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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2009) - Following completion
of the previously announced private placement financing for gross
proceeds of $660,000.00, Oremex Resources
Inc. ("Oremex" or the
"Company") (TSX VENTURE:ORM) has outlined its action plan for
the upcoming quarters.
Oremex Executive Chairman John Carlesso stated: "With the closing of the
private placement Oremex is now able to
provide stability to its operations in Mexico and get on with the
business of advancing the development of the Company's key asset, the Tejamen silver project (the "Tejamen Project"). First and foremost the most
critical immediate objective is to repair the Company's relationship
with the community of Tejamen. This process
has been initiated and for the first time in nearly two years the
Company has held informal discussions with the people of Tejamen. As a new administration representing
change, we are optimistic that an environment which fosters open
dialogue can re-establish trust with the community by focusing on
solutions that address their needs. The people of Tejamen
have impressed us as being honest and hard-working, and we have
communicated our objective of demonstrating through our actions our
ability to be a good neighbour and partner."
Mexican Operations
In order to emphasize the concept of change and eliminate any
association the community of Tejamen has with
the previous operational practices of its Mexican operating subsidiary Minera Montana,
Oremex is restructuring the subsidiary. The
subsidiary will now operate locally as "Minera
Nuevo Ideal", reflecting the local Municipality in which it
operates as well as the "new ideals" that Oremex
is striving to achieve.
A review of all technical information relating to the Tejamen Project is commencing. This is designed to
plan for the updating and continued advancement of economic assessment
information including capital cost and operating cost assumptions, pit modeling and metallurgical test work.
The Company is also reviewing its entire Mexican project portfolio with
the objective of determining which projects will remain part of the
Company's core focus.
Canadian Head Office and Executive Positions
In an effort to consolidate its overhead, the Oremex
head office will be relocated to Toronto
for its closer proximity to the Board of Directors. The Company is in
the process of actively seeking a seasoned mining executive with
significant mine-building and operational experience to assume the role
of Chief Executive Officer. The Company expects to be in a position to
make an announcement on this appointment shortly.
The Company has appointed Mr. Paul Haber to the position of Chief
Financial Officer. Mr. Haber has been involved in corporate finance and
capital markets for over 12 years and has significant public markets
experience. He started his career with Coopers & Lybrand (now
PricewaterhouseCoopers LLP) and is both a Chartered Accountant and a
Certified Public Accountant. He has a Bachelors of Arts (Honours)
degree in Management from the University of Toronto.
Mr. Haber will replace the current Chief Financial Officer, Chuck
Jenkins, in the coming weeks following the completion of the 2008
year-end audit and the filing of year-end financial statements. Oremex wishes to thank Mr. Jenkins for his dedication
and commitment to the Company, particularly during the past six months.
The Board of Directors has accepted the resignation of Mr. Craig
Thomas. Mr. Thomas served as the Company's Chairman and contributed a
tremendous effort toward the successful transition and financing
process that has now been completed. The Board sincerely thanks Mr.
Thomas for his guidance and contribution to the Company.
Following this transition and financing process Oremex
has no outstanding legal or creditor issues.
The Company has granted options to purchase 3,800,000 common shares of
the Company to directors, officers, and consultants of the Company,
subject to regulatory approval. The stock options were granted pursuant
to the Company's stock option plan and are exercisable at a price of
$0.10 per share.
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 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.
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. The Company undertakes no obligation to
update forward-looking statements should conditions or opinions change.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
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