TORONTO, July 10, 2012 /CNW/ - Oremex Silver Inc. ("Oremex" or the "Company") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt: OSI) announced today that its Board of Directors has determined to defer,
until further notice, the payment of the dividend-in-kind of 14,000,000
common shares (the "Dividend") it holds in the capital of Oremex Gold
Inc. (TSX Venture: OAU) previously announced on April 2, 2012.
Due to current financial market conditions and its impact on the
Company's operations and current financial resources since the date the
Dividend was first declared, the Company does not presently satisfy the
technical corporate law requirements applicable to the payment of
dividends. As such, the Board of Directors is required to defer the
payment of the Dividend until such time as market conditions and the
financial outlook of the Company have improved.
The Company continues to explore initiatives directed at optimizing
operating margins and enhancing shareholder value. The Company will
issue a press release advising as to the specifics regarding these
items at such time as the Board of Directors deems appropriate and
necessary in connection with its continuous disclosure and Dividend
The Company further announces that Mr. Chris Marcus has resigned from
his position as a director of the Company to focus on other
commitments. "I want to thank Chris for his contributions to the
Company and wish him well in his future endeavors" said Mr. Michael
Smith, CEO of Oremex. Following the resignation, the board is
comprised of Messrs. John Carlesso, David Terry, David Prins and
About Oremex Silver Inc.
Oremex Silver Inc. is a Canadian company focusing on the exploration and
development of silver projects along the highly productive mineralized
belt in Mexico. The Company has a portfolio of silver projects
including a mineral resource of 50.8 million ounces of silver at its
Tejamen deposit. The Company's projects are located in mining-friendly
jurisdictions and the management team has successful track record of
mine development in Mexico.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute
forward-looking information, (collectively "forward-looking
information") within the meaning of Canadian securities laws.
Forward-looking information may relate to this news release and other
matters identified in Oremex Silvers' public filings, anticipated
events or results and can be identified by terminology such as "may",
"will", "could", "should", "expect", "plan", "anticipate", "believe",
"intend", "estimate", "projects", "predict", "potential", "continue" or
other similar expressions concerning matters that are not historical
facts and include, but are not limited in any manner to, those with
respect to capital and operating expenditures, economic conditions,
availability of sufficient financing, receipt of approvals,
satisfaction of closing conditions and any and all other timing,
development, operational, financial, economic, legal, regulatory and/or
political factors that may influence future events or conditions. Such
forward-looking statements are based on a number of material factors
and assumptions, including, but not limited in any manner, those
disclosed in any other public filings of Oremex Silver, and include the
ultimate availability and final receipt of required approvals,
sufficient working capital for development and operations, access to
adequate services and supplies, availability of markets for products,
commodity prices, foreign currency exchange rates, interest rates,
access to capital markets and other sources of financing and associated
cost of funds, availability of a qualified work force, availability of
manufacturing equipment, no material changes to the tax and regulatory
regime and the ultimate ability to execute its business plan on
economically favourable terms. While we consider these assumptions to
be reasonable based on information currently available to us, they may
prove to be incorrect. Actual results may vary from such
forward-looking information for a variety of reasons, including but not
limited to risks and uncertainties disclosed in other Oremex Silver
filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by
law, Oremex Silver does not intend, and undertakes no obligation, to
update any forward looking information to reflect, among other things,
new information or future events.
Neither the TSX Venture nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Oremex Silver Inc.
For further information:
Oremex Silver Inc.
P: +1 416.309.4321