Vancouver, Canada; May 20, 2004: Oremex Resources Inc. (the "Company") is pleased to announce the successful closing of the first tranche of a brokered private placement, disclosed in news releases dated April 2, 2004 and May 10, 2004. The Company closed on the sale through Canaccord Capital Corporation and First Associates Investments Inc. of 2,699,400 units, each unit consisting of one common share and onehalf of one share purchase warrant, and received net proceeds of CAD$2,221,303, after deduction of commissions, fees and expenses. The Company issued 2,699,400 common shares, 1,349,700 warrants exercisable at $1.10 for a period of 12 months and 269,940 Agents' Warrants. Each Agents' Warrant entitles the holder to purchase one unit at $0.90 for a period of 12 months. All securities are subject to a four month hold period.

The Company expects to complete a smaller non-brokered second tranche of this financing by the end of May.

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.

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 that commenced in December 2003 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: Anthony Harvey, Chairman or Sandra Buschau,
Manager, Corporate Communications, sandy@oremex.com, T. 604 683 5651 F. 604 684 9365

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