Oremex Silver Inc.: Acquires Additional Concessions Adjacent to Chalchihuites Silver Project
20.12.2011 | Marketwire
TORONTO, ONTARIO -- (Marketwire) -- 12/20/11 -- Oremex Silver Inc. ('Oremex' or the 'Company') (TSX VENTURE: OAG) (OTCQX: ORAGF) (FRANKFURT: OSI) is pleased to announce that its' wholly owned Mexican subsidiary, Minera Mantos S. de R.L. de C.V., has entered into a letter agreement to acquire the Navidad Group concessions. The Navidad Group consists of four exploration concessions totaling 392.53 hectares in the Chalchihuites district and adjacent to Oremex's Chalchihuites silver project (Figure 1).Minera Mantos S. de R.L. de C.V. has the right to acquire 100% of the Navidad Group concessions according to a four year payment schedule totaling USD $780,000 (Table 1). Acquisition of full ownership can be completed at any time by fulfilling the payment schedule. The private owners retain a 1% NSR which has a $US 250,000 annual cap.
Oremex Silver is currently completing the underground drilling program at the Chalchihuites silver project (please see news release dated November 10, 2011) with assay results expected to be released in the new year.
Figure 1: Location Map http://media3.marketwire.com/docs/OAGFigure1.pdf
Table 1: Four-year payment schedule
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Date Payment Schedule Amount ($US)(i) Total ($US)(i)
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October 25 2011 Sign Contact $ 10,000.00 $ 10,000.00
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April 25 2012 6-mo payment $ 10,000.00 $ 20,000.00
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October 25 2012 12-mo payment $ 10,000.00 $ 30,000.00
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April 25 2013 18-mo payment $ 20,000.00 $ 50,000.00
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October 25 2013 24-mo payment $ 20,000.00 $ 70,000.00
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April 25 2014 30-mo payment $ 30,000.00 $ 100,000.00
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October 25 2014 36-mo payment $ 30,000.00 $ 130,000.00
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April 25 2015 42-mo payment $ 50,000.00 $ 180,000.00
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October 25 2015 48-mo payment $ 600,000.00 $ 780,000.00
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$ 780,000.00
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(i)Table payment amounts do not include Mexico VAT, presently 16%
About Oremex Silver Inc.
Oremex Silver Inc. is a Canadian company focusing on the exploration and development of silver projects along the 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. The Company's projects are located in mining-friendly jurisdictions and the management team has successful track record of mine building in Mexico.
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 Silver Inc.
Christian Scovenna
+1 416.309.432
info@oremexsilver.com
www.oremexsilver.com