Oremex Resources Inc.

Oremex Resources Inc.

March 12, 2009 08:30 ET

Oremex Establishes Mexican Advisory Committee

Dr. Ruben Shiffman Appointed Committee Chair

TORONTO, ONTARIO--(Marketwire - March 12, 2009) - Oremex Resources (TSX VENTURE:ORM) has established a Mexican Advisory Committee to enable the company to be more strategic and proactive in its activities in Mexico. The Company's board of Directors has appointed Dr. Ruben Shiffman to the position of Chairman of the Committee.

Dr. Shiffman is a native of Mexico City and holds dual Mexican and Canadian citizenship. He is Managing Director of Emerging Markets trading at Scotia Capital in Toronto, Canada, a position he has held since 2005, and worked for Scotia in Mexico City from 1999-2002. Prior to joining Scotia in Toronto he was VP/Director for Latin America and Caribbean trading and sales at TD Securities. Dr. Shiffman has been a Director of the Securities Bureau at the Mexican Banking and Securities Commission / Ministry of Finance were he represented Mexico at the Bank for International Settlements in Basle and on the International Organization of Securities Commissions. He holds a BBA and MBA from Universidad de Las Americas (UDLA), a Ph.D in finance from Mexico National Autonomous University (UNAM) and post-doctoral studies from the Rotman School of Management at the University of Toronto. He has been a lecturer in finance at the University of Calgary and at UNAM and holds two national research awards in Mexico (1997 IMEF & ANFECA).

John Carlesso, Executive Chairman of Oremex commented: "The Advisory Committee has been created to establish more effective policy on the ground in Mexico through improved understanding, planning, and actions on matters of business, government, and social importance. The Committee will play an important role in providing guidance to the Board on vital issues where specific local expertise is valuable. As the Committee expands we anticipate it will bring improved understanding and insight to our efforts in Mexico. Ruben's leadership, experience and knowledge will enhance the company's efforts to establish and strengthen key relationships with both business and government and to accelerate the process of developing a positive reputation for Oremex in Mexico."

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
    (416) 309-4320