Oremex Resources Inc. (TSX VENTURE:ORM
- News;
OTCQX:ORXRF)(FRANKFURT:OSI
- News) is pleased to
announce that 3,961,000 warrants have been recently exercised at a price of
$0.15 per warrant, for total proceeds of approximately $594,840. The funds
will be used for general working capital purposes.
"With this demonstration of support
from our shareholders the Company's Balance Sheet has been significantly
strengthened. This new capital will be valuable in allowing Oremex to develop its portfolio of Silver assets while it
evaluates a strategy to maximize the value of its very prospective Gold
assets" stated John Carlesso, Chairman of Oremex. "During the first half of 2011 we will be
advancing a number of our projects forward with drilling, sampling and
geophysical work being completed and we look forward to communicating those
results to our shareholders".
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.
Contact:
John Carlesso
Oremex Resources Inc.
Executive Chairman
(416) 309-4320
info@oremex.com |