TORONTO, ONTARIO--(Marketwired - March 24, 2014) - The new board of directors of Oremex Silver Inc. (TSX VENTURE:OAG) ("Oremex" or the "Company") is pleased to report that it has begun making progress on a number of fronts since it has assumed leadership of the Company.
The Company has now had its' trading halt removed which was in place for 7 months and has cancelled two dilutive financings.
The Board is reviewing all of the Company's operations to determine what changes, if any, will be necessary in the future and putting together a strategy for its Mexican operations. The Board hopes to report on that progress shortly. Corporately the Company is working on completing its year-end audit and planning on restarting communications with shareholders by re-launching the website and beginning to provide more regular updates.
In addition, the Company has issued 5,050,000 stock options at an exercise price of $0.05 per option to directors and service providers. The options vest immediately and expire 5 years from the date of grant.
Oremex is a Canadian company focusing on the exploration and development of silver projects along a highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including a mineral resource of 50.8 million ounces of silver at its Tejamen deposit.
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.