TORONTO, ONTARIO--(Marketwire
- Sept. 22, 2010) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES
Oremex Resources Inc. (TSX VENTURE:ORM) is pleased to announce that, due to high
demand, it is increasing the size of its previously announced private
placement of units, by approximately $250,000, to a total of
$1,950,000.03. Each unit will be offered at $0.09 and will be comprised
of one share of Oremex and one-half of one
share purchase warrant. Each whole warrant will be exercisable to
purchase one share of Oremex, at a price of
$0.14 per share, for a period of two years from the date of issuance.
The proceeds of the private placement will be used to fund Mexican
operations, exploration and development on Oremex's
project portfolio, to pursue corporate acquisitions and for working
capital and general corporate purposes.
Completion of the private placement is subject to receipt of all
regulatory approvals, including the approval of the TSX Venture
Exchange. All of the securities issuable in connection with the private
placement will be subject to a hold period expiring four months and one
day after the date of issuance.
Oremex expects to complete the private
placement before the end of September 2010.
About Oremex:
Oremex is a Canadian-based exploration
company with a focus on the acquisition and development of mineral
properties in Mexico. The Company's Tejamen
project 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.
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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