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TORONTO, ONTARIO--(Marketwire - Dec.
21, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES
Oremex Resources Inc. (TSX VENTURE:ORM), is pleased to provide an update on the
progress of its Community Infrastructure Program (CIP) as it nears
renewing development activities at the Tejamen silver project in
Durango, Mexico.
Infrastructure Program
Oremex continues to provide funding to the Municipality of Tejamen for
local infrastructure repair and other projects that benefit the
community. Employment in the program continues to increase as the CIP
is broadly appreciated by the community and recognized as materially
enhancing the quality of life in an area of Mexico that has been
particularly hard hit economically over the past year.
Land Title at Tejamen
Oremex maintains 100% ownership of the mineral rights at the Tejamen
project. Until recently it had been generally accepted that the surface
rights for 900 hectares of land, upon which a significant portion of
the Tejamen silver project sits, were owned by the local Ejido.
However, according to information that Oremex has been able to obtain
from the Reforma Agraria, the Mexican Federal agency responsible for
establishing land title, the surface rights have in fact remained
untitled. Further, according to a 1921 Presidential Decree the land was
awarded to the Community of Tejamen. Following that grant to the
community, surrounding and adjacent lands were subsequently granted and
titled to the Ejido and private parties.
In accordance with the process required by Mexican agrarian law, the
Reforma Agraria made the land available for title application. The
Tejamen Legal Association (TLA) was formed specifically to apply for
title and to the best of knowledge of Oremex, is the only group that
has submitted an application for the 900 hectare land package as per
the process. The TLA has elected leadership that represents the
community around Tejamen, is supported by local Municipality Presidents
and has the authority to negotiate agreements. As evidenced by the
success of the CIP, Oremex has established very positive relationships
with the community in general, the TLA, and the Municipality
Presidents. Many members of the TLA have received employment through
the CIP and are active supporters of Oremex within the community.
It is the company's understanding that at the completion of a thirty
day window for public comment no legal objection to the process has
been filed. There exists no legal precedent where a single applicant in
this process has not been awarded title. The final remaining task in
the process prior to the awarding of title is for Reforma Agraria to
complete a legal survey to establish the precise boundary locations of
the title block. According to the process, following completion of the
survey the Reforma Agraria will be in a position to award title.
Oremex has commenced discussions with the TLA regarding the framework
for continuing and extending community benefits within the context of
expanded mining development activity in Tejamen toward the completion of
a Feasibility Study on the Tejamen silver project.
The Company has granted options to purchase 1,300,000 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
$0.15 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 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. The Company
continues with discussions with various federal, state and municipal
government officials as well as local community groups for surface
access rights at the Tejamen Project.
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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