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Oremex Drilling Increases Tejamen Silver Resource to 50 Million Ounces
Vancouver, Canada (ots/PRNewswire) - Oremex Resources is pleased to announce that additional drilling in 2005 has resulted in an increase of twenty-five percent (25%) in the silver resource in its Tejamen deposit located in the State of Durango, Mexico.
Wardrop Engineering Inc. has just completed a Technical Report in the format set out in National Instrument (NI) 43-101, and the inferred mineral resources (at a cut-off grade of 20 grams of silver per tonne) are summarized in the following table:
Grams/ Grams/ Tonne Silver
------ ------ ----- ------
Tonnes Of Tonne Tonne Silver Equiv(1).
--------- ----- ----- ------ ---------
Resource Silver Gold Equiv. Ounces
-------- ------ ---- ------ ------
Uncapped: 22.6 million 66.9 0.05 69.8 50.8 million
Capped: 22.3 million 65.4 0.03 67.2 48.2 million
(1) The Silver Equivalent (AgEq) is AgEq (equal sign) Ag g/t (x) 64.56.
Metallurgical recoveries were not considered.@@end@@
As a result of the foregoing, and the recent excellent results from metallurgical testing as reported in a News Release dated March 21, 2006, an independent mining consulting firm will be retained to commence a preliminary economic assessment of the Tejamen project as an open-pit heap- leach operation.
In the near future, Oremex also plans to recommence drilling with a view to adding to the resource (which is open in several directions), providing in-fill holes where appropriate, and subsequently preparing a feasibility study. To date, Oremex has drilled 217 rotary percussion reverse circulation drill holes for a total of 36,139 meters. The drilling was laid out on 50 metre lines with drill stations at every 30 metres.
It should be noted that the Tejamen property is just one of eight owned by Oremex in Mexico. Drilling on the San Lucas property by Oremex last year (19 reverse circulation drill holes totaling about 3,000 meters) indicated a large disseminated zinc, lead, silver, and gold system. One of the other properties (La Parilla) was recently sold for cash and shares (which, at today's prices, would be valued at over CDN$800,000). The other properties are being evaluated, and additional property acquisitions are expected.
Ross Glanville, P.Eng., M.B.A is the qualified person responsible for the contents of this News Release.
The TSX Venture Exchange has not reviewed or does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
TSX V: ORM
ots Originaltext: Oremex Resources Inc.
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