Oremex Silver Initiates Underground Drilling Program at Chalchihuites
November 10 2011 - 9:17AM
Marketwired
Oremex Silver Inc. ("Oremex Silver" or the "Company") (TSX
VENTURE:OAG)(OTCQX:ORAGF)(FRANKFURT:OSI) is pleased to report the
commencement of a four-hole, 524 meter underground drilling program
at the Chalchihuites Silver Project held by its wholly owned
Mexican subsidiary Minera Mantos S. de R.L. de C.V. Hole 1 and Hole
2, totaling 182.9 meters, have been completed with assay results
pending.
Michael R. Smith, President & CEO, commented: "This drill
program is designed to delineate the extent of the high grade
mineralization sampled. Upon completion of the underground
drilling, we plan a follow up surface drilling program to advance
and further define the resource potential at Chalchihuites."
Mineralization on the Chalchihuites property is hosted by two
parallel, silver, gold, and base metal mineralized shear zones,
separated by approximately 100 meters, and hosted by a granodiorite
stock in rhyolite dikes and in limestone adjacent to the stocks.
The shear zones have been traced for 300 meters and 75 meters along
strike length. Results from surface and underground sampling
program include:
SAMPLES FROM TARGET METAL MAXIMUM MINIMUM
----------------------------------------------------------------------------
Santa Teresa Mine - 76 Shears and Silver 611 g/t 2 g/t
Underground Samples Mantos
-------------------------------------
Gold 1.209 g/t 0.010 g/t
-------------------------------------
Lead 11.4% 0.0049%
-------------------------------------
Zinc 6.95% 0.0042%
----------------------------------------------------------------------------
Purisima, Tepozan, La Sheared and Silver 3,540 g/t 3 g/t
Palma Mines - 101 Mineralized
Surface and Underground Dikes
Samples
-------------------------------------
Gold 3.405 g/t 0.010 g/t
-------------------------------------
Lead 13.20% 0.0159%
-------------------------------------
Zinc 0.364% 0.0012%
----------------------------------------------------------------------------
Outcrops and Santa Maria Skarn and Silver 350 g/t 2 g/t
Pit - 49 Surface Shears
Samples
-------------------------------------
Gold 2.484 g/t 0.010 g/t
-------------------------------------
Lead 7.04% 0.0069%
-------------------------------------
Zinc 5.41% 0.0091%
----------------------------------------------------------------------------
Chalchihuites - 351 All Samples Silver 3,540 g/t 0.5 g/t
Samples
-------------------------------------
Gold 3.405 g/t 0.010 g/t
-------------------------------------
Lead 13.20% 0.00%
-------------------------------------
Zinc 6.95% 0.01%
----------------------------------------------------------------------------
Subject to regulatory approval, the Company has granted three
million stock options to Officers, Directors, employees and
consultants of the Company. Each option granted has a strike price
of $0.19, vests immediately and will expire five years from the
date of grant.
About Oremex Silver Inc.
Oremex Silver Inc. 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' 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 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 Silver Inc. Christian Scovenna
416.309.4321info@oremexsilver.com
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