Oremex Drilling Increases Tejamen Silver Resource To 50 Million Ounces TSX V: ORM
Oremex Resources is pleased to announce that additional drilling in 2005 has resulted in an increase of twenty-five percent (25%) in the silver resource in its Tejamen deposit located in the State of Durango, Mexico.
Wardrop Engineering Inc. has just completed a Technical Report in the format set out in National Instrument (NI) 43-101, and the inferred mineral resources (at a cut-off grade of 20 grams of silver per tonne) are summarized in the following table:
| |
Tonnes of Resource |
Grams / Tonne Silver |
Grams / Tonne Gold |
Grams / Tonne Silver Equiv. |
Silver Equiv. Ounces |
| Uncapped |
22.6 million |
66.9 |
0.05 |
69.8 |
50.8 million |
| Capped |
22.3 million |
65.4 |
0.03 |
67.2 |
48.2 million |
As a result of the foregoing, and the recent excellent results from metallurgical testing as reported in a News Release dated March 21, 2006, an independent mining consulting firm will be retained to commence a preliminary economic assessment of the Tejamen project as an open-pit heap-leach operation.
In the near future, Oremex also plans to recommence drilling with a view to adding to the resource (which is open in several directions), providing in-fill holes where appropriate, and subsequently preparing a feasibility study. To date, Oremex has drilled 217 rotary percussion reverse circulation drill holes for a total of 36,139 meters. The drilling was laid out on 50 metre lines with drill stations at every 30 metres.
It should be noted that the Tejamen property is just one of eight owned by Oremex in Mexico. Drilling on the San Lucas property by Oremex last year (19 reverse circulation 1 The Silver Equivalent (AgEq) is AgEq = Ag g/t * 64.56. Metallurgical recoveries were not considered. drill holes totaling about 3,000 meters) indicated a large disseminated zinc, lead, silver, and gold system. One of the other properties (La Parilla) was recently sold for cash and shares (which, at today's prices, would be valued at over $800,000). The other properties are being evaluated, and additional property acquisitions are expected.
Ross Glanville, P.Eng., M.B.A is the qualified person responsible for the contents of this News Release.
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.
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