Oremex Resources Inc.

Oremex Announces Purchase of Drill Rig

    Vancouver, Canada (ots/PRNewswire) - Oremex Resources Inc. (TSX-V: ORM) (the "Company") is pleased to  announce that it has committed to purchase a track-mounted reverse  circulation drill rig for its key projects in Mexico. The Company has also  entered into a drilling service agreement with Tiger Drilling USA ("Tiger")  to operate and maintain the drill rig. Tiger has successfully completed  over 36,000 metres of drilling in previous programs on the Tejamen Silver Property. Drilling is expected to resume in January, 2007.

    "With drill rigs and capable operators in short supply, this is a positive step for the Company," said Linda Thorstad, Chief Executive Officer of the Company. "There are significant opportunities to substantially expand resources at the Tejamen Silver Property and to develop resources at the San Lucas Property."

    An independent resource study prepared by Wardrop Engineering Inc. (NI  43-101 compliant, as reported in an April 11, 2006 news release) concluded  at that time that the Tejamen Silver Property contained a silver resource  of 50.8 million ounces in a total of 22.6 million tonnes, grading a silver- equivalent of 69.8 grams per tonne (2.04 ounces per ton).

    An independent preliminary assessment study prepared by Snowden Mining  Industry Consultants Inc. (NI 43-101 compliant, as reported in an October 3 , 2006 news release) concluded that a 10,000 tonne-per-day open pit mining  and heap leach operation at the Tejamen Silver Property could generate a  pre-tax net present value (utilizing a 7% discount rate) of US$97 million at a silver price of US$12 per ounce.

    At the San Lucas Property, where a 19-hole drill program over a strike  length of almost two kilometres outlined a silver-gold mineralized system  with lead and zinc in volcanic rocks, preliminary surface mapping and  sampling have traced the zone for an additional two kilometres along strike  from the original drilling. Drilling in 2007 will test for extensions of  the mineralization along strike and to depth.

    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.

    As disclosed in previous financial statements, Tiger Drilling USA is  controlled by one director of the Company. Services will be charged at  market rates and contract terms were approved by the independent directors of the Board.

    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.
Im Internet recherchierbar: http://www.presseportal.ch

For further information: Linda Thorstad, M.Sc., P.Geo., Chief
Executive Officer, T: +1-(604)-683-5651, E: linda.thorstad@oremex.com

Weitere Meldungen: Oremex Resources Inc.

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