Oremex Appoints Project Development Manager for Tejamen Silver Property
Vancouver, Canada (ots/PRNewswire)
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. Mineralisation 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 mineralisation. A 3,000-metre drill program completed in 2005 outlined gold- silver-lead-zinc mineralisation 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 categorised as mineral reserves, and there is no certainty that the preliminary assessment will be realised.
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