VANCOUVER, March 1 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the
"Company") is providing additional details pursuant to the Company's
February 26, 2007 news release, which reported on the status of the Company's
surface access rights to the Tejamen Silver Property ("Tejamen").
Under Mexican mining law, ownership of mining concessions confers certain
rights with respect to minerals. With completion of the final payment to the
underlying owner of the mineral concessions, the Company now owns a 100
percent interest in the mineral concessions, with no ongoing obligations or
residual royalties payable to, or net profit interests retained by, the former
Ownership of mining concessions does not confer surface access rights, so
that mineral concession holders must either negotiate access arrangements with
the owners of the surface rights, or undertake a federal legal process for
expropriation or temporary occupation.
The governing Ejido of the village and surrounding lands owns the surface
rights on the Company's mineral concession. For the past three years, the
Company has been granted the right to surface access by the Ejido in order to
conduct exploration on its mineral concessions. In its activities, the Company
has employed local labour to assist with its exploration work and has made
numerous contributions to community access and infrastructure programs.
Despite apparently successful negotiations with legal representatives of
the Ejido leading up to the formal Ejido meeting, the Company was unsuccessful
in securing a renegotiated agreement for surface access at Tejamen from the
Ejido by a narrow margin of votes of those present at the meeting. The
proposed agreement covered an expanded scope of activities that included
mining as well as exploration over an extended term.
Mining law in Mexico defines the exploration, exploitation and processing
of minerals as a public benefit which confers preferential status over any
other use of the land. In addition, Agrarian law, under which Ejidos are
governed, provides for expropriation of Ejido and community lands for the
exploitation of minerals. In the absence of agreements with local surface
rights holders, many of the owners of Mexico's operating mines today have
sought and secured access to surface rights through this legal process.
While the Company is continuing discussions with the Ejido in order to
reach a mutually beneficial agreement, the Company has initiated proceedings
to gain surface access under applicable federal laws. Based on the experiences
of other companies operating in Mexico, this is a common strategy. While it
will cause some short-term delays, the Company does not anticipate that it
will hinder long-term development of Tejamen.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
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