TORONTO, ONTARIO, Jan 23, 2012 (MARKETWIRE via COMTEX) — Oremex Gold Inc. (“Oremex Gold” or the “Company”) (frankfurt:OM8) is pleased to report that its wholly owned subsidiary, Minera Tres Diamantes, S.A. de C.V., recently negotiated and signed a surface access rights agreement (the “Agreement”) covering most of two (2) mining concessions totaling 129 hectares with Ejido Santa Catarina. The Agreement has a thirty (30) year duration with ability to extend it.
“The signing of this Agreement is a significant milestone for the Company in advancing its evaluation of the Santa Catarina project. We are looking forward to rapidly completing surface exploration and advancing to initial drill testing of the project” stated Dr. David Terry, P.Geo., CEO and President.
The Agreement allows Oremex Gold to conduct any exploration and mining activities on the surface area covered by the Agreement during its term. Currently, the Company is securing drill permits required prior to commencement of the first phase of drilling on the property.
Santa Catarina is located in the prolific Sierra Rosario gold belt. The 142 hectares property covers a zone of oxidized massive sulphide mineralization exposed in historical workings over approximately a 40 meter by 50 meter area. Highlights of chip sampling carried along pit walls include: 20 meters averaging 3.1 g/t gold and 2.1 meters at 20.6 g/t gold. A ground geophysical survey is anticipated to be carried out in Q1, 2012 and initial drill testing to delineate the extent of the mineralization at depth is planned for Q2, 2012.
Oremex Gold recently announced a joint venture agreement with Oro Mining Ltd. (“Oro Mining”) pursuant to which Oro Mining granted Oremex Gold the right to acquire up to a 75% interest in and to mineral claims comprising the Concordia and Guasima concessions located in Sinaloa state, Mexico. The Concordia and Guasima concessions collectively comprise roughly 29,000 hectares along the prolific Sierra Rosario gold belt and surround Oremex Gold’s Santa Catarina project (see Sept.26.2011 news release).
About Oremex Gold Inc.
Oremex Gold Inc. is a Canadian gold exploration and development company created from the spin-out of gold assets owned by Oremex Silver Inc. (previously Oremex Resources Inc.) in 2011. The Company has a portfolio of gold properties in prolific mining regions of Mexico. Its two main projects are Santa Catarina, located in prolific Sierra Rosario gold belt and San Lucas, in Durango state.
Forward Looking Information
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 Gold’s 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 Gold, 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 Gold filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Oremex Gold 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 Gold Inc.
Christian Scovenna
+1 416.309.4322
[email protected]
