Business
Oremex Announces Purchase of Drill Rig
Oremex Announces Purchase of Drill Rig.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Dec. 7 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the\n\"Company\") is pleased to announce that it has committed to purchase a\ntrack-mounted reverse circulation drill rig for its key projects in Mexico.\nThe Company has also entered into a drilling service agreement with Tiger\nDrilling USA (\"Tiger\") to operate and maintain the drill rig. Tiger has\nsuccessfully completed over 36,000 metres of drilling in previous programs on\nthe Tejamen Silver Property. Drilling is expected to resume in January, 2007.\n\n\n\"With drill rigs and capable operators in short supply, this is a\npositive step for the Company,\" said Linda Thorstad, Chief Executive Officer\nof the Company. \"There are significant opportunities to substantially expand\nresources at the Tejamen Silver Property and to develop resources at the San\nLucas Property.\"\n\n\nAn independent resource study prepared by Wardrop Engineering Inc. (NI\n43-101 compliant, as reported in an April 11, 2006 news release) concluded at\nthat time that the Tejamen Silver Property contained a silver resource of\n50.8 million ounces in a total of 22.6 million tonnes, grading a\nsilver-equivalent of 69.8 grams per tonne (2.04 ounces per ton).\n\n\nAn independent preliminary assessment study prepared by Snowden Mining\nIndustry Consultants Inc. (NI 43-101 compliant, as reported in an October 3,\n2006 news release) concluded that a 10,000 tonne-per-day open pit mining and\nheap leach operation at the Tejamen Silver Property could generate a pre-tax\nnet present value (utilizing a 7% discount rate) of US$97 million at a silver\nprice of US$12 per ounce.\n\n\nAt the San Lucas Property, where a 19-hole drill program over a strike\nlength of almost two kilometres outlined a silver-gold mineralized system with\nlead and zinc in volcanic rocks, preliminary surface mapping and sampling have\ntraced the zone for an additional two kilometres along strike from the\noriginal drilling. Drilling in 2007 will test for extensions of the\nmineralization along strike and to depth.\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 ...