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Oremex Announces Sale of Mezquital Claims to Canasil
Vancouver, Canada (ots/PRNewswire) - Oremex Resources Inc. (TSXV symbol - ORM) (the "Company"), Minera Montana S. de R.L. de C.V. (Minera Montana), Canasil Resources Inc. (Canasil, TSXV: CLZ) and its wholly owned subsidiary Minera Canasil S.A. de C.V. (Minera Canasil), have signed a letter of agreement granting Canasil the right to acquire 100% interest in the Mezquital silver-zinc-lead claims, in which Oremex and Minera Montana have an option to earn a 100% interest.
The purchase agreement requires Canasil to issue 650,000 common shares and 75,000 share purchase warrants to Oremex, upon approval of the agreement by the TSX Venture Exchange and transfer of the claim titles, as full payment for 100% interest in the Mezquital claims. Each warrant will entitle Oremex to acquire one common share of Canasil at a price of $0.50 within 12 months of the approval of the final agreement by the TSX Venture Exchange.
"In order to maximize shareholder value, we will continue to focus on our highest priority projects that yield the greatest returns and seek out opportunities to capitalize on our non-core holdings," said Don Smith, the Company's Chief Financial Officer. "This allows us to fund further exploration and purchase additional properties without any dilution."
Oremex had not conducted work programs on the Mezquital Claims as a decision was made to concentrate on the development of the resources at its Tejamen and San Lucas properties. In April 2006, an independent resource study (NI 43 - 101 compliant) concluded that the Tejamen property contains a silver-equivalent resource of 50.8 million ounces in a total of 22,600,000 tonnes, grading a silver-equivalent of 69.8 grams per tonne.(1)
The Company is continually evaluating all of its mineral concessions. Those that do not meet the strict criteria for principal property status will be available for sale. If favourable terms can be arranged they will be sold or joint-ventured. In addition, the company is continuing to look for, and to acquire, new principal properties.
(1) Note that of this total, 66.9 g/t consists of silver (96% of the total), and the silver-equivalent is equal to silver (g/t) plus 64.5 x gold (g/t).
About Oremex Resources Inc.
Oremex Resources Inc. (www.oremex.com) is a Vancouver based resource company that is actively developing two of its six silver properties in Mexico. Oremex management are experienced in exploration and mining, with expertise in the development and operation of mines.
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.
ots Originaltext: Oremex Resources Inc.
Im Internet recherchierbar: http://www.presseportal.ch
For further information: Don Smith CA MBA, CFO, Telephone:
+1-604-683-5651, Fax: +1-604-630-0141, or send questions and comments