TORONTO, ONTARIO--(Marketwire - Dec. 19, 2011) - Oremex Silver Inc. ("Oremex" or the "Corporation") (TSX VENTURE:OAG)(OTCQX:ORAGF)(FRANKFURT:OSI) announces that it has made an application to the TSX Venture Exchange ("TSX-V") to extend the expiry date of 702,385 outstanding common share purchase warrants of the Corporation (the "Warrants") from December 22, 2011 to December 22, 2012 with all other terms and conditions of the Warrants remaining the same. Each Warrant is exercisable to purchase one common share of the Corporation at a price of $0.17 per common share for a period of two years.
The Warrants were originally issued in connection with the private placement (the "Private Placement") of 3,472,616 units (the "Units"), with each Unit being comprised of one common share of the Corporation and one-half of one common share purchase warrant. The completion of the Private Placement was first announced on December 22, 2009.
Oremex is a Canadian-based exploration company with a focus on the acquisition and development of mineral properties in Mexico. The Corporation'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.
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-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Oremex Silver Inc.
Source: Oremex Silver Inc.