VANCOUVER, Oct. 30 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the
"Company") is pleased to announce that it has received an Initial Evaluation
of the proposed pit slopes for its Tejamen silver property in Mexico from Call
& Nicholas, Inc. ("Call & Nicholas") of Tucson, Arizona.
The evaluation concludes that overall geotechnical conditions observed in
the field, and drill holes are very favourable. Laboratory rock strength tests
indicate a high rock quality. The findings generally support the pit slope
angles utilized in the independent Preliminary Assessment Study completed by
Snowden Mining Industry Consultants ("Snowden"). (Please refer to news release
dated October 3, 2006.)
"The Call & Nicholas study represents another important step to advancing
the Tejamen property," said Linda Thorstad, CEO.
The Company's most advanced projects are its Tejamen silver property and
its San Lucas polymetallic property, both located in Mexico. An independent
resource study (NI 43-101 compliant, as reported in April 11, 2006 news
release) concluded that the Tejamen property contains a silver-equivalent
resource of 50.8 million ounces in a total of 22.6 million tonnes, grading a
silver-equivalent of 69.8 grams per tonne (2.04 ounces per ton).
The independent Preliminary Assessment Study prepared by Snowden has
concluded that a 10,000 tonne per day open pit mining and heap leach
processing mining operation at the Tejamen property can support a profitable
operation when silver prices average US$8 per ounce and silver recoveries
exceed 65 percent. Metallurgical testwork to date indicates recoveries for
silver in excess of 70 percent.
In other news, the Company has met the requirements for a Tier 1 company
in accordance with TSX Venture Exchange Policy 2.5 and the Company's
classification has changed to Tier 1 Mining Issuer effective Oct. 24, 2006.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
National Instrument 43-101 requires the following statement: that the
preliminary assessment is preliminary in nature, that it includes inferred
mineral resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
preliminary assessment will be realized.
Forward Looking Statements: The above contains forward looking statements
that are subject to a number of known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially from those
anticipated in our forward looking statements. Factors that could cause such
differences include: changes in world commodity markets, equity markets, costs
and supply of materials relevant to the mining industry, change in government
and changes to regulations affecting the mining industry. Forward-looking
statements in this release include statements regarding future exploration
programs, operation plans, geological interpretations, mineral tenure issues
and mineral recovery processes. Although we believe the expectations reflected
in our forward looking statements are reasonable, results may vary, and we
cannot guarantee future results, levels of activity, performance or
achievements.
