Oremex Resources Inc.

Oremex Resources Inc.
Cervello Capital Inc.

November 13, 2008 10:54 ET

Oremex Announces Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2008) - Oremex Resources Inc. (TSX VENTURE:ORM) (the "Company"). The Board of Directors announces that, subject to regulatory approval, the Company will raise a minimum of $500,000 up to a maximum of $750,000 by way of a private placement of units at a price of $0.05 per unit. Each unit will consist of one share and one half of one share purchase warrant. Each whole warrant is exercisable into one share at a price of $0.15 per share for a two year period.

The Company has retained Cervello Capital Inc. ("Cervello Capital") to assist the Company in raising the Maximum Offering. Cervello Capital will be paid, subject to compliance with applicable securities laws, a fee of up to 8% of the aggregate gross proceeds of the Offering.

Closing is scheduled for the end of November, 2008 and there are a number of conditions of closing including that the Board of Directors will consist of John Carlesso, Michael R. Smith, David Prins and current directors Chris Marcus, Craig Thomas, and Iain MacPhail. Mr. Carlesso will assume the role of Executive Chairman.

Mr. Carlesso is the founder of Cervello Capital Inc., a Private Merchant Bank based in Toronto, and has over 16 years of international business experience. He is a co-founder and director of Explorator Resources Inc., a mining exploration company developing the El Espino-Venus copper-gold project in Illapel, Chile. He has extensive experience in the junior mining sector including holding the position of Vice President, Corporate Development at Desert Sun Mining Corp., a company acquired by Yamana Gold Inc. He is the former CEO and Chairman of Apogee Minerals Ltd., a silver-zinc mining and exploration company operating in Bolivia.

Michael R. Smith is a geologist with significant mining operations experience both in the United States and internationally. Mr. Smith has served as Chief Mine Geologist for Barrick Gold Corp. at the Goldstrike Mine in Nevada. He subsequently became General Manager of Exploration and Development for Barrick Gold in South America. Mr. Smith has managed the design and operational aspects of engineering geology and has been involved in all aspects of ore reserve calculations, parameters and block modeling.

David Prins is a Civil Engineer with extensive experience in guiding large mining projects from the pre-feasibility stage through to commissioning, as well as significant operations experience. Mr. Prins is principal of PrinZ Limitada, a consulting firm providing project evaluation and management services, to many major producing companies in the mining industry. Prior to establishing PrinZ Limitada, Mr. Prins spent 12 years with Placer Dome Chile in a variety of positions that included significant contribution to the multi-functional team that developed and presented Feasibility Studies for the $1.4 Billion Pueblo Viejo gold project in the Dominican Republic and the $1.75 Billion Cerro Casale gold/copper project in Chile.

The Company 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.

On behalf of the Board of Directors

Craig D. Thomas, Chairman

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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Oremex Resources Inc.
    Craig D. Thomas
    (604) 688-6775
    (604) 630-0141 (FAX)
    Website: www.oremex.com
    Cervello Capital Inc.
    Mr. John Carlesso
    (416) 214-6016