Business
Oremex Silver Announces Strategic Plan, Appoints New Directors and CFO, and Responds to Concept Capital Management Statement
/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STA...
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN\n THE UNITED STATES/\n\n\nTORONTO, May 22, 2013 /CNW/ - Oremex Silver Inc. (\"Oremex\" or the \"Company\") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt: OSI) Oremex Silver is pleased to provide a comprehensive update of its\n activities and corporate plan for the coming twelve months.\n\n\nPursuing a strategy to realize maximum financial value for its non-core\n assets\n\n\nTaking action to advance and demonstrate value at its flagship 50\n million oz Tejamen silver deposit\n\n\nThe appointment of Mr. Rod Prat and Mr. Keith Minty P.Eng to the Board\n of Directors\n\n\nThe appointment of Mr. Jeffrey Lowe as Chief Financial Officer\n\n\nA response to the recent statement from Concept Capital Management\n\n\n\n\n\nOremex Silver has developed and advanced a pure-silver focused portfolio\n of projects that management believes holds tremendous fundamental value\n for shareholders. In a manner very similar to what the majority of\n junior resource companies around the world are experiencing, management\n believes Oremex Silver's market capitalization is not in line with the\n fundamental value of its assets.  For most junior resource companies\n this recent period has been the most challenging capital markets\n conditions experienced in decades, and has negatively impacted the\n liquidity and share price of Oremex Silver.\n\n\nOremex Silver has been pursuing a strategy for the past several months\n to demonstrate and realize the financial value of its silver portfolio\n investments. This portfolio consists of the flagship, 50 million oz\n Tejamen silver deposit and three \"non-core\" projects in development:\n\n\nThe San Lucas silver project\n\n\nThe Chalchihuites silver-lead-zinc project\n\n\nThe El Sol silver project\n\n\n\n\n\nRealization of Financial Value for Non-Core Assets\n\n\nWhile the non-core assets have significant value, the Board of Oremex\n Silver believes that the capital requirement for the continued\n development of these projects would be to the detriment of investing in\n and realizing full value potential of the Tejamen deposit. The\n divestiture of non-core assets will  enable the company to strengthen\n its balance sheet, provide financing to the company that is\n non-dilutive to the share structure and allow for the continue...