Update on the Status of Tejamen Silver Project
Vancouver, Canada (ots/PRNewswire)
Oremex Resources Inc. (TSX-V: ORM) (the Company) today provided an update on the status of surface access at their Tejamen Silver Property (Tejamen), State of Durango, Mexico.
Based on a firm decision by the Governor of the State of Durango to assist the parties involved, and to achieve social and economic benefits for the region, discussions with the Ejido of Tejamen are being directed by the Secretary of State, for the Government Cabinet of Durango. The Secretary of State is leading the discussions and is responsible for the timelines to arrive at a resolution in the near term. He has been assigned by Durango's Governor to take this negotiation with the Ejido to a satisfactory conclusion. The Company has presented terms for settlement that are similar to a recent agreement arrived at between another mining company and the local village in the vicinity of its mine. The Company is in daily contact with senior representatives of the federal and state governments, who are assisting the Secretary of State.
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 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. The Company is looking forward to a final resolution that is in the best interests of all parties.
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.
For further information: Linda Thorstad, M.Sc., P.Geo., Chief Executive Officer, T: +1-604-683-5651, E: linda.thorstad@oremex.com
Contact:
For further information: Linda Thorstad, M.Sc., P.Geo., Chief
Executive Officer, T: +1-604-683-5651, E: linda.thorstad@oremex.com