Oremex Resources Inc.

Oremex Resources Inc.

April 01, 2009 08:30 ET

Oremex Resources Appoints Michael R. Smith CEO

TORONTO, ONTARIO--(Marketwire - April 1, 2009) - The Board of Directors of Oremex Resources Inc. (TSX VENTURE:ORM) has appointed Mr. Michael R. Smith as President and Chief Executive Officer of the Company.

Mr. Smith is a professional geologist with over 28 years of industry experience and a focus on mine development and production. His career highlights include being Chief Mine Geologist at Barrick Gold Corp's (TSX:ABX) Goldstrike Mine and a key member of the team that built the 2,000,000 oz per year, 500,000 TPD operation, and managed all design and operational aspects of its engineering geology. Mr. Smith went on to become Barrick's General Manager of Exploration and Development in South America, a role that included responsibility for all aspects of the Cerro Corona Project, now owned by GoldFields (LSE:GOF), from exploration through to Feasibility. He has significant experience throughout Latin America, including Mexico and speaks Spanish fluently.

John Carlesso, Executive Chairman of Oremex commented: "Oremex is extremely fortunate to have a professional with Mike's experience and reputation to lead the operations of the company. His specialization in mine development and production will be very valuable as Oremex focuses on the advancement of the Tejamen project. Mike's enthusiasm and people skills will also be a tremendous asset for us on the ground in Mexico."

Michael Smith stated: "I believe the Oremex assets in Mexico have tremendous value and am especially excited about the prospects to develop the Tejamen silver deposit. The Wardrop and Snowden technical reports completed to date indicate a robust open-pittable and heap-leachable silver resource of roughly 50 million ounces of contained silver. We will be very active in the short term and continue to build the relationship with the local community, upgrade the quantity and quality of the resource, initiate additional technical evaluations, and establish budget and scheduling requirements toward feasibility studies to convert resources to reserves. I'm thrilled to be part of the team and look forward to working with the Board of Directors to create value within Oremex."

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