Oremex Resources Inc. Files Fiscal 2010 Second Quarter Financial Statements
July 30, 2010
Oremex Resources Inc. (“Oremex” or the “Company”) reports that it has released its unaudited financial statements for the quarter and six month period ended May 31, 2010 and the related management’s discussion and analysis of financial position and results of operations (“MD&A”).
During the second quarter of fiscal 2010 the Company closed a private placement for gross proceeds of over $1 million. The Company is planning to use a portion of the proceeds to continue to explore the San Lucas property. The Company incurred a net loss for the quarter of $370,000 or $(0.00) per share.
Copies of the unaudited financial statements and related MD&A 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
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 -2- 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:
John Carlesso, Executive Chairman Tel: 416-309-4320 Email: [email protected]