Oremex Resources Inc.

Oremex Resources Agrees to Acquire Cuyoaco Property

    Vancouver, Canada, November 21 (ots/PRNewswire) - Oremex Resources Inc. (TSX-V: ORM) (the "Company") announces that it has  executed an agreement to acquire the Cuyoaco Gold and Base Metal Property  in the State of Puebla, Mexico. The property has the potential to host both a high grade gold system and a large copper-gold porphyry deposit.

    The agreement provides the Company, through its wholly owned subsidiary  Oremexico S.A. de C.V., with the exclusive option to purchase a 100 percent  interest in the property over a four year period. The total purchase price  of US$3 million may be made by a combination of cash and shares of the  Company scheduled over the four years. The Company will make an initial  payment of US$150,000 and issue 100,000 shares. On December 31 of each  subsequent year, the Company will, at its option, make cash payments and  share issuances as follows: 2008 - US$100,000 and 200,000 shares; 2009 - US$150,000 and 200,000 shares; 2010 - US$250,000 and 200,000 shares and  2011 - US$1.5 million and 1 million shares. The Company has also agreed to  complete the necessary work and make the obligatory tax payments to ensure  that the claims are in good standing. The mineral concession owner is  Francisco Crespo Hernandez, a Director of the Company. The transaction is  subject to the acceptance of TSX Venture Exchange.

    The Cuyoaco Property is located in an old mining camp, formerly known as  the Talpizaco-Tateno Mining District. On the property, sedimentary rocks  (with limestone predominating) are intruded by a diorite stock and numerous  related dykes. Two claims, covering 643 hectares, encompass the former Santa  Elena, Santo Nino, Magistral and California-Durazno Mines. At the Santa  Elena and Santo Nino zones, coarse metallic gold and electrum in calcite  stringers is associated with narrow diorite dikes and adjacent skarns. Gold values from underground workings range up to 3 grams per tonne. At the  Magistral and California-Durazno workings, copper-gold-lead-zinc anomalies  suggest the presence of a large porphyry copper-gold system.

    An independent NI 43-101 Technical Report, prepared by independent consultant Norm Tribe, P. Eng., recommends acquisition of the project and  a program of trenching and 5,500 metres of diamond drilling as an initial  phase of work to assess the project.

    The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

    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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