TORONTO, ONTARIO--(Marketwire
- June 2, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES
Oremex Resources Inc. (TSX VENTURE:ORM) ("Oremex"
or the "Company") announced today that it intends to complete
a non-brokered private placement of approximately 13,636,364 units, at
a price of $0.11 per unit, for aggregate gross proceeds of
approximately $1,500,000 (the "Offering"). Each unit will be
comprised of one common share of the Company and one-half of one common
share purchase warrant. Each whole warrant will be exercisable to
purchase one common share of the Company, at a price of $0.15 per
share, for a period of two years from the date of issuance thereof.
The proceeds of the Offering will be used to fund Mexican operations
and for working capital and general corporate purposes. Completion of
the Offering is subject to receipt of all regulatory approvals,
including the approval of the TSX Venture Exchange. All of the
securities issuable in connection with the Offering will be subject to
a hold period expiring four months and one day after the date of
issuance.
It is anticipated that the closing of the Offering will occur on or
about June 30, 2009.
The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in
the United States or
to, or for the account or benefit of, U.S. persons absent
registration or an applicable exemption from registration requirements.
This release does not constitute an offer for sale of securities in the
United States.
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. The Company continues with
discussions with various federal and state government officials and the
Ejido of Tejamen
(governing authority for the village and surrounding lands) for surface
access rights at the Tejamen Property.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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