Oremex Completes Sale of Mezquital Claims to Canasil
Vancouver, Canada (ots/PRNewswire)
Oremex Resources Inc. (TSX-V:
ORM) (the "Company"), Minera Montana S. de R.L. de C.V. ("Minera
Montana"), Canasil Resources Inc. ("Canasil") and its wholly owned
subsidiary Minera Canasil S.A. de C.V. ("Minera Canasil") are
pleased to announce completion of the transfer of claim titles for
100% interest in the Mezquital claims from Minera Montana to Minera
Canasil.Canasil will issue 650,000 common shares and 75,000 share purchase warrants to the Company, upon approval of the agreement by the TSX Venture Exchange. Each warrant will entitle the Company to acquire one common share of Canasil at a price of CDN$0.50 within 12 months of regulatory approval.
"We are pleased to complete the transaction with Canasil," said Linda Thorstad, Chief Executive Officer of the Company. "The sale of the property generates a solid return on investment for Oremex shareholders."
Oremex continues to focus on its two key properties: the Tejamen Silver Property and San Lucas high grade silver-gold property. An independent resource study (NI 43-101 compliant, as reported in 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).
At the San Lucas Property, a 19-hole drill program 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. Drilling will test extensions of mineralization in 2007 along strike and to depth.
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