Oremex Update
Vancouver , Canada (ots/PRNewswire)
Oremex Resources Inc. (TSX-V: ORM) (the "Company") today announced that, at a meeting of the Ejido (local village and surrounding lands) on Sunday, February 25, the Ejido authority elected not to renew the Company's surface access permit for the Tejamen Silver Property. While continuing to work with the Ejido in ongoing attempts to secure access to the surface rights, the Company is now initiating formal proceedings under applicable Mexican law to secure access to surface rights. A further news release will be issued as details become available.
The Company also announced that it has completed the final buyout of the underlying owner, Mrs. Jarvis, for the mineral concessions in its property portfolio including its Tejamen Silver Property, part of the San Lucas Property, and three other property interests. There are no ongoing obligations or residual royalties payable to, or net profit interests retained by, the former owner of the mineral concessions.
The Company is conducting a 5,000-metre drill program at its San Lucas Property, testing extensions down dip and along trend of mineralization. A 3,000-metre drill program completed in 2005 outlined gold-silver-lead-zinc mineralization 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.
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