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Oremex Resources Completes Acquisition of Minera Montana
Oremex Resources Completes Acquisition of Minera Montana.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Sept. 28 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) ("Oremex"\nor the "Company") announces that it has acquired Minera Montana, S. de R.L. de\nC.V. ("Montana"). To date, the Company has held its mineral properties in\nMexico under an option agreement with Montana while conducting exploration\nprograms on its projects in Mexico. The Company has maintained the mineral\nproperties in good standing with the Mexican government. Montana is a company\nowned by a Director and former officer of the Company.\n\n\nUnder the original option agreement dated February 28, 2003, and amended\nin June 2003, the Company paid a sum of $3,500 and reimbursed Montana costs of\n$236,954. The agreement gave the Company the right to acquire the mineral\nconcessions of Montana upon payment of total amounts due to the underlying\nmineral concession holder and payment of property taxes to maintain the claims\nin good standing. Having fulfilled its obligations and completed a review of\nacquisition options, the Company concluded that acquisition of the shares of\nMontana would be more beneficial to the Company rather than acquisition of\ndirect title to the mineral concessions. No additional consideration is\npayable.\n\n\nThe acquisition of Montana results in the portfolio of mineral\nproperties, including the Tejamen Silver Property ("Tejamen"), the San Lucas\nSilver-Lead-Zinc Property and several other mineral concessions, being held by\nMontana as a wholly-owned subsidiary of the Company.\n\n\nThe Tejamen Silver Property has an inferred mineral resource of\n50.8 million ounces of silver in a total of 22.6 million tonnes grading a\nsilver-equivalent of 69.8 grams per tonne. (Wardrop Engineering Report NI\n43-101 compliant, April 2006). According to an independent Preliminary\nAssessment Study prepared by Snowden Mining Industry Consultants (NI 43-101\ncompliant, as reported in the October 3, 2006 news release). Tejamen, an\nopen-pit, heap-leach project, has an estimated net present value of US$97.4\nmillion at US$12 per ounce silver and US$155 million at US$15 per ounce silver\n(at a 7% discount). The mineral resource is open at depth and along trend.\n\n\nThe Company's discussions with the Ejido (local village and surrounding\nlands) with respect to surface access rights at Tejamen are advancing ...