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

Oremex Resources Inc.

June 27, 2011 12:06 ET

Oremex Reports Results of Annual Meeting

TORONTO, ONTARIO--(Marketwire - June 27, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Oremex Resources Inc. (TSX VENTURE:ORM)(OTCQX:ORXRF)(FRANKFURT:OSI) (the "Company") is pleased to announce that, at its annual and special meeting (the "Meeting") held on June 27, 2011, the shareholders approved all resolutions placed before them by management, including the re-election of directors, the re-appointment of auditors, the renewal of the Company's stock option plan, and the proposed change in the Company's name to Oremex Silver Inc.

The shareholders re-elected John Carlesso, Chris Marcus, David William Prins, Michael R. Smith and 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 shareholders re-appointed McGovern, Hurley, Cunningham, LLP as the Company's auditors and authorized the directors to fix the auditors' remuneration.

The shareholders also approved the renewal of the Company's stock option plan, which provides for the issuance of options to acquire shares of the Company equal to up to 10% of the Company's issued and outstanding shares.

The shareholders authorized the Company to change its name to "Oremex Silver Inc." Subject to receipt of all necessary regulatory and other approvals, the Company's name change is expected to be effective upon completion of the proposed spinout of its gold assets.

About Oremex:

Oremex Resources Inc. 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.

Cautionary Note Regarding Forward-looking Statements

Certain statements contained in this news release may constitute forward-looking information, (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Oremex' public filings, anticipated events or results and can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of Oremex, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Oremex filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Oremex does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.

Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Oremex Resources Inc.
    John Carlesso
    Executive Chairman
    416.309.4321
    info@oremex.com