Oremex Operations Update
Vancouver, Canada (ots/PRNewswire)
Oremex Resources Inc. (TSX-V:
ORM) (the "Company"), announces that it will commence drilling on
its San Lucas Property 80 km north of Durango in the State of
Durango, Mexico. The Company has mobilized its recently purchased
drill rig to the property and engaged Tiger Drilling ("Tiger") to
operate and maintain the drill rig. A director of the Company is the
majority shareholder of Tiger. In addition, the Company has secured a
second drill rig.At the San Lucas Property, a 19-hole drill program completed in
2005 outlined a high grade silver-gold mineralized system with lead
and zinc in volcanic rocks over a two-kilometre strike length.
Preliminary surface mapping and sampling have traced the zone for an
additional two kilometres along strike from the original drilling.
Highlights of the 2005 drill program included intercepts of 9.26
grams per tonne ("gpt") of gold and 233 gpt silver over 4 metres in
Hole 3 and 203 gpt silver over 6 metres in Hole 4. Mapping and
sampling have also identified a separate mineralized structure. A
5,000- metre program of drilling will test extensions of
mineralization along strike and below previously drilled
mineralization at the property.The Company also reported that drilling has been delayed on the Tejamen Silver Property pending renewal of a surface access permit from the local village authority. The Company has been engaged in communication with the village authority and anticipates that approval will be granted next month.
An independent resource study (NI 43-101 compliant, as reported in the April 11, 2006 news release) has concluded that the Tejamen Silver Property contains a silver-equivalent resource of 50.8 million ounces in a total of 22.6 million tonnes, grading a silver-equivalent of 69.8 grams per tonne (2.04 ounces per ton).
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 achievements.
Contact:
For further information: Linda Thorstad, M.Sc., P.Geo. Chief
Executive Officer, T: +1-604-683-5651, E: linda.thorstad@oremex.com