Oremex Resources Inc.

Oremex Resources Inc.

September 27, 2010 16:31 ET

Oremex Completes Interim Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - Sept. 27, 2010) -


Oremex Resources Inc. (TSX VENTURE:ORM) is pleased to announce that it has completed the first closing of its previously announced private placement of units for gross proceeds of $1,200,060. Each unit consists of one share of Oremex and one-half of one share purchase warrant. Each whole warrant is exercisable to purchase one share of Oremex, at a price of $0.14 per share, until September 27, 2012.

Oremex expects to complete the private placement before the end of September.

Oremex will use the proceeds of the private placement to fund Mexican operations, exploration and development on its project portfolio, to pursue corporate acquisitions and for working capital and general corporate purposes.

The shares and warrants are subject to a hold period expiring four months and one day after the date of issuance.

The units, shares and warrants 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.

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 Tejamen project 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.

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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