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TORONTO, ONTARIO--(Marketwire
- June 1, 2009) - At its Annual General Meeting held May 29, 2009 the
shareholders of Oremex Resources Inc. (TSX
VENTURE:ORM) approved all resolutions placed
before them by management, including the election of directors, the appointment
of auditor, the reaffirmation of the Company's stock option plan, the
change in location of the registered office, and the amendment of
By-law No. 1 to allow Directors to accept late proxies.
The Shareholders elected John Carlesso, Chris
Marcus, David William Prins, Michael R. Smith
and Dr. David A. Terry to serve as directors of the Company. As of the
close of the Meeting, the Company's board is constituted of a majority
of independent directors.
The Board welcomes Dr. Terry as a new Director. His extensive
experience has focused on exploration for a wide spectrum of precious
and base metal deposits throughout North and South
America. He specializes in public company management,
international projects, advanced project evaluation, acquisitions, and
design and implementation of exploration programs. In the course of his
career he has held positions with a number of senior mining companies
including Boliden Limited, Westmin Resources
Limited, Hemlo Gold Mines Inc., Cominco
Limited and Gold Fields Mining Corporation as well as spending several
years with the British Columbia Ministry of Energy and Mines. Dr. Terry
is a registered professional geoscientist with more than 20 years of
international experience in the mineral exploration and mining sector. Currently
Dr. Terry is an officer and director of several publicly-listed mineral
exploration companies.
Oremex has also appointed Sr. Carlos Pacheco
to the fulltime role of Director of Community Relations for the Tejamen project. Sr. Pacheco has over 20 years of
mining experience in Mexico
working for both Mexican national and Canadian companies and will be
based in the Company's office in Nuevo Ideal. He has experience in both
exploration and production activities, as well as a specialization in
dealing with local communities and the successful resolution of issues
that they face.
Also at the meeting, the shareholders appointed KPMG LLP as the
Company's auditors and authorized the Directors to fix the
remuneration. The Company's stock option plan, which provides for the
issuance of options to acquire up to 10% of the Company's issued and
outstanding Common Shares, was reaffirmed. The shareholders approved an
amendment to the Company's articles to change the province of
registration from British Columbia to Ontario, and
approved an amendment to By-law No. 1 to allow Directors to accept late
proxies.
About Oremex
Oremex is a Canadian-based exploration
company with a focus on the acquisition and development of mineral
properties in Mexico.
The Company's principal properties are the Tejamen
and San Lucas properties located in the State of Durango
and the Cuyoaco Property in the State of Puebla. The
Company's most advanced project Tejamen has
an inferred mineral resource of 50.8 million ounces of silver in a
total of 22.6 million tonnes grading a silver-equivalent of 69.8 grams per
tonne (Wardrop Engineering Report NI 43-101
compliant April 2006). Snowden Mining Industry Consultants completed a
Preliminary Assessment Study (NI 43-101 compliant October 2006)
demonstrating that the project can support a 10,000 tonne per day open
pit, heap leach mining operation.
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. The Company undertakes no obligation to
update forward-looking statements should conditions or opinions change.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
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