VANCOUVER, June 15 /CNW/ - Oremex Resources Inc. (TSXV symbol - ORM) (the
"Company") announces the completion of the sale to First Majestic Resource
Corp. ("Majestic") of its interest in the La Encarnacion Mining Claims (La
Parilla) located in the State of Durango, Mexico. The terms of the agreement
requires Majestic to pay Oremex CDN $40,000 and 200,000 common shares of
Majestic.
Don Smith, the Company's Chief Financial Officer, reported that this is
an excellent transaction for the Company and its shareholders. "We were able
to monetize non core properties and to raise approximately CDN $900,000 for
various exploration programs without any further dilution to the existing
shareholders."
The Company had not conducted any work programs on the La Encarnacion
Mining Claims as the management of Oremex has decided to focus on the
development of the resources at its Tejamen Silver Property and San Lucas
Polymetallic Property. In April 2006, an independent resource study (43-101
compliant, available on www.sedar.com) concluded that the Tejamen property
contains an equivalent silver resource of 50.8 million ounces in a total of
22,600,000 tonnes, grading a silver equivalent of 69.8 grams per tonne.
The Company is continually evaluating all of its mineral concessions.
Those that do not meet the strict criteria for principal property status
thereby warranting further exploration work will be available for sale. If
favourable terms can be arranged they will be sold. In addition the Company is
continuing to look for, and to acquire, new principal properties.
The TSX Venture Exchange has not reviewed or does not accept
responsibility for the adequacy or accuracy of this release. This news release
may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and
conditions and, therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.
