Oremex Resources Inc. Files Fiscal 2010 Annual Financial Statements
March 30, 2011
Oremex Resources Inc. (“Oremex” or the “Company”) reports that it has released its audited financial statements for the year ended November 30, 2010 and the related management’s discussion and analysis of financial position and results of operations (“MD&A”).
Fiscal 2010 was an exciting year for the Company. The Company secured a strategic investment of $1.7 million from Sprott Asset Management and acquired a very interesting silver project, Chalchihuites. Early sampling at Chalchihuites has returned samples of up to 3,540 g/t silver. The Company plans on following up these results in fiscal 2011.
The Company lost $1.9 million or $0.02 per share in 2010 and finished the year with cash and cash equivalents of $1.7 million.
Copies of the audited financial statements, related MD&A and annual information form can be found on SEDAR at www.SEDAR.com.
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 most advanced project Tejamen 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. The Company continues with discussions with various federal and state government officials and the Ejido of Tejamen (governing authority for the village and surrounding lands) for surface access rights at the Tejamen Property.
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
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.
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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 John Carlesso Executive Chairman Oremex Resources Inc.
Tel: 416-309-4320