TORONTO, ONTARIO--(Marketwire -04/10/12)- Oremex Silver Inc. ("Oremex" or the "Company") (TSX-V: OAG.V - News)(OTCQX: ORAGF.PK - News)(Frankfurt: OSI.F - News) is pleased to announce the completion of the underground and surface mapping and sampling at the Chalchihuites silver project held by its wholly owned Mexican subsidiary, Minera Mantos S. de R.L. de C.V. Nine mantos and four structures were identified. The combined surface and underground sampling indicated grades of up to 3,450 g/t silver, 3.4 g/t gold, 0.30% copper, 20.6% lead and 12.5% zinc, over channel sample lengths ranging from 0.22 meters to 3.90 meters.
"The encouraging results of the initial underground drill program combined with the sampling and mapping, have provided excellent targets for the upcoming follow-up drill program. We are excited to advance and further define the resource potential at Chalchihuites by commencing a surface drill program in the near future" said Michael R. Smith, CEO and President.
The Company expects to commence up to 4,350 meters, 14 drill holes exploratory surface drill program. The program is proposed to target the known mineralized mantos and structures with the holes drilled at angles to cross multiple zones in each hole. The commencement of the surface drill program is subject to timely environmental permitting but is anticipated to begin in May 2012.
Furthermore, to promptly commence the follow-up drilling of the initial results, the Company is considering the option of an underground core drill program. The program will commence only if appropriate drill rig is secured sufficiently prior to the start of the surface program. The anticipated underground drilling is an up to 1,600 meters, 14 holes program targeting mantos and structures. Some of the same mantos and structures from the surface program can be drilled from underground. The results of the underground drilling may preclude drilling of duplicative surface holes.
Further updates will be forthcoming as drilling processes are confirmed and assay results are received.
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, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, may constitute forward-looking information (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may 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 to, resource estimates, 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 to, access to capital markets and other sources of financing and associated cost of funds, final receipt of any 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, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime, the ultimate ability to execute business plans on economically favourable terms and those material factors and assumptions disclosed in other public filings of Oremex Silver.
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 public Oremex Silver filings, changes in general economic, market and business conditions, competition for, among other things, capital and skilled personnel, and other unforeseen events or circumstances, that may cause the actual financial results, performance or achievements of the Company to be materially different from estimated future results, performance or achievements expressed or implied by the forward-looking statements. Copies of the Company's public filings under applicable Canadian securities laws are available at www.sedar.com. The Company further cautions that information contained on, or accessible through, this website is current only as of the date of filing such information and may be superseded by subsequent events or filings. 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.
Although the Company believes many of its properties have promising potential, its properties are in the early stages of exploration. None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, any mineralization may be economically extracted.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.