News Archives 2004

Oremex Closes $2.6 Million Private Placement Financing

Vancouver, Canada; May 28, 2004: Oremex Resources Inc. (the "Company") is pleased to announce the closing of the second and final tranche of a private placement, on a non-brokered basis, of 190,623 units, each unit consisting of one common share and one-half of one share purchase warrant, and received proceeds of CAD$171,561. The Company issued 190,623 common shares and 95,312 warrants exercisable at $1.10 for a period of 12 months from closing. All securities are subject to a four month hold period.

The total gross proceeds received from the private placement is CAD$2,601,020. The Company issued a total of 2,890,023 units at $0.90 and 1,445,012 warrants exercisable at $1.10 for a period of 12 months from closing. In addition, 269,940 Agents' Warrants were issued entitling the holder to purchase one unit at $0.90 for a period of 12 months. The net proceeds from the financing will be used to fund drilling programs on the Tejamen Silver Property and the San Lucas Property, both located in the State of Durango, Mexico.

The Company also announced that it has reinstated, effective April 30, 2004, an investor relations contract with Sundar Communications Group Inc., on the same terms as previously disclosed. The media relations agreement with National Media Associates announced on February 25, 2004, has been suspended indefinitely.

Oremex will be exhibiting at the upcoming 2004 World Gold, PGM & Diamond Investment conference, June 13/14, Vancouver Convention & Exhibition Centre, booth #162. There is no charge to attend and pre-registration is required at www.goldshow.ca

Oremex Resources Inc. is a Vancouver, Canada-based resource company which holds the right to acquire a 100% interest in six mineral properties in Mexico. Oremex combines an accomplished management team and is currently conducting a 117 hole drill program on the Tejamen Silver Property located in the municipality of Nuevo Ideal, in the state of Durango, Mexico. The property is comprised of 21 mineral exploration concessions totaling approximately 1,672.05 hectares. Website: www.oremex.com

For more information, please contact: James E. Yates, Chief Financial Officer or Sandra Buschau, Manager, Corporate Communications, sandy@oremex.com, T. 604 683 5651 F. 604 684 9365

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