VANCOUVER, April 9 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the
"Company") today announced that it has appointed Mr. Javier Rojas as project
development manager for its Tejamen Silver Property ("Tejamen") in Mexico. Mr.
Rojas, who will officially begin his role on April 20, 2007, is a highly
qualified mining specialist with almost 40 years of experience in project
development and mining operations throughout Mexico. Mr. Rojas has served in
several senior roles directing surface operations, mine planning and
implementation. He has managed strategic planning and engineering in both
open-pit and underground mining operations using heap-leach and milling
processes for a range of Mexican companies.
"This is a very positive step for the development of the Company's
Tejamen Silver Property," said Linda Thorstad, CEO of the Company. "Mr. Rojas'
extensive experience in project development, mine operations, open-pit mining
and heap-leach operations, along with his extensive network of industry and
government contacts, will be invaluable for the Company."
The Company also announced the grant of 150,000 stock options to Mr.
Rojas under the incentive stock option plan. The options, which vest in
50,000 share increments at six-month intervals from the date of employment,
are exercisable for a period of five years. The options will be priced on the
date of commencement of employment, based on the higher of the closing price
of the previous day or of the day of employment.
At Tejamen, the Company is continuing discussions with the Ejido
(governing authority for the village and surrounding lands) in order to regain
access to surface rights at the property. At the same time the Company is
preparing the necessary report to accompany its application for surface access
rights through applicable federal laws.
According to an independent Preliminary Assessment Study (NI 43-101
compliant, as reported in the October 3, 2006 news release), a potential
open-pit, heap-leach project at Tejamen has an estimated net present value of
US $97.4 million at US$12 per ounce silver and US$155 million at US$15 per
ounce silver (at a 7% discount). Projected production is approximately 4.5
million ounces of silver per annum, with direct cash operating costs of
US$4.50 per ounce of silver from a current resource of 50.8 million ounces.
Mineralization is open at depth and along trend.
The Company is also conducting a 5,000-metre drill program at its San
Lucas Property, testing extensions down dip and along trend of mineralization.
A 3,000-metre drill program completed in 2005 outlined gold-silver-lead-zinc
mineralization over a strike length of 2 kilometres with, widths up to
70 metres in a trend mapped for over 4 kilometres.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
National Instrument 43-101 requires the following statement: that the
preliminary assessment is preliminary in nature, that it includes inferred
mineral resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
preliminary assessment will be realized.
Forward-Looking Statements: The above contains forward-looking statements
that are subject to a number of known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially from those
anticipated in our forward-looking statements. Factors that could cause such
differences include: changes in world commodity markets, equity markets, costs
and supply of materials relevant to the mining industry, change in government
and changes to regulations affecting the mining industry. Forward-looking
statements in this release include statements regarding future exploration
programs, operation plans, geological interpretations, mineral tenure issues
and mineral recovery processes. Although we believe the expectations reflected
in our forward-looking statements are reasonable, results may vary, and we
cannot guarantee future results, levels of activity, performance or
For further information:
For further information: Linda Thorstad, M.Sc., P.Geo., Chief Executive
Officer, T: (604) 683-5651, E: firstname.lastname@example.org