Oremex Resources Receives Early Exercise of Warrants
TORONTO, ONTARIO -- (Marketwire) -- 12/14/10 -- Oremex Resources Inc. (TSX VENTURE: ORM)(OTCQX: ORXRF)(FRANKFURT: OSI) 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.
Contacts:
Oremex Resources Inc.
John Carlesso
Executive Chairman
(416) 309-4320
info@oremex.com