2008

Oremex Announces Update to Private Placement Financing

VANCOUVER, B.C. (December 1, 2008) – Oremex Resources Inc. (TSX-V: ORM) (“Oremex” or the “Company”) announces that the financing previously announced on November 12, 2008, is anticipated to close in early December. The Company intends to raise a minimum of $500,000 up to a maximum of $750,000 in aggregate proceeds by way of a non-brokered private placement of units (the “Units”) at a price of $0.05 per Unit (the “Offering”). Each Unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable to acquire one common share at a price of $0.15 per share for a two year period. The Company will pay a finder’s fee of 8% of the aggregate gross proceeds of the Offering.

The Company is expected to fill any existing vacancies on the board of directors prior to the closing of the Offering. It is expected that John Carlesso will become executive chairman of the Company.

Closing of the Offering and payment of the finder’s fee are subject to receipt of all required regulatory approvals, including approval of the TSX Venture Exchange. All of the securities issued pursuant to this Offering will have a hold period expiring 4 months after the closing date.

The Company has also received notice that the former chief executive officer of the Company has brought an action against the Company for wrongful dismissal claiming severance payments equivalent to  between eight and twenty four months salary. The Company denies all allegations and is defending its actions in this matter.

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. The Company continues with discussions with various federal and state government officials and the Ejido of Tejamen (governing authority for the village and surrounding lands) for surface access rights at the Tejamen Property.

On behalf of the Board of Directors

Craig D. Thomas
Chairman

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.