Oremex Resources Agrees to Acquire Cuyoaco Property

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[{"type":"text","content":"\n\n\n\nVANCOUVER, Nov. 20 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the\n"Company") announces that it has executed an agreement to acquire the Cuyoaco\nGold and Base Metal Property in the State of Puebla, Mexico. The property has\nthe potential to host both a high grade gold system and a large copper-gold\nporphyry deposit.\n\n\nThe agreement provides the Company, through its wholly owned subsidiary\nOremexico S.A. de C.V., with the exclusive option to purchase a 100 percent\ninterest in the property over a four year period. The total purchase price of\nUS$3 million may be made by a combination of cash and shares of the Company\nscheduled over the four years. The Company will make an initial payment of\nUS$150,000 and issue 100,000 shares. On December 31 of each subsequent year,\nthe Company will, at its option, make cash payments and share issuances as\nfollows: 2008 - US$100,000 and 200,000 shares; 2009 - US$150,000 and 200,000\nshares; 2010 - US$250,000 and 200,000 shares and 2011 - US$1.5 million and 1\nmillion shares. The Company has also agreed to complete the necessary work and\nmake the obligatory tax payments to ensure that the claims are in good\nstanding. The mineral concession owner is Francisco Crespo Hernandez, a\nDirector of the Company. The transaction is subject to the acceptance of TSX\nVenture Exchange.\n\n\nThe Cuyoaco Property is located in an old mining camp, formerly known as\nthe Talpizaco-Tateno Mining District. On the property, sedimentary rocks (with\nlimestone predominating) are intruded by a diorite stock and numerous related\ndykes. Two claims, covering 643 hectares, encompass the former Santa Elena,\nSanto Nino, Magistral and California-Durazno Mines. At the Santa Elena and\nSanto Nino zones, coarse metallic gold and electrum in calcite stringers is\nassociated with narrow diorite dikes and adjacent skarns. Gold values from\nunderground workings range up to 3 grams per tonne. At the Magistral and\nCalifornia-Durazno workings, copper-gold-lead-zinc anomalies suggest the\npresence of a large porphyry copper-gold system.\n\n\nAn independent NI 43-101 Technical Report, prepared by independent\nconsultant Norm Tribe, P. Eng., recommends acquisition of the project and a\nprogram of trenching and 5,500 metres of diamond drilling as an initial phase\nof work to assess the project.\n\n\nThe TSX...

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