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Vancouver, Canada (ots/PRNewswire) - Oremex Resources Inc. (TSX-V: ORM) (the Company) today provided an update on the status of surface access at their flagship Tejamen Silver Property (Tejamen), State of Durango, Mexico. Discussions continue to progress with the Ejido of Tejamen (governing authority for the village and surrounding communal lands) with the guidance and public support of the Secretary of State for the Governor of Durango and the President of Nuevo Ideal, the regional district in which Tejamen is located.
The State Governor's Office has pledged support for the project itself, as well as assistance with the resolution of any outstanding issues with members of the Ejido of Tejamen in order to ensure that the project can proceed. The State Governor has designated members of his cabinet to assist with the negotiations.
At the recent opening of a new health facility in the region, local representatives of Tejamen presented the State Governor with a petition in support of the project, urging action to approve and advance start up of the project.
The President of Nuevo Ideal has publicly stressed the benefits that the project will bring to local and regional inhabitants which include significant employment opportunities, social development programs as well as the provision for small community enterprise.
Tejamen 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 ("Snowden") completed a Preliminary Assessment Study (NI 43-101 compliant October 2006) for Tejamen. That report demonstrated that the project could support a 10,000 tonne per day open pit, heap leach mining operation which has a net present value of US$155 million at a silver price of US$15 at a 7 percent discount.
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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.
For further information: Linda Thorstad, M.Sc., P.Geo., Chief Executive Officer, T: +1-604-683-5651, E: firstname.lastname@example.org
ots Originaltext: Oremex Resources Inc.
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For further information: Linda Thorstad, M.Sc., P.Geo., Chief
Executive Officer, T: +1-604-683-5651, E: email@example.com