VANCOUVER, Sept. 28 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) ("Oremex"
or the "Company") announces that it has acquired Minera Montana, S. de R.L. de
C.V. ("Montana"). To date, the Company has held its mineral properties in
Mexico under an option agreement with Montana while conducting exploration
programs on its projects in Mexico. The Company has maintained the mineral
properties in good standing with the Mexican government. Montana is a company
owned by a Director and former officer of the Company.
Under the original option agreement dated February 28, 2003, and amended
in June 2003, the Company paid a sum of $3,500 and reimbursed Montana costs of
$236,954. The agreement gave the Company the right to acquire the mineral
concessions of Montana upon payment of total amounts due to the underlying
mineral concession holder and payment of property taxes to maintain the claims
in good standing. Having fulfilled its obligations and completed a review of
acquisition options, the Company concluded that acquisition of the shares of
Montana would be more beneficial to the Company rather than acquisition of
direct title to the mineral concessions. No additional consideration is
The acquisition of Montana results in the portfolio of mineral
properties, including the Tejamen Silver Property ("Tejamen"), the San Lucas
Silver-Lead-Zinc Property and several other mineral concessions, being held by
Montana as a wholly-owned subsidiary of the Company.
The Tejamen Silver Property has an inferred mineral resource of
50.8 million ounces of silver in a total of 22.6 million tonnes grading a
silver-equivalent of 69.8 grams per tonne. (Wardrop Engineering Report NI
43-101 compliant, April 2006). According to an independent Preliminary
Assessment Study prepared by Snowden Mining Industry Consultants (NI 43-101
compliant, as reported in the October 3, 2006 news release). Tejamen, an
open-pit, heap-leach project, 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). The mineral resource is open at depth and along trend.
The Company's discussions with the Ejido (local village and surrounding
lands) with respect to surface access rights at Tejamen are advancing and
on-site management are optimistic that an agreement in principle to either
purchase or lease the surface rights can be realized before year end. Linda
Thorstad, P. Geo., is the Qualified Person who has reviewed the contents of
this news release.
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: 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