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Oremex announces sale of Mezquital claims to Canasil
Oremex announces sale of Mezquital claims to Canasil.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, June 6 /CNW/ - Oremex Resources Inc. (TSXV symbol - ORM) (the\n\"Company\"), Minera Montana S. de R.L. de C.V. (Minera Montana), Canasil\nResources Inc. (Canasil, TSXV: CLZ) and its wholly owned subsidiary Minera\nCanasil S.A. de C.V. (Minera Canasil), have signed a letter of agreement\ngranting Canasil the right to acquire 100% interest in the Mezquital \nsilver-zinc-lead claims, in which Oremex and Minera Montana have an option to\nearn a 100% interest.\nThe purchase agreement requires Canasil to issue 650,000 common shares\nand 75,000 share purchase warrants to Oremex, upon approval of the agreement\nby the TSX Venture Exchange and transfer of the claim titles, as full payment\nfor 100% interest in the Mezquital claims. Each warrant will entitle Oremex to\nacquire one common share of Canasil at a price of $0.50 within 12 months of\nthe approval of the final agreement by the TSX Venture Exchange.\n\"In order to maximize shareholder value, we will continue to focus on our\nhighest priority projects that yield the greatest returns and seek out\nopportunities to capitalize on our non-core holdings,\" said Don Smith, the\nCompany's Chief Financial Officer. \"This allows us to fund further exploration\nand purchase additional properties without any dilution.\"\nOremex had not conducted work programs on the Mezquital Claims as a\ndecision was made to concentrate on the development of the resources at its\nTejamen and San Lucas properties. In April 2006, an independent resource study\n(NI 43 - 101 compliant) concluded that the Tejamen property contains a \nsilver-equivalent resource of 50.8 million ounces in a total of 22,600,000\ntonnes, grading a silver-equivalent of 69.8 grams per tonne.(1)\nThe Company is continually evaluating all of its mineral concessions.\nThose that do not meet the strict criteria for principal property status will\nbe available for sale. If favourable terms can be arranged they will be sold\nor joint-ventured. In addition, the company is continuing to look for, and to\nacquire, new principal properties.\n\n--------------------------------------\n(1) Note that of this total, 66.9 g/t consists of silver (96% of the\ntotal), and the silver-equivalent is equal to silver (g/t) plus 64.5 x\ngold (g/t).\n\nAbout Oremex Resources Inc.\n\nOremex Resources Inc. (www.oremex.com) is a Vancouver bas...