Exploration Program to Commence at Oremex's El Sol Silver Project
TORONTO, ONTARIO -- (Marketwire) -- 10/14/10 -- Oremex Resources Inc. (TSX VENTURE: ORM) announced today the commencement of further exploration at its wholly owned El Sol silver project in Durango State, Mexico. The program will be comprised of a comprehensive sampling and mapping of the property, which is expected to be completed over the next quarter. A geophysical survey is being considered to help define drill targets. The upcoming program will follow earlier surface sampling that yielded mineralization of 140 g/t Ag, 5.4% Pb+Zn and 0.22 g/t Au.
El Sol is located northwest of the town of Guadalupe Victoria, and approximately 1 km northwest (and along trend) of the Cerro Las Minitas silver and base metal deposit. The earlier work at El Sol suggests that mineralization may extend from the Cerro Las Minitas deposit onto El Sol. On September 23, 2010 Southern Silver Resources (TSX VENTURE: SSV) announced an agreement with Silver Dragon Resources (OTCBB: SDRG) to acquire Cerro Las Minitas for cash payments totalling US$ 3,000,000.00.
The Cerro Las Minitas deposit has a resource of 763,830 tonnes at 211 g/t silver, 5.2% lead, 7.1% zinc and 0.5% copper, as reported by Silver Dragon Resources. The limestone underlying the El Sol concession is the same as the host rocks of the bulk of the mineralization at Cerro Las Minitas. At Cerro Las Minitas the mineralization is associated with a monzonite intrusive and skarn; carbonate replacement deposits (CRD) occur adjacent to the monzonite and extend for a considerable distance into the limestone. The main potential at El Sol is for CRDs, but the potential exists for skarn and intrusive, as evidenced by skarn outcrop off the northwest corner of the concession.
The area is quite accessible and is located 2km north of a paved highway and approximately 75km northeast of Durango, Mexico. The concession is approximately 600m by 800m and is in flat to rolling hill countryside, with both altered limestone in outcrop and agricultural flatlands.
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.
Contacts:
Oremex Resources Inc.
Michael Smith
President & CEO
(416) 309-4320
info@oremex.com