Oremex Resources Inc.
TSX VENTURE : ORM
OTCQX : ORXRF
FRANKFURT : OSI

Oremex Resources Inc.

January 18, 2011 12:37 ET

Oremex Receives Encouraging Sampling Results at Chalchihuites Silver Project

Up to 1500 g/t Silver Plus 0.99 g/t Gold and 1.6% Lead

TORONTO, ONTARIO--(Marketwire - Jan. 18, 2011) - Oremex Resources Inc. (TSX VENTURE:ORM)(OTCQX:ORXRF)(FRANKFURT:OSI) has received encouraging preliminary sampling results from an ongoing surface exploration program at its 100%-owned 48 ha Chalchihuites property in Zacatecas, Mexico that demonstrates silver-gold-lead-zinc mineralization is hosted in a variety of settings by carbonate rocks peripheral to a granodiorite intrusive body.  The current exploration program of detailed geological mapping and rock sampling should be completed during Q1 2011. The program is focused on identifying drill targets at Chalchihuites in order to evaluate the potential of advancing the asset and developing a resource as quickly as possible. Additional results from the sampling program are expected to be received shortly.

Geological mapping to date on Chalchihuites by Oremex's technical team has identified skarn and carbonate-hosted silver-lead-zinc mineralization associated with a 300m by 200m granodiorite stock.  The mineralization occurs mostly as carbonate replacement within 400m of the stock and is fracture, breccia and bedding controlled.  To date a total of 38 surface rock samples have been collected from multiple limestone-hosted mineralized zones.  Highlights from the 38 samples for which analytical results have been received to date include silver grades up to 200 g/t and lead and zinc grades of greater than 1% (overlimit assays are pending). High-grade mineralization has also been discovered within the granodioritic intrusive where a 2m chip sample of a mineralized structure contained 1,500 g/t silver, 0.99 g/t gold and 1.6% lead.

The Chalchihuites project is located 4km along strike from First Majestic Silver's Del Toro Project.  Oremex's exploration to date confirms silver, lead and zinc mineralization similar in style to that described in First Majestic's Technical Report for the Del Toro Silver Mine, Zacatecas State, Mexico (October 9, 2008), by Pincock Allen & Holt.  First Majestic has reported measured + indicated resources of approximately 20,943,000 of silver equivalent ounces and inferred resources of 35,970,000 ounces of silver equivalent, with approximate silver grades of 290 g/t and lead and zinc grades in the 5% range.

"We look forward to receiving the complete results from this sampling program to determine how we will move ahead with the Chalchihuites property" stated Michael R. Smith, President and CEO Oremex. "Chalchihuites appears to have the potential to be a valuable component of Oremex's silver project portfolio and is one that we are keen to advance further exploration activity on in the current year. 2011 will see a great deal of activity for the company as we continue to focus on advancing our portfolio of projects and building Oremex into a premier silver-focused precious metals company".

The Chalchihuites property is situated in the municipality of Chalchihuites in the State of Zacatecas, about 100 kilometres southeast of the city of Durango. The property is accessible year round by paved highway from Durango to the town of Chalchihuites and power is available at the site. The State of Zacatecas is a prolific silver mining area with over 1.5 billion ounces of silver produced to date.

The results reported herein were carried out by SGS Labs in Durango City, Durango, Mexico an internationally-recognized analytical service provider. The work reported was completed under the supervision of Michael R. Smith, President, CEO and Director of Oremex Resources Inc., a Registered Geologist and a Qualified Person as defined in National Instrument 43-101.

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.

Contact Information

  • Oremex Resources Inc.
    Michael Smith
    President and CEO
    416.309.4320
    info@oremex.com