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TORONTO, ONTARIO--(Marketwire
- June 15, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES
Oremex Resources Inc. (TSX VENTURE:ORM) ("Oremex"
or the "Company") announced today that it has completed the
initial closing of its previously announced private placement. The
Company has sold 7,330,000 units for gross proceeds of $806,300. Each
unit is comprised of one common share of the Company and one-half of
one common share purchase warrant. Each whole warrant is exercisable to
purchase one common share of the Company, at a price of $0.15 per
share, for a period of two years from the date of issuance.
The Company expects a second closing of the private placement, for up
to 7,670,000 units, to be completed on or before June 30, 2009.
The proceeds of the offering will be used to fund Mexican operations
and for working capital and general corporate purposes.
All of the securities issuable in connection with the offering are
subject to a hold period expiring four months and one day after the
date of issuance.
The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in
the United States or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from registration
requirements. This release does not constitute an offer for sale of
securities in the United States.
Oremex is a Canadian-based exploration
company with a focus on the acquisition and development of mineral
properties in Mexico. The Company's principal properties are the Tejamen and San Lucas properties located in the
State of Durango and the Cuyoaco Property in
the State of Puebla. The Company's most advanced project Tejamen has an inferred mineral resource of 50.8
million ounces of silver in a total of 22.6 million tonnes grading a
silver-equivalent of 69.8 grams per tonne (Wardrop
Engineering Report NI 43-101 compliant April 2006). Snowden Mining
Industry Consultants completed a Preliminary Assessment Study (NI
43-101 compliant October 2006) demonstrating that the project can
support a 10,000 tonne per day open pit, heap leach mining operation. The
Company continues with discussions with various federal and state
government officials and the Ejido of Tejamen (governing authority for the village and
surrounding lands) for surface access rights at the Tejamen
Property.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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