TORONTO, ONTARIO -- (Marketwire) -- 01/16/12 -- Oremex Silver Inc. ("Oremex" or the "Company") (TSX VENTURE: OAG)(OTCQX: ORAGF)(FRANKFURT: OSI) is pleased to report the results from the first three holes of the underground drill program at the Chalchihuites silver project held by its wholly-owned Mexican subsidiary Minera Mantos S. de R.L. de C.V.
The first three underground drill holes fan out from the face of the Tepozan adit to test the northwest striking and steeply southwesterly dipping La Purisima structure. Multiple mineralized structures were found in every hole.
"The assay results from the first three holes confirm the presence of high grade mineralization that was previously sampled. We are very pleased with these results as they clearly add to our understanding of the mineralization at Chalchihuites and demonstrate additional potential. More drilling is being planned to follow the strike and dip extent of the La Purisima structure in addition to drilling of other structures and skarn/ replacement mineralization. While additional underground drill results from the current program remain pending, we look forward to focusing on a subsequent surface drilling program to expand and further define the boundaries of mineralized zones and the resource potential at Chalchihuites" commented Michael R. Smith, President & CEO of Oremex Silver Inc.
The Chalchihuites mineralization can be traced over a WNW zone with a map area of approximately 900 meters long by 200 meters wide. Overall, the mineralization has a proven vertical extent of about 300 meters from the lowest elevations to the top of La Purisima structure.
Hole 1 was drilled to a total depth of 84.7 meters, Hole 2 to 98.2 meters and Hole 3 to 93.2 meters. The highlights of the mineralized intervals include 5.5 meters of 212.26 g/t silver containing 1.7 meters of 563 g/t silver in Hole 2. Hole 3 includes intersection of 5.4 meters of 28.56 g/t silver and 0.82 g/t gold comprising of 1.4 meters of 56.6 g/t silver and 2.54 g/t gold.
Complete results from the Hole 1, 2, 3 include:
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HOLE ID FROM TO THICKNESS GRADE g/t GRADE %
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meters meters meters Silver Gold Lead Zinc
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CHALU11-01 53.80 56.30 2.45 12.38 0.26 0.07 0.11
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CHALU11-01 61.00 62.80 1.80 7.84 0.08 0.11 0.05
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CHALU11-01 65.00 68.31 3.31 30.75 0.17 0.05 0.13
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CHALU11-02 16.00 18.00 2.00 24.20 0.09 0.09 0.03
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CHALU11-02 21.50 22.50 1.00 7.00 0.02 0.17 0.10
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CHALU11-02 22.90 23.90 1.00 11.60 0.09 0.25 0.04
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less
than
CHALU11-02 31.00 32.40 1.40 9.00 0.01 0.22 0.01
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CHALU11-02 88.20 93.70 5.50 212.26 0.18 3.85 0.03
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including 88.20 89.90 1.70 563.00 0.31 11.30 0.06
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CHALU11-03 0.00 0.40 0.40 11.40 0.02 0.03 0.04
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CHALU11-03 41.00 42.40 1.40 9.00 0.03 0.14 0.01
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CHALU11-03 65.30 66.00 0.70 16.80 0.08 0.11 0.04
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CHALU11-03 71.70 72.70 1.00 24.90 0.28 0.12 0.17
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CHALU11-03 77.20 82.60 5.40 28.56 0.82 0.14 0.17
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including 80.70 82.10 1.40 56.60 2.54 0.15 0.03
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The technical information contained in this news release has been prepared
under the supervision of William Feyerabend, Consulting Geologist (AIPG
Certified Professional Geologist #11047), who is a Qualified Person as
defined by National Instrument 43-101.
About Oremex Silver Inc.
Oremex Silver Inc. is a Canadian company focusing on the exploration and development of silver projects along the highly productive mineralized belt in Mexico. The Company has a portfolio of silver Projects including a mineral resource of 50.8 million ounces of silver at its Tejamen deposit. The Company's projects are located in mining-friendly jurisdictions and the management team has successful track record of mine building in Mexico.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information, (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Oremex' public filings, anticipated events or results and can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of Oremex, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Oremex filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Oremex does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.
Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Oremex Silver Inc.
Christian Scovenna
+1 416.309.4321
info@oremexsilver.com
