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Oremex Announces Acquisition of Santa Catarina Massive Sulphide Property
Oremex Announces Acquisition of Santa Catarina Massive Sulphide Property.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, May 11 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the\n"Company") today announced that it has acquired the Santa Catarina massive\nsulphide gold property near the village of Santa Catarina in Sinaloa State,\nMexico. The massive sulphide deposit (primarily pyrrhotite with minor\nchalcopyrite), carrying gold values that range from 0.24 to 0.55 ounces per\ntonne gold across a width of 20 metres, is an attractive small mine situation\nwith the potential for near term production. The property was acquired\noutright for a purchase price of MP $200,000 (CDN $21,000) and back taxes of\nMP $25,000 (CDN $2,625). The Company plans a program of line cutting, mapping,\nsoil sampling and geophysics followed by drilling to test the strike length\nand depth of the massive sulphide mineralization.\n\n\nIn addition the Company is awaiting assay results from its recently\ncompleted 5,000-metre drill program at its San Lucas Property and is\ncontinuing discussions with the Ejido (governing authority for the village and\nsurrounding lands) at the Tejamen Silver Property while pursuing access to\nsurface rights through applicable federal laws. Tejamen contains a 43-101\ncompliant (April 2006) inferred resource of 50.8 million ounces of\nsilver-equivalent in 22.6 million tonnes grading 69.8 grams per tonne\nsilver-equivalent.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy and accuracy of this release.\n\n\nNational Instrument 43-101 requires the following statement: that the\npreliminary assessment is preliminary in nature, that it includes inferred\nmineral resources that are considered too speculative geologically to have the\neconomic considerations applied to them that would enable them to be\ncategorized as mineral reserves, and there is no certainty that the\npreliminary assessment will be realized.\n\n\nForward-Looking Statements: The above contains forward-looking statements\nthat are subject to a number of known and unknown risks, uncertainties and\nother factors that may cause actual results to differ materially from those\nanticipated in our forward-looking statements. Factors that could cause such\ndifferences include: changes in world commodity markets, equity markets, costs\nand supply of materials relevant to the mining industry, change in government\...