Vancouver, B.C., February 2, 2005: Oremex Resources Inc. (the "Company") wishes to clarify certain statements contained in a news release issued on October 26, 2004 (the "Release"). The statements in question are that "drill results continue to expand a multi-million ounce silver deposit", and "it is anticipated that the near-term goal of exceeding 50 million ounces of silver will be achieved".

These statements were based, in part, upon a historic resource estimate of an oxide resource of 4,663,850 tonnes grading 110 g/t of Ag (equivalent to 16.5 million ounces of silver) calculated in 1993 by an affiliate of Independence Mining Company ("Independence"). The historic resource estimate is not current nor is it compliant with the standards set by National Instrument 43-101 ("NI 43-101"), and may not be relied upon because it has not been verified by a qualified person.

The historical resource estimate is described in an independent technical report on the Tejamen Silver Property, in the state of Durango, Mexico prepared by Peter Christopher and Associates Inc., dated April 30, 2003, and revised on September 22 and October 1, 2003 (the "Report"). The full Report is available on SEDAR at www.sedar.com.

In addition to the information contained in the Report, the statements about the exploration targets contained in the Release were also made in reliance upon an internal analysis conducted by management of the Company of the results received from 112 reverse circulation ("RC") drill holes comprising 20,000 meters of drilling on the Tejamen property completed by the Company as of October 2004. In the opinion of management of the Company, the internal analysis confirmed the reliability of the historical resource estimate and also extended the zones of mineralization on the property, thereby forming the basis for the Company's stated target of 50 million ounces of silver.

A geological model proposed for the Tejamen property suggests that mineralizing solutions move along steep feeder zones until a porous and permeable contact zone is encountered. Solutions spreading around the permeable zone formed the Tejamen Manto mineralization. In the Manto zone, a 540 metre x 450 metre area has been RC drilled (82 holes completed by October 2004) on a 30 metre x 50 metre grid. Mineralization has been encountered in greater than 80% of the RC holes. Analytical results suggest a mineralized zone between 10 metres and greater than 50 metres thick. Mineralized intersections average about 30 metres in thickness, but are open at depth near feeders. In the Manto zone, the conceptual target is 15,000,000 to 35,000,000 tonnes grading between 45 and 100 g/t of Ag.

In the Cerro Prieto ("CP") zone, a 115 metre x 350 metre area has been tested with 30 RC holes on a 30 metre x 50 metre grid. The CP zone is open to the northeast, southwest, and at depth. Drill holes indicate a thickness ranging from 30 metres to greater than 100 metres. In the CP zone, the conceptual target is 5,000,000 to 8,000,000 tonnes grading between 80 g/t Ag and 120 g/t Ag.

The conceptual geological targets and models prepared by the Company have been reviewed by Dr. Peter A. Christopher, PhD., P. Eng., who is the Qualified Person responsible for review of the technical information contained in this news release.

The quantity of silver described in the Release is conceptual in nature since, as of the date of the Release, an independent study to define a mineral resource on the Tejamen property had not commenced. The Company has engaged N. Tribe & Associates to prepare a mineral resource study on the Tejamen property in accordance with the NI 43-101, which is expected to be completed by mid-February.

For more information, please contact: James Yates, CFO, 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 adequacy or accuracy of this release.

Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.