Business
Oremex Completes Sale Of Mezquital Claims To Canasil
Oremex Completes Sale Of Mezquital Claims To Canasil.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Dec. 11 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the\n\"Company\"), Minera Montana S. de R.L. de C.V. (\"Minera Montana\"), Canasil\nResources Inc. (\"Canasil\") and its wholly owned subsidiary Minera Canasil S.A.\nde C.V. (\"Minera Canasil\") are pleased to announce completion of the transfer\nof claim titles for 100% interest in the Mezquital claims from Minera Montana\nto Minera Canasil.\n\n\nCanasil will issue 650,000 common shares and 75,000 share purchase\nwarrants to the Company, upon approval of the agreement by the TSX Venture\nExchange. Each warrant will entitle the Company to acquire one common share of\nCanasil at a price of $0.50 within 12 months of regulatory approval.\n\n\n\"We are pleased to complete the transaction with Canasil,\" said Linda\nThorstad, Chief Executive Officer of the Company. \"The sale of the property\ngenerates a solid return on investment for Oremex shareholders.\"\n\n\nOremex continues to focus on its two key properties: the Tejamen Silver\nProperty and San Lucas high grade silver-gold property. An independent\nresource study (NI 43-101 compliant, as reported in April 11, 2006 news\nrelease, has concluded that the Tejamen Silver Property contains a\nsilver-equivalent resource of 50.8 million ounces in a total of 22.6 million\ntonnes, grading a silver-equivalent of 69.8 grams per tonne (2.04 ounces per\nton).\n\n\nAt the San Lucas Property, a 19-hole drill program outlined a high grade\nsilver-gold mineralized system with lead and zinc in volcanic rocks over a\ntwo-kilometre strike length. Preliminary surface mapping and sampling have\ntraced the zone for an additional two kilometres along strike from the\noriginal drilling. Drilling will test extensions of mineralization in 2007\nalong 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 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 Statemen...