Oremex Resources Inc. - Sale Completion of Encarnacion Mining Claims
Vancouver, Canada (ots/PRNewswire)
Oremex Resources Inc. (TSXV
symbol - ORM) (the "Company") announces the completion of the sale
to First Majestic Resource Corp. ("Majestic") of its interest in the
La Encarnacion Mining Claims (La Parilla) located in the State of
Durango, Mexico. The terms of the agreement requires Majestic to pay
Oremex CDN$40,000 and 200,000 common shares of Majestic.Don Smith, the Company's Chief Financial Officer, reported that this is an excellent transaction for the Company and its shareholders. "We were able to monetize non core properties and to raise approximately CDN$900, 000 for various exploration programs without any further dilution to the existing shareholders."
The Company had not conducted any work programs on the La Encarnacion Mining Claims as the management of Oremex has decided to focus on the development of the resources at its Tejamen Silver Property and San Lucas Polymetallic Property. In April 2006, an independent resource study (43-101 compliant, available on www.sedar.com) concluded that the Tejamen property contains an equivalent silver resource of 50.8 million ounces in a total of 22,600,000 tonnes, grading a silver equivalent of 69.8 grams per tonne.
The Company is continually evaluating all of its mineral concessions. Those that do not meet the strict criteria for principal property status thereby warranting further exploration work will be available for sale. If favourable terms can be arranged they will be sold. In addition the Company is continuing to look for, and to acquire, new principal properties.
The TSX Venture Exchange has not reviewed or does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Contact:
For further information: Don Smith, CA, MBA, CFO, Telephone:
+1-(604)-683-5651, Fax: +1-(604)-630-0141 or send questions and
comments to: info@oremex.com