Oremex Reports Positive Results From Geotechnical Review for Tejamen Silver Property
Vancouver, Canada (ots/PRNewswire)
Oremex Resources Inc. (TSX-V:
ORM) (the "Company") is pleased to announce that it has received an
Initial Evaluation of the proposed pit slopes for its Tejamen silver
property in Mexico from Call & Nicholas, Inc. ("Call & Nicholas") of
Tucson, Arizona.The evaluation concludes that overall geotechnical conditions
observed in the field, and drill holes are very favourable.
Laboratory rock strength tests indicate a high rock quality. The
findings generally support the pit slope angles utilized in the
independent Preliminary Assessment Study completed by Snowden Mining
Industry Consultants ("Snowden"). (Please refer to news release
dated October 3, 2006.)"The Call & Nicholas study represents another important step to advancing the Tejamen property," said Linda Thorstad, CEO.
The Company's most advanced projects are its Tejamen silver property and its San Lucas polymetallic property, both located in Mexico. An independent resource study (NI 43-101 compliant, as reported in April 11, 2006 news release) concluded that the Tejamen 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 independent Preliminary Assessment Study prepared by Snowden has concluded that a 10,000 tonne per day open pit mining and heap leach processing mining operation at the Tejamen property can support a profitable operation when silver prices average US$8 per ounce and silver recoveries exceed 65 percent. Metallurgical testwork to date indicates recoveries for silver in excess of 70 percent.
In other news, the Company has met the requirements for a Tier 1 company in accordance with TSX Venture Exchange Policy 2.5 and the Company's classification has changed to Tier 1 Mining Issuer effective Oct. 24, 2006.
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:
CONTACT: Linda Thorstad, M.Sc., P.Geo., Chief Executive Officer, T:
+1-(604)-683-5651, E: linda.thorstad@oremex.com