Business
Oremex Provides Additional Information Regarding Status of Tejamen Silver Property
Oremex Provides Additional Information Regarding Status of Tejamen Silver Property.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, March 1 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the\n"Company") is providing additional details pursuant to the Company's\nFebruary 26, 2007 news release, which reported on the status of the Company's\nsurface access rights to the Tejamen Silver Property ("Tejamen").\n\n\nUnder Mexican mining law, ownership of mining concessions confers certain\nrights with respect to minerals. With completion of the final payment to the\nunderlying owner of the mineral concessions, the Company now owns a 100\npercent interest in the mineral concessions, with no ongoing obligations or\nresidual royalties payable to, or net profit interests retained by, the former\nowners.\n\n\nOwnership of mining concessions does not confer surface access rights, so\nthat mineral concession holders must either negotiate access arrangements with\nthe owners of the surface rights, or undertake a federal legal process for\nexpropriation or temporary occupation.\n\n\nThe governing Ejido of the village and surrounding lands owns the surface\nrights on the Company's mineral concession. For the past three years, the\nCompany has been granted the right to surface access by the Ejido in order to\nconduct exploration on its mineral concessions. In its activities, the Company\nhas employed local labour to assist with its exploration work and has made\nnumerous contributions to community access and infrastructure programs.\n\n\nDespite apparently successful negotiations with legal representatives of\nthe Ejido leading up to the formal Ejido meeting, the Company was unsuccessful\nin securing a renegotiated agreement for surface access at Tejamen from the\nEjido by a narrow margin of votes of those present at the meeting. The\nproposed agreement covered an expanded scope of activities that included\nmining as well as exploration over an extended term.\n\n\nMining law in Mexico defines the exploration, exploitation and processing\nof minerals as a public benefit which confers preferential status over any\nother use of the land. In addition, Agrarian law, under which Ejidos are\ngoverned, provides for expropriation of Ejido and community lands for the\nexploitation of minerals. In the absence of agreements with local surface\nrights holders, many of the owners of Mexico's operating mines today have\nsought and secured access to surface...