/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 22, 2013 /CNW/ - Oremex Silver Inc. ("Oremex" or the "Company") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt: OSI) Oremex Silver is pleased to provide a comprehensive update of its activities and corporate plan for the coming twelve months.

• Pursuing a strategy to realize maximum financial value for its non-core assets
• Taking action to advance and demonstrate value at its flagship 50 million oz Tejamen silver deposit
• The appointment of Mr. Rod Prat and Mr. Keith Minty P.Eng to the Board of Directors
• The appointment of Mr. Jeffrey Lowe as Chief Financial Officer
• A response to the recent statement from Concept Capital Management

Oremex Silver has developed and advanced a pure-silver focused portfolio of projects that management believes holds tremendous fundamental value for shareholders. In a manner very similar to what the majority of junior resource companies around the world are experiencing, management believes Oremex Silver's market capitalization is not in line with the fundamental value of its assets. For most junior resource companies this recent period has been the most challenging capital markets conditions experienced in decades, and has negatively impacted the liquidity and share price of Oremex Silver.

Oremex Silver has been pursuing a strategy for the past several months to demonstrate and realize the financial value of its silver portfolio investments. This portfolio consists of the flagship, 50 million oz Tejamen silver deposit and three "non-core" projects in development:

• The San Lucas silver project
• The Chalchihuites silver-lead-zinc project
• The El Sol silver project

Realization of Financial Value for Non-Core Assets

While the non-core assets have significant value, the Board of Oremex Silver believes that the capital requirement for the continued development of these projects would be to the detriment of investing in and realizing full value potential of the Tejamen deposit. The divestiture of non-core assets will enable the company to strengthen its balance sheet, provide financing to the company that is non-dilutive to the share structure and allow for the continued advancement and greater focus on the 50 million oz Tejamen silver deposit.

In recent months the company has continued to receive unsolicited expressions of interest in respect of all of its non-core assets. The Board of Directors is of the strong view that it can potentially realize maximum financial value for these non-core assets in the near-term by aggressively pursuing this strategy.

Focus on the Tejamen Deposit

The Company has engaged Snowden Engineering ("Snowden") to update the Preliminary Economic Assessment ("PEA") of the Tejamen Deposit utilizing current metal prices and economic assumptions. A site visit has been completed and Oremex Silver expects that the updated report will be available shortly. Snowden completed a PEA in 2006 that assumed a base case silver price of $7.00.

Appointment of New Directors

The Board is pleased to announce the addition of Mr. Rod Prat and Mr. Keith Minty P.Eng to the Board of Directors.

Rod Prat is a Canadian mining finance professional and the founder of Trident Merchant Partners, a merchant bank that structures transactions, advises, and invests as principal in resource companies. Mr. Prat holds a degree in economics from Queen's University in Kingston, Ontario, and an MBA from the University of Chicago.

Following 9 years with Goldman Sachs in Toronto, New York and London, Rod served as Co-Head of Institutional Sales for Global Markets in EMEA for Deutsche Bank, and later held senior Global Markets management positions for HSBC in New York and London as a member of the Global Markets Management Committee.

Rod left Wall Street in late 2008 to consult to the Bank of Canada on financial market policies focused on maintaining liquid market conditions. In this capacity he reported directly to Governor Carney. Thereafter, he returned to Wall Street in 2010 as Global Head of Derivatives for BNY Mellon.

Rod has a deep understanding of markets, risk management and corporate finance.

Keith Minty P.Eng has more than 30 years of professional experience in mineral resource exploration and development in precious and base metals, industrial minerals and coal in Canada and internationally. Mr. Minty has successfully and profitably constructed, operated and managed gold and platinum metal projects. Mr. Minty held senior operating and management positions with Hunter Dickinson, Viceroy Resources, North American Palladium and Thani Investments. Mr. Minty from 2008 - 2013, was the Chief Operating officer for Thani Investment Ltd., (a private Dubai based Venture Capital Group) subsidiary Thani Emirates Resources Ltd., and was primary responsible for unlocking value from their worldwide mineral resource projects.

Mr. Minty obtained a B.Sc. in Mining Engineering from Queen's University, Kingston Ontario, in 1978. In 2000, Mr. Minty was awarded the prestigious "Mining Man of the Year" Award by the Northern Miner for outstanding achievement in the Canadian Mining Industry.

Appointment of Jeffrey Lowe as Chief Financial Officer

Jeffrey Lowe has been appointed Chief Financial Officer of the Company. Mr. Lowe has significant experience across diverse industries including mining, consumer products, and telecom. He has held the roles of CFO and Treasurer for a number of public companies and has significant experience in financial restructuring. Jeff holds an MBA from the Rotman School of Management, University of Toronto, is a Certified General Accountant, and holds the accreditation ICD.D as a member of the Institute of Corporate Directors.

Response to the Statement from Concept Capital Management

As previously announced on October 10, 2013, Oremex Silver completed a convertible debenture financing with Concept Capital Management (CCM) and certain other investors, raising gross proceeds of $727,500 through the issuance of debenture units as well as other considerations. The obligations of the Company under the debentures are guaranteed by the Company's Mexican subsidiary, Minera Mantos S. de R.L. de C.V. , and is secured by a pledge of some mining concessions, including the Company's Tejamen and Chalchihuites properties. The Company's obligations under the convertible debentures remain in good standing.

In connection with the issuance of the convertible debentures, the Company agreed to pay the reasonable legal fees incurred by CCM. CCM's legal bills exceeded the agreed upon amount and the Company has previously indicated to CCM that it is not prepared to pay amounts in excess of the amount agreed to at the time. The Company has made attempts at a proposal around such fees in order to secure the necessary consent from CCM, on behalf of the convertible debentures holders, which has been requested and is required in order for the Company to continue to pursue and execute on its near-term business strategy of seeking to realize financial value for one of its non-core assets. To date, the Company has not received such consent.

Oremex Silver is appreciative of the attempts by CCM to locate what it believes to be suitable candidates for representation on the Board of Directors. Prior to the CCM statement being released, Oremex Silver had expressed a willingness to discuss the business strategy of the company and the views of the proposed candidates along with a level of Board representation. The Board of Oremex Silver remains open to a discussion of ideas to provide an understanding of the financial benefit to be derived from the current strategy being pursued, and how this will maximize the value of the company's assets for all shareholders.

About Oremex Silver Inc.

Oremex 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's public filings, anticipated events or results and can be identified by terminology such as "may", "will", "would", "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 entering into definitive and binding agreements with respect to financings, capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, the receipt of exemptive relief from securities requirements, 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 and/or exemptive relief, the decision of third parties to consummate definitive agreements with Oremex, 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 to 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 Silver filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Oremex Silver 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.

SOURCE: Oremex Silver Inc.