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Message: Richard J. Hall Joins Oremex Advisory Committee
| March 30, 2009 |
| Richard J. Hall Joins Oremex Advisory Committee |
| TORONTO, ONTARIO--(Marketwire - March 30, 2009) - Oremex Resources (TSX VENTURE:ORM) is pleased to welcome Mr. Richard J. Hall as a member of its Mexican Advisory Committee. Mr. Hall has over 35 years of mining exploration and development experience. He most recently served as President and Chief Executive Officer of Metallica Resources Inc., a publicly-traded mining company listed on the TSX and on the AMEX. During his time at Metallica, he was responsible for the financing, construction and commissioning of the Cerro San Pedro mine in Mexico, currently forecasted to produce 80,000 - 100,000 ounces of gold and 2.25 million ounces of silver annually over a 10 year mine life. Mr. Hall also participated in the discovery and development of Metallica's El Morro deposit in Chile through to final feasibility, in conjunction with its partner Xstrata Copper. In August 2008, Metallica was part of a $1.6 billion merger with Peak Gold Ltd. and New Gold Inc. Previous to Metallica, Mr. Hall held senior management positions with Dayton Mining Corporation and Pegasus Gold Corporation. John Carlesso, Executive Chairman of Oremex commented: "Ritch is a highly respected mining professional with an impressive track record of success in all aspects of the business from discovery through to production. His specific experience in Mexico, with both mine development and the resolution of social issues, is very relevant to the key objectives Oremex has set out to achieve. We are very fortunate to have Ritch join our team." The Company wishes to retract the disclosure made by way of press release dated March 6, 2009 wherein reference was made to the grant of 3,800,000 incentive options, as the announcement of the grant of these incentive options was premature. Oremex has granted incentive stock options to directors, officers, employees and consultants of the Company, effective March 30 to purchase up to 3,500,000 common shares of the Company pursuant to the Company's stock option plan, subject to regulatory approval. The options are exercisable at a price of $0.10 per share, have a term of five years and are subject to vesting restrictions over a period of 12 months. About Oremex 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. 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. |
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