News Archives 2006

Completion Of CDN $7,000,000 Private Placement Financing

Vancouver, B.C. (May 19, 2006) - Oremex Resources Inc. (TSXV symbol -- ORM) (the "Company") announces the closing of a non-brokered private placement, as disclosed in a news release issued on April 26, 2006. The Company closed on the sale of 9,333,333 units (the "Units") at $0.75 per Unit, for gross proceeds of $7,000,000.

Each Unit consists of one common share and one-half of one transferable warrant (a "Warrant"), each whole Warrant entitling the holder to purchase one common share (a "Share") for 18 months at $0.95 per share, subject to an acceleration provision such that if, at any time following four months after the closing of the financing, the closing price per share on the TSX Venture Exchange is CDN$2.00 or higher for twenty (20) consecutive business days, then the Company may give the investors notice that the warrants must be exercised or they will expire within 30 days of such notice. All securities are subject to a four month hold period.

The Company paid cash finder's fees equal to 8% of the sale price of the Units with respect to the majority of the subscriptions.

A significant portion of net proceeds, after payment of cash finder's fees and offering expenses, will be used to fund in-fill and expansion reverse circulation and diamond drilling, related development work, and a preliminary assessment study on the Tejamen property. The balance of the net proceeds will also be used to fund exploration on the Company's other six mineral properties, property acquisitions, and for general working capital purposes.

ON BEHALF OF THE BOARD

"Don Smith"
Don Smith, Chief Financial Officer

For more information, please contact:

Linda Thorstad, M.Sc., P.Geo.
Chief Executive Officer
T: (604) 683-5651
Email: linda.thorstad@oremex.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

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.