Oremex Resources
Provides Update on Its Silver Exploration Activities
TORONTO, ONTARIO
-- (MARKET WIRE) -- 05/24/11 -- Oremex
Resources Inc. (TSX VENTURE: ORM)(OTCQX:
ORXRF)(FRANKFURT: OSI) ("Oremex Resources")
is pleased to highlight the recent progress at a number of its silver
properties in Mexico.
The last few months have seen progress on a number of properties and early
results have been very encouraging. The company continues to be very active on
moving its portfolio of silver projects though the exploration phase and into
production.
"We are very pleased
with the success we have had over the past year developing a legitimate
portfolio of unique and highly prospective Mexican silver projects" stated
Michael R. Smith President & CEO. "We plan a very
active year to advance and further define the resource potential within our
silver portfolio."
San Lucas
The company has initiated a
re-evaluation of the 10,000m of drilling that was previously completed at the
silver portion of the San
Lucas property in 2007. The drilling completed by the previous
management of the company was generally shallow in nature and the company
believes that there is considerable mineral potential at moderate depths. This
re-evaluation will take approximately three months after which Oremex will determine the potential for additional drilling
to contribute toward our objective of developing a silver resource at San
Lucas.
The San
Lucas property is situated 86 kilometres
north of the city of Durango and is easily accessible year round. The property
consists of 18 mineral concessions covering 925.32 hectares. San
Lucas has two prominent major structures, the Main Shear Zone and
the Rosita Structure that converge near the north end of the property. Numerous
other mineralized structures occur between these two main structures and
possibly beyond. Compilation of some earlier drilling data suggest that there
is the potential for a large, low grade zinc-lead body of mineralization, below
higher grade silver intercepts intersected in near surface drill holes and
workings.
Chalchihuites
Work continues at the
wholly-owned Chalchihuites
property in Durango Mexico
where initial sampling has yielded results of up to 3,540 g/t silver, 3.40 g/t
gold, 13.2% lead and to 5.4% zinc. Significant zones of sulfide mineralization
have been found during the recent sampling and mapping program and work
continues at the property to identify drill ready targets. Additional sampling
and mapping work is scheduled and the company is planning a drilling program at
the property to commence later in 2011.
The Chalchihuites
silver-lead-zinc property is situated in the municipality of Chalchihuites,
about 100 kilometres southeast of the city of
Durango. Power is available at the site and the property is accessible year
round. The property consists of four mineral concessions, Santa
Teresa, Purisima,
Santo Domingo and
the Santo Domingo Dos and covers about 48 hectares. The property, located on
the northern end of the Chalchihuites
silver producing district, is a veined manto system
that in the past produced high grade silver, lead and zinc. The mineralization
identified to date is associated with shear zones hosted in a granodiorite stock and rhyolite
dikes, and in limestone adjacent to the granodiorite
stock. There are two parallel silver/gold/base metal mineralized shear zone,
separated by approximately 100m; the shear zones have 300m and 75m of strike
length. The property is at an early stage of exploration and has no indicated
minerals resources.
El Sol
An approximate 16
line-kilometer IP/Magnetic geophysical program has recently been completed at
the wholly-owned El Sol Project in Durango State, Mexico.
Initial results have shown that there were two anomalies identified; one a
moderate anomaly and the other a significant anomaly. Further sampling and
mapping work is being conducted, from which the company expects to identify
potential drill targets. Expectations are that these results will give us the
information need to move forward with a drill program which is scheduled to
start later in 2011. The company has surface access rights to the property.
The El
Sol property consists of one mineral concession covering about 63
hectares and is situated in the municipality of Guadalupe
Victoria, 73 kilometres northeast of the
city of Durango. El Sol
is located approximately 1 km northwest (and along trend) of the Cerro Las Minitas silver and base metal deposit. The property is at
approximately 2,200 metres in elevation at the
eastern limit of the Sierra Madre Occidental and has access year round. The
high grade silver-lead-zinc system on the property has seen past production,
but the property is at an early grass roots stage of exploration and
development and has no indicated resources.
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.
Cautionary Note Regarding
Forward-looking Statements
Certain statements
contained in this news release may constitute forward-looking information,
(collectively "forward-looking information") within the meaning of
Canadian securities laws. Forward-looking information may relate to this news
release and other matters identified in Oremex'
public filings, anticipated events or results and can be identified by
terminology such as "may", "will", "could",
"should", "expect", "plan",
"anticipate", "believe", "intend",
"estimate", "projects", "predict",
"potential", "continue" or other similar expressions
concerning matters that are not historical facts and include, but are not
limited in any manner to, those with respect to capital and operating
expenditures, economic conditions, availability of sufficient financing,
receipt of approvals, satisfaction of closing conditions and any and all other
timing, development, operational, financial, economic, legal, regulatory and/or
political factors that may influence future events or conditions. Such
forward-looking statements are based on a number of material factors and
assumptions, including, but not limited in any manner, those disclosed in any
other public filings of Oremex, and include the
ultimate availability and final receipt of required approvals, sufficient
working capital for development and operations, access to adequate services and
supplies, availability of markets for products, commodity prices, foreign
currency exchange rates, interest rates, access to capital markets and other
sources of financing and associated cost of funds, availability of a qualified
work force, availability of manufacturing equipment, no material changes to the
tax and regulatory regime and the ultimate ability execute its business plan on
economically favourable terms. While we consider
these assumptions to be reasonable based on information currently available to
us, they may prove to be incorrect. Actual results may vary from such forward-looking
information for a variety of reasons, including but not limited to risks and
uncertainties disclosed in other Oremex filings at www.sedar.com and other unforeseen events or
circumstances. Other than as required by law, Oremex
does not intend, and undertakes no obligation, to update any forward looking
information to reflect, among other things, new information or future events.
Neither the TSX Venture nor
its Regulation Service Provider (as that term is defined in the policies of the
TSX Venture) accepts responsibility for the adequacy or accuracy of this
release.
Contacts:
Oremex Resources Inc.
John Carlesso
Executive Chairman
416.309.4320
info@oremex.com