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Oremex Appoints Project Development Manager for Tejamen Silver Property
Oremex Appoints Project Development Manager for Tejamen Silver Property.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, April 9 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the\n"Company") today announced that it has appointed Mr. Javier Rojas as project\ndevelopment manager for its Tejamen Silver Property ("Tejamen") in Mexico. Mr.\nRojas, who will officially begin his role on April 20, 2007, is a highly\nqualified mining specialist with almost 40 years of experience in project\ndevelopment and mining operations throughout Mexico. Mr. Rojas has served in\nseveral senior roles directing surface operations, mine planning and\nimplementation. He has managed strategic planning and engineering in both\nopen-pit and underground mining operations using heap-leach and milling\nprocesses for a range of Mexican companies.\n\n\n"This is a very positive step for the development of the Company's\nTejamen Silver Property," said Linda Thorstad, CEO of the Company. "Mr. Rojas'\nextensive experience in project development, mine operations, open-pit mining\nand heap-leach operations, along with his extensive network of industry and\ngovernment contacts, will be invaluable for the Company."\n\n\nThe Company also announced the grant of 150,000 stock options to Mr.\nRojas under the incentive stock option plan. The options, which vest in\n50,000 share increments at six-month intervals from the date of employment,\nare exercisable for a period of five years. The options will be priced on the\ndate of commencement of employment, based on the higher of the closing price\nof the previous day or of the day of employment.\n\n\nAt Tejamen, the Company is continuing discussions with the Ejido\n(governing authority for the village and surrounding lands) in order to regain\naccess to surface rights at the property. At the same time the Company is\npreparing the necessary report to accompany its application for surface access\nrights through applicable federal laws.\n\n\nAccording to an independent Preliminary Assessment Study (NI 43-101\ncompliant, as reported in the October 3, 2006 news release), a potential\nopen-pit, heap-leach project at Tejamen has an estimated net present value of\nUS $97.4 million at US$12 per ounce silver and US$155 million at US$15 per\nounce silver (at a 7% discount). Projected production is approximately 4.5\nmillion ounces of silver per annum, with direct cash operating costs of\nUS$4.50 per...