Oremex Resources Inc.
TSX VENTURE : ORM

Oremex Resources Inc.

March 31, 2009 08:30 ET

Oremex Resources Inc. Files Fiscal 2008 Annual Financial Statements

TORONTO, ONTARIO--(Marketwire - March 31, 2009) - Oremex Resources Inc. (TSX VENTURE:ORM) ("Oremex" or the "Company") reports that it has released its audited financial statements for the year ended November 30, 2008 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

Fiscal 2008 was a very challenging year for the Company as it lost $1.6 million and consumed most of its cash. However, subsequent to year end the Company raised gross proceeds of $660,000 and with several new board, advisory and management team members is focused on continuing to develop its flagship Tejamen property.

Copies of the audited financial statements, related MD&A and annual information form can be found on SEDAR at www.SEDAR.com.

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