ("Genco") for US$5 million, subject to regulatory approval on behalf of Genco. The US$5 million purchase price consists of US$100,000 cash and US$900,000 of Genco shares to be delivered on closing and US$4 million to be paid in cash or Genco shares, at Genco's option, over eight years.

La Guitarra is located 100 kilometres southwest of Mexico City, and is the smallest and highest cost of the mining operations acquired in connection with the Luismin acquisition, completed in June 2002. La Guitarra produced 13,400 gold equivalent ounces in 2002.

"This transaction will allow Luismin technical staff to focus on the continued growth and expansion of our other operations, and with Genco, La Guitarra will receive the attention required for a continued healthy operation," commented Chairman and CEO Ian Telfer.

WWWinfo Oct2703
Press Release 11Apr03