Oremex Silver Acquires Additional Concessions Adjacent to Chalchihuites Silver Project
20 Diciembre 2011 - 7:30AM
Marketwired
Oremex Silver Inc. ("Oremex" or the "Company") (TSX
VENTURE:OAG)(OTCQX:ORAGF)(FRANKFURT:OSI) is pleased to announce
that its' wholly owned Mexican subsidiary, Minera Mantos S. de R.L.
de C.V., has entered into a letter agreement to acquire the Navidad
Group concessions. The Navidad Group consists of four exploration
concessions totaling 392.53 hectares in the Chalchihuites district
and adjacent to Oremex's Chalchihuites silver project (Figure
1).
Minera Mantos S. de R.L. de C.V. has the right to acquire 100%
of the Navidad Group concessions according to a four year payment
schedule totaling USD $780,000 (Table 1). Acquisition of full
ownership can be completed at any time by fulfilling the payment
schedule. The private owners retain a 1% NSR which has a $US
250,000 annual cap.
Oremex Silver is currently completing the underground drilling
program at the Chalchihuites silver project (please see news
release dated November 10, 2011) with assay results expected to be
released in the new year.
Figure 1: Location Map
http://media3.marketwire.com/docs/OAGFigure1.pdf
Table 1: Four-year payment schedule
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Date Payment Schedule Amount ($US)(i) Total ($US)(i)
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October 25 2011 Sign Contact $ 10,000.00 $ 10,000.00
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April 25 2012 6-mo payment $ 10,000.00 $ 20,000.00
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October 25 2012 12-mo payment $ 10,000.00 $ 30,000.00
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April 25 2013 18-mo payment $ 20,000.00 $ 50,000.00
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October 25 2013 24-mo payment $ 20,000.00 $ 70,000.00
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April 25 2014 30-mo payment $ 30,000.00 $ 100,000.00
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October 25 2014 36-mo payment $ 30,000.00 $ 130,000.00
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April 25 2015 42-mo payment $ 50,000.00 $ 180,000.00
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October 25 2015 48-mo payment $ 600,000.00 $ 780,000.00
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$ 780,000.00
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(i)Table payment amounts do not include Mexico VAT, presently 16%
About Oremex Silver Inc.
Oremex Silver Inc. is a Canadian company focusing on the
exploration and development of silver projects along the highly
productive mineralized belt in Mexico. The Company has a portfolio
of silver projects including a mineral resource of 50.8 million
ounces of silver at its Tejamen deposit. The Company's projects are
located in mining-friendly jurisdictions and the management team
has successful track record of mine building in Mexico.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute
forward-looking information, (collectively "forward-looking
information") within the meaning of Canadian securities laws.
Forward-looking information may relate to this news release and
other matters identified in Oremex' public filings, anticipated
events or results and can be identified by terminology such as
"may", "will", "could", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "projects", "predict",
"potential", "continue" or other similar expressions concerning
matters that are not historical facts and include, but are not
limited in any manner to, those with respect to capital and
operating expenditures, economic conditions, availability of
sufficient financing, receipt of approvals, satisfaction of closing
conditions and any and all other timing, development, operational,
financial, economic, legal, regulatory and/or political factors
that may influence future events or conditions. Such
forward-looking statements are based on a number of material
factors and assumptions, including, but not limited in any manner,
those disclosed in any other public filings of Oremex, and include
the ultimate availability and final receipt of required approvals,
sufficient working capital for development and operations, access
to adequate services and supplies, availability of markets for
products, commodity prices, foreign currency exchange rates,
interest rates, access to capital markets and other sources of
financing and associated cost of funds, availability of a qualified
work force, availability of manufacturing equipment, no material
changes to the tax and regulatory regime and the ultimate ability
execute its business plan on economically favourable terms. While
we consider these assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect. Actual
results may vary from such forward-looking information for a
variety of reasons, including but not limited to risks and
uncertainties disclosed in other Oremex filings at www.sedar.com
and other unforeseen events or circumstances. Other than as
required by law, Oremex does not intend, and undertakes no
obligation, to update any forward looking information to reflect,
among other things, new information or future events.
Neither the TSX Venture nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Oremex Silver Inc. Christian Scovenna +1
416.309.4321info@oremexsilver.com
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