Oremex Resources Inc.

Oremex Resources Inc.

June 01, 2009 15:03 ET

Oremex Announces Board and Management Appointments

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.

Contact Information

  • Oremex Resources Inc.
    John Carlesso
    Executive Chairman