TORONTO, ONTARIO--(Marketwire - March 30, 2009) - Oremex
Resources (TSX VENTURE:ORM) is pleased to
welcome Mr. Richard J. Hall as a member of its Mexican Advisory
Committee.
Mr. Hall has over 35 years of mining exploration and development
experience. He most recently served as President and Chief Executive
Officer of Metallica Resources Inc., a publicly-traded mining company
listed on the TSX and on the AMEX. During his time at Metallica, he was
responsible for the financing, construction and commissioning of the
Cerro San Pedro mine in Mexico,
currently forecasted to produce 80,000 - 100,000 ounces
of gold and 2.25 million ounces of silver annually over a 10 year mine
life. Mr. Hall also participated in the discovery and development of
Metallica's El Morro deposit in Chile through to final
feasibility, in conjunction with its partner Xstrata Copper. In August
2008, Metallica was part of a $1.6 billion merger with Peak Gold Ltd.
and New Gold Inc. Previous to Metallica, Mr. Hall held senior
management positions with Dayton Mining Corporation and Pegasus Gold
Corporation.
John Carlesso, Executive Chairman of Oremex commented: "Ritch
is a highly respected mining professional with an impressive track
record of success in all aspects of the business from discovery through
to production. His specific experience in Mexico, with both mine
development and the resolution of social issues, is very relevant to
the key objectives Oremex has set out to
achieve. We are very fortunate to have Ritch
join our team."
The Company wishes to retract the disclosure made by way of press
release dated March 6, 2009 wherein reference was made to the grant of
3,800,000 incentive options, as the announcement of the grant of these
incentive options was premature. Oremex has
granted incentive stock options to directors, officers, employees and
consultants of the Company, effective March 30 to purchase up to
3,500,000 common shares of the Company pursuant to the Company's stock
option plan, subject to regulatory approval. The options are exercisable
at a price of $0.10 per share, have a term of five years and are
subject to vesting restrictions over a period of 12 months.
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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