Oremex Expands Silver Mineralization Potential at El Sol Project
TORONTO, ONTARIO -- (Marketwire) -- 12/07/10 -- Oremex Resources Inc. (TSX VENTURE: ORM)(OTCQX: ORXRF)(FRANKFURT: OSI) is pleased to announce that recent exploration work at its wholly owned El Sol silver project has expanded the potential for silver mineralization. El Sol is located approximately 1km northwest of the Cerro Las Minitas mine, close to the town of Guadalupe Victoria, in Durango State, Mexico. The El Sol project is immediately north of Southern Silver's Cerro Las Minitas project, which is focused on substantial silver plus base metal mineralization in skarns and carbonate replacement deposits (CRD).
A strong magnetic anomaly has been identified near the western edge of the El Sol concession, clearly indicating the potential for a buried intrusive, based on a published Mexican government geophysical survey. The adjacent Cerro Las Minitas project is also associated with a strong magnetic signature known to be related to a mineralizing intrusive body. A large area of skarn mineralization in limestone underlies the western half of the El Sol concession and is believed to be spatially related to the hypothesized buried mineralizing intrusive. The bulk of the rest of the El Sol concession is underlain by limestone. Fracture controlled silver plus base metal mineralization has been noted both in the skarn and limestone on the El Sol concession. The geological conditions imply potential for skarn and CRD mineralization at El Sol. Silver plus base metal mineralization in the area is associated with high sulfide concentrations and should be readily detected by IP-type geophysical survey methods. The upcoming program will follow-up on earlier surface grab sampling that yielded mineralization of 140 g/t Ag, 5.4% Pb Zn and 0.22 g/t Au (please see press release dated October 14th, 2010). More detailed geological mapping combined with a geophysical survey is planned to identify drill targets.
'The El Sol projects represents an excellent opportunity for Oremex to continue its focus of building a portfolio of prospective silver projects with the potential for complementing the company's existing 50,000,000 ounce (22,600,000 Tonnes @ 69.8 g/t Ag) Resource at Tejamen' stated Michael Smith, President and CEO of Oremex. 'To follow up the mineralization identified at El Sol, an IP geophysical program is planned to identify drill targets. We expect to see increased activities in all areas of exploration within the company during 2011'.
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.
Contacts:
Oremex Resources Inc.
Michael Smith
President & CEO
(416) 309-4320
info@oremex.com