Oremex Silver Inc. Updates Status of Management Cease Trade Order
TORONTO, ONTARIO--(Marketwired - May 29, 2014) - Oremex Silver Inc. (TSX VENTURE:OAG) ("Oremex" or the "Company") announced today that further to its news release on April 1, 2014 (the "Default Announcement"), the British Colombia Securities Commission issued a management cease trade order on April 1, 2014 (the "MCTO") for failure to its annual financial statements, CEO and CFO certifications and management discussion and analysis for the year ended November 30, 2013 (the "Annual Filings") by the deadline of March 30, 2014. The MCTO prohibits all trading by certain insiders of Oremex in securities of the Company until the order is revoked. The Company is required to provide bi-weekly status updates in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults until the MCTO has been revoked of a full cease trade order issued.
The audit has now commenced and is progressing. The Company is trying to obtain the final documentation regarding its Mexican operations necessary for the auditors to complete their work. Given the transition of management at the end of 2013, the auditors will be required to undertake additional audit procedures and risk evaluation. The Company anticipates that the Annual Filings will be completed on or before June 20, 2014.
About Oremex
Oremex is a Canadian company focusing on the exploration and development of silver projects along a highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including a mineral resource of 50.8 million ounces of silver at its Tejamen deposit.
Forward-Looking Statements
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.
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