VANCOUVER, July 8, 2019 /CNW/ - Orex Minerals Inc. –
(TSX.V: REX – OTCQB: ORMNF) ("Orex"), is pleased to announce
that they have entered into an agreement (the "Letter Agreement")
with Pan American Silver Corp. – (TSX: PAAS – NASDAQ: PAAS),
through its subsidiary Plata Panamericana SA de CV ("Pan
American"), regarding the Sandra Escobar Project, in northern
Durango, Mexico.
Pan American has recently acquired all of the interests of
Canasil Resources Inc. ("Canasil") in the Sandra Escobar Project,
including the rights and obligations of Canasil under the 2015
agreement between Orex and Canasil (the "2015 Agreement"). For
further information regarding Canasil's sale of their interests in
the Sandra Escobar Project, see Canasil's press release of
June 28, 2019.
Pursuant to the Letter Agreement, Pan American and Orex have
agreed to negotiate a formal joint venture agreement to replace the
2015 Agreement, and will suspend the operation of the 2015
Agreement until the new agreement is entered into, or until
December 31, 2019, whichever is
earlier. During the suspension period, the parties will
contribute pro-rata towards the cost of maintaining the Sandra
Escobar Project in good standing.
Sandra Escobar Silver-Gold Project, Durango, Mexico
Sandra Escobar is situated north of the town of Tepehuanes, Durango, in the heart of the
"Mexican Silver Trend", midway between the mining districts of
Tovar and Guanacevi and is 75 km
west of Silver Standard's La Pitarrilla. This prolific trend hosts
some of the world's largest silver camps and deposits, including
Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real
de Angeles and Zacatecas.
The project consists of the Sandra Property of 6,335 hectares
and Escobar Property of 635 hectares of mineral concessions and
covers multiple mineralized epithermal quartz veins, disseminated
horizons and breccia structures. These veins form a high-level
silver-gold-base metals system, hosted in andesitic and rhyolitic
rocks, centered on a large rhyolite dome complex in the north and
silver systems in smaller rhyolite complexes to the southeast.
Intense alteration zones and fluid flooding in permeable formations
indicates the presence of bulk tonnage targets. Excellent
infrastructure exists in the Sandra Escobar area, including paved
road access, electrical power, water and manpower from nearby
communities.
Technical Information and Qualified Person
Ben Whiting, P.Geo., Vice
President of Exploration for Orex Minerals Inc., is a Qualified
Person as defined in NI 43-101 and takes responsibility for the
technical disclosure contained within this news release.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. is a mineral exploration company focused on
precious and base metals exploration in Mexico and Canada. Orex has several current projects:
Three projects are located in Durango State, Mexico, including the Coneto Silver-Gold
Project as a joint venture with Fresnillo PLC, the Sandra Escobar
Silver Project with Pan American Silver Corp., and the San Luis del Cordero Silver-Copper-Zinc
Project. The Company's fourth project is the Jumping Josephine Gold
Project in British Columbia,
Canada. Orex is under the management provided by the
experienced Belcarra Group Management Ltd. ("Belcarra Group"). The
Belcarra Group is comprised of highly qualified mining and
financial professionals.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
This News Release may contain forward-looking statements
including but not limited to comments regarding the entering into a
formal joint venture agreement between Orex and Pan American,
timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements and Orex undertakes no
obligation to update such statements, except as required by
law.
For additional information on risks and uncertainties, see
the Company's most recently filed annual management discussion and
analysis ("MD&A"), which is available on SEDAR at www.sedar.com
and on the Company's website at www.orexminerals.com. The risk
factors identified in the MD&A are not intended to represent a
complete list of factors that could affect the Company.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Orex Minerals Inc.