April 22, 2016 – (TSXV:OAG) (“Oremex” or the “Company”) is pleased to provide the following updates.
The Company is continuing to take steps to bring the Company into good standing, evaluate its existing project portfolio and assess opportunities for moving forward. As previously disclosed, in connection with the revocation of cease trade orders in early February, the Company filed an updated resource report on its flagship Tejamen silver project in Durango, Mexico. The Company is currently evaluating viable options to progress the Tejamen silver project including having discussions with potential joint venture partners. The Company plans to continue its efforts to create value from its portfolio of properties for shareholders.
The last couple of years have been a difficult period for the Company and the markets generally. The financial backing of certain key shareholders has been essential in supporting the efforts of management to bring the Company into good standing while preserving its portfolio of projects. The Company applied for a reinstatement to trading with the TSX Venture Exchange and management has been advised that soon after the dissemination of this news release the Exchange will issue a bulletin reinstating the trading of the Company.
Annual General Meeting
The directors of the Company have called an annual general and special meeting of shareholders for June 23, 2016.
Financial Statement Clarification
The Company wishes to clarify one matter in its financial statements relating to certain accounts receivable. In the Company’s audited annual financial statements for the year ended November 30, 2012, the Company disclosed in note 11(b) that it was owed $40,000 from a corporation that formerly had a common officer and director with the Company. In the Company’s audited annual financial statements for subsequent financial years, the amount owning by that corporation was disclosed as nil. The Company wishes to clarify that amount owing was not paid and received by the Company. The board of directors of the Company reviewed the receivable and determined that it was unrealizable and therefore the amount was written off. Although the amount was written off for accounting purposes, the Company will continue to seek to collect the amount if possible.
About Oremex Silver Inc.
Oremex is a Canadian company focusing on the exploration and development of silver projects along a highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including a mineral resource of 27.8 million ounces of silver (19.8 million tonnes at 45.0 g/t Ag) at its Tejamen deposit.
For further information, please contact:
Interim Chief Executive Officer
Oremex Silver Inc.
Cautionary Note Regarding Forward-Looking Statements
Forward-Looking Statements: The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.