Oremex Resources Provides Update on Its Silver Exploration Activities
TORONTO, ONTARIO -- (Marketwire) -- 05/24/11 -- Oremex Resources Inc. (TSX VENTURE: ORM)(OTCQX: ORXRF)(FRANKFURT: OSI) ('Oremex Resources') is pleased to highlight the recent progress at a number of its silver properties in Mexico. The last few months have seen progress on a number of properties and early results have been very encouraging. The company continues to be very active on moving its portfolio of silver projects though the exploration phase and into production.
'We are very pleased with the success we have had over the past year developing a legitimate portfolio of unique and highly prospective Mexican silver projects' stated Michael R. Smith President & CEO. 'We plan a very active year to advance and further define the resource potential within our silver portfolio.'
San Lucas
The company has initiated a re-evaluation of the 10,000m of drilling that was previously completed at the silver portion of the San Lucas property in 2007. The drilling completed by the previous management of the company was generally shallow in nature and the company believes that there is considerable mineral potential at moderate depths. This re-evaluation will take approximately three months after which Oremex will determine the potential for additional drilling to contribute toward our objective of developing a silver resource at San Lucas.
The San Lucas property is situated 86 kilometres north of the city of Durango and is easily accessible year round. The property consists of 18 mineral concessions covering 925.32 hectares. San Lucas has two prominent major structures, the Main Shear Zone and the Rosita Structure that converge near the north end of the property. Numerous other mineralized structures occur between these two main structures and possibly beyond. Compilation of some earlier drilling data suggest that there is the potential for a large, low grade zinc-lead body of mineralization, below higher grade silver intercepts intersected in near surface drill holes and workings.
Chalchihuites
Work continues at the wholly-owned Chalchihuites property in Durango Mexico where initial sampling has yielded results of up to 3,540 g/t silver, 3.40 g/t gold, 13.2% lead and to 5.4% zinc. Significant zones of sulfide mineralization have been found during the recent sampling and mapping program and work continues at the property to identify drill ready targets. Additional sampling and mapping work is scheduled and the company is planning a drilling program at the property to commence later in 2011.
The Chalchihuites silver-lead-zinc property is situated in the municipality of Chalchihuites, about 100 kilometres southeast of the city of Durango. Power is available at the site and the property is accessible year round. The property consists of four mineral concessions, Santa Teresa, Purisima, Santo Domingo and the Santo Domingo Dos and covers about 48 hectares. The property, located on the northern end of the Chalchihuites silver producing district, is a veined manto system that in the past produced high grade silver, lead and zinc. The mineralization identified to date is associated with shear zones hosted in a granodiorite stock and rhyolite dikes, and in limestone adjacent to the granodiorite stock. There are two parallel silver/gold/base metal mineralized shear zone, separated by approximately 100m; the shear zones have 300m and 75m of strike length. The property is at an early stage of exploration and has no indicated minerals resources.
El Sol
An approximate 16 line-kilometer IP/Magnetic geophysical program has recently been completed at the wholly-owned El Sol Project in Durango State, Mexico. Initial results have shown that there were two anomalies identified; one a moderate anomaly and the other a significant anomaly. Further sampling and mapping work is being conducted, from which the company expects to identify potential drill targets. Expectations are that these results will give us the information need to move forward with a drill program which is scheduled to start later in 2011. The company has surface access rights to the property.
The El Sol property consists of one mineral concession covering about 63 hectares and is situated in the municipality of Guadalupe Victoria, 73 kilometres northeast of the city of Durango. El Sol is located approximately 1 km northwest (and along trend) of the Cerro Las Minitas silver and base metal deposit. The property is at approximately 2,200 metres in elevation at the eastern limit of the Sierra Madre Occidental and has access year round. The high grade silver-lead-zinc system on the property has seen past production, but the property is at an early grass roots stage of exploration and development and has no indicated resources.
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.
Cautionary Note Regarding Forward-looking Statements
Certain statements contained in this news release may constitute forward-looking information, (collectively 'forward-looking information') within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Oremex' public filings, anticipated events or results and can be identified by terminology such as 'may', 'will', 'could', 'should', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'estimate', 'projects', 'predict', 'potential', 'continue' or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of Oremex, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Oremex filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Oremex does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.
Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Oremex Resources Inc.
John Carlesso
Executive Chairman
416.309.4320
info@oremex.com