Business
Oremex Resources Inc. - Sale completion of Encarnacion mining claims
Oremex Resources Inc. - Sale completion of Encarnacion mining claims.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, June 15 /CNW/ - Oremex Resources Inc. (TSXV symbol - ORM) (the\n\"Company\") announces the completion of the sale to First Majestic Resource\nCorp. (\"Majestic\") of its interest in the La Encarnacion Mining Claims (La\nParilla) located in the State of Durango, Mexico. The terms of the agreement\nrequires Majestic to pay Oremex CDN $40,000 and 200,000 common shares of\nMajestic.\nDon Smith, the Company's Chief Financial Officer, reported that this is\nan excellent transaction for the Company and its shareholders. \"We were able\nto monetize non core properties and to raise approximately CDN $900,000 for\nvarious exploration programs without any further dilution to the existing\nshareholders.\"\nThe Company had not conducted any work programs on the La Encarnacion\nMining Claims as the management of Oremex has decided to focus on the\ndevelopment of the resources at its Tejamen Silver Property and San Lucas\nPolymetallic Property. In April 2006, an independent resource study (43-101\ncompliant, available on www.sedar.com) concluded that the Tejamen property\ncontains an equivalent silver resource of 50.8 million ounces in a total of\n22,600,000 tonnes, grading a silver equivalent of 69.8 grams per tonne.\nThe Company is continually evaluating all of its mineral concessions.\nThose that do not meet the strict criteria for principal property status\nthereby warranting further exploration work will be available for sale. If\nfavourable terms can be arranged they will be sold. In addition the Company is\ncontinuing to look for, and to acquire, new principal properties.\n\nThe TSX Venture Exchange has not reviewed or does not accept\nresponsibility for the adequacy or accuracy of this release. This news release\nmay contain forward-looking statements including but not limited to comments\nregarding the timing and content of upcoming work programs, geological\ninterpretations, receipt of property titles, potential mineral recovery\nprocesses, etc. Forward-looking statements address future events and\nconditions and, therefore, involve inherent risks and uncertainties. Actual\nresults may differ materially from those currently anticipated in such\nstatements.\n\n\n\n","length":2247,"tagName":"div"}]