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Oremex Announces Acquisition of Santa Catarina Massive Sulphide Property
Vancouver, Canada (ots/PRNewswire) - Oremex Resources Inc. (TSX-V: ORM) (the "Company") today announced that it has acquired the Santa Catarina massive sulphide gold property near the village of Santa Catarina in Sinaloa State, Mexico. The massive sulphide deposit (primarily pyrrhotite with minor chalcopyrite), carrying gold values that range from 0.24 to 0.55 ounces per tonne gold across a width of 20 metres, is an attractive small mine situation with the potential for near term production. The property was acquired outright for a purchase price of MP $200,000 (CDN $21,000) and back taxes of MP $25,000 (CDN $2,625). The Company plans a program of line cutting, mapping, soil sampling and geophysics followed by drilling to test the strike length and depth of the massive sulphide mineralization
In addition the Company is awaiting assay results from its recently completed 5,000-metre drill program at its San Lucas Property and is continuing discussions with the Ejido (governing authority for the village and surrounding lands) at the Tejamen Silver Property while pursuing access to surface rights through applicable federal laws. Tejamen contains a 43-101 compliant (April 2006) inferred resource of 50.8 million ounces of silver-equivalent in 22.6 million tonnes grading 69.8 grams per tonne silver-equivalent.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
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.
ots Originaltext: Oremex Resources Inc.
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