Oremex Silver announces deferral of
dividend-in-kind and resignation of director
Oremex Silver Inc. ("Oremex"
or the "Company") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt:
OSI) announced today that its Board of Directors has determined to defer,
until further notice, the payment of the dividend-in-kind of 14,000,000 common
shares (the "Dividend") it holds in the capital of Oremex Gold
Inc. (TSX Venture: OAU) previously announced on April 2, 2012.
Due to current financial
market conditions and its impact on the Company's operations and current
financial resources since the date the Dividend was first declared, the Company
does not presently satisfy the technical corporate law requirements applicable
to the payment of dividends. As such, the Board of Directors is required to
defer the payment of the Dividend until such time as market conditions and the
financial outlook of the Company have improved.
The Company continues to
explore initiatives directed at optimizing operating margins and enhancing
shareholder value.� The
Company will issue a press release advising as to the specifics regarding these
items at such time as the Board of Directors deems appropriate and necessary in
connection with its continuous disclosure and Dividend payment obligations.
The Company further
announces that Mr. Chris Marcus has resigned from his position
as a director of the Company to focus on other commitments. "I want to
thank Chris for his contributions to the Company and wish him well in his
future endeavors" said Mr. Michael Smith, CEO of Oremex.� Following the
resignation, the board is comprised of Messrs. John Carlesso,
David Terry, David Prins
and Michael Smith.
About Oremex Silver
Inc.
Oremex Silver Inc. is a Canadian
company focusing on the exploration and development of silver projects along
the highly productive mineralized belt in Mexico.
The Company has a portfolio of silver projects including a mineral resource of
50.8 million ounces of silver at its Tejamen
deposit. The Company's projects are located in mining-friendly jurisdictions
and the management team has successful track record of mine development in Mexico.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements
contained in this news release may constitute forward-looking information,
(collectively "forward-looking information") within the meaning of
Canadian securities laws. Forward-looking information may relate to this news
release and other matters identified in Oremex
Silvers' public filings, anticipated events or results and can be identified by
terminology such as "may", "will", "could",
"should", "expect", "plan",
"anticipate", "believe", "intend", "estimate",
"projects", "predict", "potential",
"continue" or other similar expressions concerning matters that are
not historical facts and include, but are not limited in any manner to, those
with respect to capital and operating expenditures, economic conditions,
availability of sufficient financing, receipt of approvals, satisfaction of
closing conditions and any and all other timing, development, operational,
financial, economic, legal, regulatory and/or political factors that may
influence future events or conditions. Such forward-looking statements are
based on a number of material factors and assumptions, including, but not
limited in any manner, those disclosed in any other public filings of Oremex Silver,
and include the ultimate availability and final receipt of required approvals,
sufficient working capital for development and operations, access to adequate
services and supplies, availability of markets for products, commodity prices,
foreign currency exchange rates, interest rates, access to capital markets and
other sources of financing and associated cost of funds, availability of a
qualified work force, availability of manufacturing equipment, no material
changes to the tax and regulatory regime and the ultimate ability to execute
its business plan on economically favourable terms.
While we consider these assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect. Actual results may
vary from such forward-looking information for a variety of reasons, including
but not limited to risks and uncertainties disclosed in other Oremex
Silver filings at www.sedar.com and other unforeseen events or circumstances.
Other than as required by law, Oremex
Silver does not intend, and undertakes no obligation, to update any
forward looking information to reflect, among other things, new information or
future events.