VANCOUVER, Canada, September 29 /PRNewswire/ -- Oremex Resources Inc. (TSX-V: ORM) ("Oremex" or the "Company") announces that it has acquired Minera Montana, S. de R.L. de C.V. ("Montana"). To date, the Company has held its mineral properties in Mexico under an option agreement with Montana while conducting exploration programs on its projects in Mexico. The Company has maintained the mineral properties in good standing with the Mexican government. Montana is a company owned by a Director and former officer of the Company.
Under the original option agreement dated February 28, 2003, and amended in June 2003, the Company paid a sum of CAD$3,500 and reimbursed Montana costs of CAD$236,954. The agreement gave the Company the right to acquire the mineral concessions of Montana upon payment of total amounts due to the underlying mineral concession holder and payment of property taxes to maintain the claims in good standing. Having fulfilled its obligations and completed a review of acquisition options, the Company concluded that acquisition of the shares of Montana would be more beneficial to the Company rather than acquisition of direct title to the mineral concessions. No additional consideration is payable.
The acquisition of Montana results in the portfolio of mineral properties, including the Tejamen Silver Property ("Tejamen"), the San Lucas Silver-Lead-Zinc Property and several other mineral concessions, being held by Montana as a wholly-owned subsidiary of the Company.
The Tejamen Silver Property has an inferred mineral resource of 50.8 million ounces of silver in a total of 22.6 million tonnes grading a silver-equivalent of 69.8 grams per tonne. (Wardrop Engineering Report NI 43-101 compliant, April 2006). 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). 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). The mineral resource is open at depth and along trend.
The Company's discussions with the Ejido (local village and surrounding lands) with respect to surface access rights at Tejamen are advancing and on-site management are optimistic that an agreement in principle to either purchase or lease the surface rights can be realized before year end. Linda Thorstad, P. Geo., is the Qualified Person who has reviewed the contents of this news release.
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: 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.
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.
CO: Oremex Resources Inc.
