Oremex Resources Inc.

Oremex Negotiates Long-Term Lease for Surface use at San Lucas Property

    Vancouver, Canada (ots/PRNewswire) - Oremex Resources Inc. (TSX-V: ORM) (the "Company") announced that it  has negotiated a long-term lease for use of surface rights at its San Lucas  Property ("San Lucas") with the Ejido (governing authority for the village  and surrounding lands). The lease provides surface rights to 50 hectares of  Ejido land for the purposes of exploration, development and mining for a 30 -year term. The terms of the lease provide for annual payments of  approximately US$2,000 (MP$20,000) and other community improvements.

    "We are pleased to have negotiated this working arrangement for access  to surface rights with the Ejido of San Lucas," said Linda Thorstad, CEO of  the Company. "Our agreement provides significant long-term benefits for  both the Company and the Ejido."

    The Company is currently conducting a 5,000-metre drill program at San Lucas, testing extensions down dip and along trend of mineralisation. A  3,000-metre drill program completed in 2005 outlined gold-silver-lead-zinc  mineralisation over a strike length of 2 kilometres with widths up to 70  metres in a trend mapped for over 4 kilometres.

    The Company is also continuing discussions with the local Ejido at the  Tejamen Silver Property ("Tejamen") while pursuing access to surface rights  through applicable federal laws. Tejamen, an open-pit, heap-leach project,  has an estimated net present value of US$97.4 million at US$12 per ounce  silver and US$155 million at US$15 per ounce silver (at a 7% discount)  according to an independent Preliminary Assessment Study prepared by  Snowden Mining Industry Consultants (NI 43-101 compliant, as reported in  the October 3, 2006 news release). Projected production is approximately 4. 5 million ounces of silver per annum with direct cash operating costs of  US$4.50 per ounce of silver from a current resource of 50.8 million ounces.

    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  categorised as mineral reserves, and there is no certainty that the  preliminary assessment will be realised.

    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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