Oremex Obtains Surface Access Rights at San Lucas Project
TORONTO, ONTARIO September 16, 2010 ‐‐ Oremex Resources Inc. (TSXV: ORM) is pleased to announce that the company has reached an agreement with the local community to allow surface access rights at its wholly owned San Lucas project in Durango, Mexico. With access to the surface secured, the company is now in a position to carry out more extensive exploration activity toward the continued advancement of the San Lucas project. The company anticipates commencing a 2,000 metre drilling program in the current quarter utilizing the drilling targets that have been identified with the mapping/sampling program that was completed earlier this year (see Press Releases dated June 21 and August 9, 2010).
The company has executed a contract that provides surface access rights for the purposes of carrying out exploration, development, and mining activity for a period of 30 years. The agreement includes a provision to extend the length of the term beyond 30 years if necessary. Oremex has agreed to pay fees to the community at the rate of 500 Mexican pesos per hectare per year based on the area of the company’s activities commencing in 2011. In addition, Oremex has agreed to assist the community of San Lucas with the upgrade of some local infrastructure and to provide employment opportunities for qualified individuals.
“We are very pleased to begin the next drilling phase on this highly prospective property” stated Michael Smith, President and CEO of Oremex. “The community has been very supportive of our activities in the area and we look forward to extending our local business and community relationships as the project undergoes further development”.
Recent field work has been focused on defining a drilling program to test the gold mineralization present in a silicified dacite dike which outcrops extensively on the concessions at San Lucas. A total of 220 samples have been collected along the silicified dacite dike, which also has cross cutting mineralized dikes, significantly adding to tonnage potential. The dike has three more‐intensely mineralized segments; the 330m long North zone has reported silver grades to 1,856 g/t and gold grades to 1.06 g/t, the 800m long Central Zone has reported gold grades to 1.68 g/t and the 180m long South Zone has reported gold grades to 0.82 g/t (see Press Release dated August 9, 2010). The mapped strike length of the silicified dacite dike has recently increased from 1.5km to 2.0 km. The upcoming drill program will have the objective of identifying and defining the gold potential at depth, both in the dike and adjacent favourable stratigraphic/structural positions (see Figure 1).
The Board of Directors has approved the granting of 800,000 stock options to consultants of the company, subject to regulatory and TSX venture Exchange approval. The options were issued at a price of $0.10 per share and have a five year term.
About Oremex:
Oremex is a Canadian‐based exploration company with a focus on the acquisition and development of mineral properties in Mexico. The Company's Tejamen project 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). Snowden Mining Industry Consultants completed a Preliminary Assessment Study (NI 43‐101 compliant October 2006) demonstrating that the project can support a 10,000 tonne per day open pit, heap leach mining operation.
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.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Oremex Resources Inc.
Michael Smith, President & CEO Email: [email protected]
Figure 1