Oremex

Ich hab mir endlich mal die Zeit genommen und einen alten bekannten von meiner Watchlist
näher angeschaut.
Es handelt sich um Oremex einen Silber Explorer in Mexiko.
Die Firma konnte schon eine Ressource von ca.50 Mio Unzen Silver Equiv Ounces
definieren die (NI) 43-101 konform ist.
Das mach eine Bewertung von 0,40 EUR Bewerung pro Unze!! Glaub eine niedrigere Bewertung
gibts nicht! Die Marktkapitalisierung beträgt ca 20 Mio EUR. Denke nach unten dürfte
der Wert auf Grund der Ressourcen gut abgesichert sein.

Bohrprogramm zur Ausweitung der Ressourcen wurde gestartet. eine preliminary
assessment study  ist in Arbeit. Denke Oremex könnte auch als Übernahmekandidat
in betracht kommen.

Negativ ist die sehr schlechte PR was aber durch neue Mitarbeiter verbessert werden dürfte.
Management schätze ich eher als mittelmässig ein.
Denke alles in allen überwiegen die Chancen! Die 20 Mio EUR Bewertung ist schon sehr gering.
Denke hier kann man sich mal ein paar Stücke zulegen.

PS: einige Punkte sind unvollständig da ich keine Bilder aus Word hier einfügen kann.

Unternehmen: Oremex


Überblick:                                                                                     

Kategorie:  Explorer
Aktienkurs:  0.69 C$ (25.8.06)
Heimatbörse:TSXV
Kürzel: ORM
WKN:  A0B9GN
52-Wochen-Hoch/Tief:        1 / 0.46 C$
Aktienanzahl in Mio*          36,882,325
Marktkap. (Mio. EUR):     ca. 20 Mio
Cash:  ca. 6 MioC$
Abbauland: Mexico, Sierra Madre Province
Rohstoffart:  Silber
Internetadresse: http://www.oremex.com
TAX Rate Mexko:  35% ?

* Issued & Outstanding:

1. Management Team

Linda Thorstad, Chief Executive Officer (CEO)                                  

Linda Thorstad, M.Sc., P. Geo. is the Chief Executive Officer of Oremex Resources Inc. Formerly VP Campaigns of Leading Edge BC and Executive Director of the Vancouver Economic Development Commission, she has also served in a range of senior roles in the mining sector including President of Interaction Resources; VP, Corporate Relations for Viceroy Resource Corp. and President of Questore Consultants Ltd.

Linda is highly respected for her strategic and change management skills, her strong communication abilities, her community-building efforts and is respected resource person with respect to sustainable development.

Linda is a recipient of Vancouver's prestigious Influential Women in Business Award in 2002 and the 2004 Frank Woodside Past Presidents Distinguished Service Award (BC & Yukon Chamber of Mines). She is Past President of the Association of Professional Engineers and Geoscientists of the Province of BC, is a founding member of the Canadian Council for Professional Geoscientists and has served on the Minister of Natural Resources Canada Advisory Board related to sustainable development in the mining sector. Linda is a member of the Vancouver Board of Trade and serves on its Economic Development Committee.

With an extensive track record of community service, Linda is former Vice Chair of the Board of Governors of the University of British Columbia, Past President of the University BC Alumni Association, a former member of the Board of Governors of Science World and has fundraised on behalf of the resource sector for BC Children's Hospital Foundation.

Eine angesehene Geschäftsfrau übernimmt nun das Ruder. Die gelernte Geologin hat über viele Jahre Erfahrung im Seniormanagement bei Firmen aus der Minenindustrie gesammelt.

Dabei war sie unter anderem beim mittelgroßen Goldproduzenten Viceroy Resource für den Bereich Investor Relations zuständig. Darüber hinaus war sie Geschäftsführerin des Komitees für wirtschaftliche Entwicklung in Vancouver. Als Geschäfts- und Kommunikationsberaterin war sie beispielsweise auch für den kanadischen Bankenverband tätig. In 2002 erhielt sie die Auszeichnung „Einflussreichste Geschäftsfrau“.

Ihr geologische Fachwissen kombiniert mit einer umfassenden Expertise im Bereich Investor Relations sowie ihren Führungsqualitäten und exzellenten Kontakten sind genau das, was Oremex bisher gefehlt hat. Jemand, der das Potenzial des Unternehmens dem Kapitalmarkt erklären kann!

Andrew F. B. Milligan, M.B.E. (mil) M.A., Chairman & Director

Mr. Milligan, Chairman & Director,has been engaged in the management of publicly traded gold mining and exploration companies for over 30 years. He is a former President of Glamis Gold Ltd. and Cornucopia Resources Ltd. and holds directorships in several Vancouver-based mining companies listed on the TSX Venture Exchange.

From 1981 to 1983, he served as President and Chief Executive Officer of Iona Industries which grew from a junior exploration company to an international conglomerate with annual sales in excess of $80 million and interests in fashion, cosmetics, tourism, and film and video production.He has also held executive positions in Canada and the United Kingdom with British Aerospace, Rolls Royce and TRV Minerals Corp.

Mr. Milligan is also a director and officer of Contrarian Resource Fund 2003 Management Ltd., a limited partnership that invests in flow-through shares of junior Canadian mineral exploration companies.

He has a Masters of Arts from Glasgow University and brings a wealth of business experience as an independent director to the Company.

Dale E. Scholz B.Sc., President and Director

Mr. Scholz has an extensive career in the mineral industry that has ranged from directing producing properties, exploration, evaluation, development and acquisition of new properties. From 1980 to 1988, he was President of Wharf Resources responsible for the development and production of the Annie Creek and Foley Ridge open pit heap leach gold mines. As Senior Geologist for Placer Development from 1967 to 1973, his exploration for minerals took him to a number of countries including Honduras, Mexico, Costa Rica, and Panama. In the United States, Mr. Scholz explored for iron in southern California and worked on the Zortman-Landusky and Golden Sunlight properties in Montana, the Cortez Gold property in Nevada and conducted porphyry copper exploration in California. Prior to 1988, Mr. Scholz consulted to a number of mining companies such as D.Z Exploration, U.S. Borax, and Inexco Oil. Mr. Scholz created Minera Montana to focus on mining opportunities in Mexico where he holds several precious and base metal projects in the states of Durango and Zacatecas.

2.Projekte:

2.1.2Entwicklungsstatus

      - 217 Reverse circulation holes drilled, aproximately 36,139 meters in 2004 and 2005.

- An independent resource study has concluded that an equivalent silver resource of 50.8 million ounces is contained in a total of 22,600,000 tonnes, grading a silver equivalent of 69.8 g/t (2.25 ounces)  Silver extraction = 78% (erste Tests)

- Technical Report http://www.oremex.com/i/pdf/Tej_tech.pdf

2.1.3 Projektanteile

Minera Montana kann die Rechte von Bertha Gamiz de Jarvis kaufen.(Ratenzahlung bis 2007)

Siehe: Minera Montana has the right to acquire the concessions by making payments totalling
 $2,334,714 (US$2,118,000), of which $1,768,056 (US$1,200,000) has been paid to July 24, 2006,
on a tax-free basis. The remaining cash payments to Jarvis  are due as follows:

July 20, 2006              $396,835 (US$360,000) (paid)

January 20, 2007         $462,974 (US$420,000)

July 20, 2007              $548,955 (US$498,000)

Oremex hat sich wiederung verpflichtet diese Zahlungen von Minera Montana an Bertha Gamiz de
Jarvis zu übernehmen!? Danach gehen die Rechte von Minera Montana in eine neue Mexikanische Firma
die eine 100%ige Tochter von Oremex ist.

Siehe: In connection with revisions to the deal structure, the individual above and certain members of

his family subscribed for 3,500,000 Series A Special Warrants of the Company at a price of $0.001 per

special warrant. 3,500,000 common shares issued on the exercise of the Series A Special Warrants are

subject to escrow restrictions.

In accordance with the terms of the option agreement, the Company paid the sum of $3,500 and reimbursed

other costs incurred by Minera Montana totaling $236,954. The option agreement gives the Company the

right to acquire the property interests presently held by Minera Montana upon payment of amounts due to

the underlying property holder under the Jarvis Agreement described below. Minera Montana has agreed to

assign all of its mineral property interests to a Mexican corporation to be formed which will be a wholly
owned subsidiary of the Company.

2.1.4 Produktionsbeginn/Ausblick/Einschätzung

- Produktionsbeginn 2008/2009 schwer abzusehen.

- Weitere Bohrungen für Ressourcen Anhebung erfolgen.

- “preliminary assessment study“ ist in Arbeit.(2006)

-  Vorbereitungen für Feasibillity Studie(07)

- weitere Metallische Tests.      (06)

2.1.5 Infrastrucktur:
 Strasse/Bahn:           sind zu grossteil vorhanden
  Strom:                      (mir) unbekannt

2.2.2Entwicklungsstatus

The recent (2005) San Lucas 19-hole drill program has outlined a disseminated silver-gold mineralized system with associated lead and zinc. The zone has been traced along a strike length over 1700 meters by mapping and drilling. A total of 3,042 metres of reverse circulation drilling has been completed on 100-metre step-outs along the trend of mineralization.

Highlights include 4 metres (13 feet) of 9.26 gpt gold and 233 gpt silver in drill hole #3, and 6 metres (20 feet) of 203 gpt silver in drill hole #4.

This drilling defined a 800-900 metre strike length of better grade mineralization in a volcanic sequence of andesite and rhyolite. Drilling and mapping elsewhere indicates that a carbonate (limestone) unit is projected to intersect the better mineralized zone 100 metres below the present drilling This will be tested in the next phase of drilling to evaluate the potential for replacement-type mineralization, and the expansion of the presently known zones.

2.2.3 Produktionsbeginn/Ausblick/Einschätzung

            Weitere Bohrungen müssen erfolgen. Ressourchenschätzung noch nicht erfolgt.           

            Auch ein Termin liegt meines Wissen dafür nicht vor. Produktionsbeginn nicht abzusehen!
           

2.2.4 Infrastrucktur:
Strasse/Bahn:             sind zu grossteil vorhanden
Strom:                        (mir) unbekannt

3. Anzahl Reserver & Ressourcen’
 1. Projekt Tejamen Silver
Reserves:
Proven & Probable Reserves: keine
Ressources:
Measured und Indicated:          keine
Inferred:                                  50.8 Mio* Silver Equiv1.Ounces
2. Projekt San Lucas
Reserves:
Proven & Probable Reserves: keine
Ressources:
Measured und Indicated:          keine
Inferred:                                  keine

4.Kapitalmaßnahmen (ab 2006)

 Private Placement: 
Datum:  19 Mai  2006
Einnahmen: $7,000,000
Kurs: 0,75
Stück: 9,333,333  Units (one common share and one common share purchase warrant)

Warrant:       4.666.667 Mio Stück zu $0.95 innerhalb 18 Monate

5.Share Capital
Issued & Outstanding: 36,882,325
Stock Options Outstanding: 2,225,000
Warrants Outstanding: 5,401,667
Total Shares Outstanding, Fully Diluted: 44,508,992

5.1 Stock Options
        
         stand 31.5.06: Bild online nicht vorhanden

5.2 Warrants

            stand 31.5.06: Bild online nicht vorhanden

6. Geschäftsberichte

 Jahresbericht 2005:
           

Quartalsberichte 2006:
            2nd Quarter

            http://www.oremex.com/i/pdf/2Q2006.pdf     

Quartalsberichte 2006:
            1st Quarter

http://www.oremex.com/i/pdf/1Q2006.pdf

7. Ausblick

-         in-fill and expansion reverse circulation and diamond drilling (08/06)

-         preliminary assessment study on the Tejamen property (08/06)

-         weitere mettallische Tests (08/06)

8. Finanzbedarf

2007 Schätzungen von mir:

-  1.011.929 für Tejamen Projekt Acquisition

- Ca. 2.000.000 allgemeine Kosten

-  Ca. 1. Mio Exploration

9. Shortpositionen

10. NEWS

Thu Aug 10, 2006

Appointment Of Senior Manager, Communications And Administration

            VANCOUVER, B.C., (August 10, 2006) - Oremex Resources Inc. (TSX-V symbol -- ORM) (the "Company") is pleased to announce the appointment of Lisa Deguchi as the Senior Manager, Communications and Administration, of the Company. A University of British Columbia graduate, Ms. Deguchi most recently served as communications and operations manager for the Vancouver Economic Development Commission and also served in a key communications support role for Viceroy Resource Corporation. She has developed and implemented comprehensive communications programs for public and private organizations over the past decade.

Chief Executive Officer Linda Thorstad stated: "Ms. Deguchi's experience in the mining sector coupled with her design, financial and administrative skills will contribute significantly to the management team."

The Company also announced the grant of 50,000 stock options to Ms. Deguchi under the incentive option plan. The options are exercisable at a price of $0.73 per share for a period of five years.

The Company's most advanced projects consist of the Tejamen Silver and the San Lucas Polymetallic properties located in Mexico. An independent resource study (NI 43 - 101 compliant) concluded that the Tejamen property contains a silver-equivalent resource of 50.8 million ounces in a total of 22,600,000 tonnes, grading a silver-equivalent of 69.8 grams per tonne. An independent preliminary assessment is anticipated for the early fall of 2006.

The drilling at the San Lucas Property indicates a promising polymetallic project. Oremex continues to evaluate its other mineral concessions for principal property status, and will either complete further exploration work or sell (or joint-venture) those that do not meet the criteria of Oremex.

For more information, please contact: Linda Thorstad PGeo, CEO

Telephone: (604) 683 - 5651 Email: linda@oremex.com

Tue Jul 25, 2006

Appointment of Chief Executive Officer

            VANCOUVER, B.C., (July, 25, 2006) - Oremex Resources Inc. (TSXV symbol - ORM) (the "Company") is pleased to announce the appointment of Linda Thorstad, PGeo, as the Chief Executive Officer of the Company. A registered professional geoscientist, Thorstad has many years of senior management experience in the mining industry and brings a wealth of development and mining experience to the Company. In addition to her many senior mining roles, she is past president of the Association of Professional Engineers and Geoscientists of BC as well as recipient of the 2002 Woman of Influence in Business Award. Her technical background, coupled with strong communications and management skills, will be an asset to the Company.

The Company's Chairman, Andrew Milligan stated: "The Company is delighted to have someone with Ms. Thorstad's background and experience to fill the CEO role and round out the management team".

The Company also announced the grant of 250,000 stock options to Ms. Thorstad under the incentive option plan. The options are exercisable at a price of $0.60 per share for a period of five years.

Company assets include both the Tejamen Silver and the San Lucas Polymetallic Properties located in Mexico. An independent resource study (NI 43 - 101 compliant) concluded that the Tejamen property contains an equivalent silver resource of 50.8 million ounces in a total of 22,600,000 tonnes, grading a silver equivalent of 69.8 grams per tonne. An independent preliminary assessment is anticipated for late summer 2006.

The San Lucas Property represents a promising polymetallic project. Oremex continues to evaluate its other mineral concessions for principal property status and will either complete further exploration work or sell the asset.

For more information, please contact: Linda Thorstad PGeo, CEO

Telephone: (604) 683 - 5651 Email:linda@oremex.com

Thu Jun 15, 2006

Sale Completion Of Encarnacion Mining Claims

            VANCOUVER, B.C., (June 15, 2006) - Oremex Resources Inc. (TSXV symbol -- ORM) (the "Company") announces the completion of the sale to First Majestic Resource Corp. ("Majestic") of its interest in the La Encarnacion Mining Claims (La Parilla) located in the State of Durango, Mexico. The terms of the agreement requires Majestic to pay Oremex CDN $40,000 and 200,000 common shares of Majestic.

Don Smith, the Company's Chief Financial Officer, reported that this is an excellent transaction for the Company and its shareholders. "We were able to monetize non core properties and to raise approximately CDN $900,000 for various exploration programs without any further dilution to the existing shareholders."

The Company had not conducted any work programs on the La Encarnacion Mining Claims as the management of Oremex has decided to focus on the development of the resources at its Tejamen Silver Property and San Lucas Polymetallic Property. In April 2006, an independent resource study (43 -- 101 compliant, available on www.sedar.com) concluded that the Tejamen property contains an equivalent silver resource of 50.8 million ounces in a total of 22,600,000 tonnes, grading a silver equivalent of 69.8 grams per tonne.

The Company is continually evaluating all of its mineral concessions. Those that do not meet the strict criteria for principal property status thereby warranting further exploration work will be available for sale. If favourable terms can be arranged they will be sold. In addition the Company is continuing to look for, and to acquire, new principal properties.

For more information, please contact: Don Smith CA MBA, CFO

Telephone: (604) 683 -- 5651 Fax: (604) 630 - 0141

or send questions and comments to: info@oremex.com

Tue Jun 6, 2006

Oremex Announces Sale Of Mezquital Claims To Canasil

            VANCOUVER, B.C. (June 6, 2006) -- Oremex Resources Inc. (TSXV symbol -- ORM) (the "Company"), Minera Montana S. de R.L. de C.V. (Minera Montana), Canasil Resources Inc. (Canasil, TSXV: CLZ) and its wholly owned subsidiary Minera Canasil S.A. de C.V. (Minera Canasil), have signed a letter of agreement granting Canasil the right to acquire 100% interest in the Mezquital silver-zinc-lead claims, in which Oremex and Minera Montana have an option to earn a 100% interest.

The purchase agreement requires Canasil to issue 650,000 common shares and 75,000 share purchase warrants to Oremex, upon approval of the agreement by the TSX Venture Exchange and transfer of the claim titles, as full payment for 100% interest in the Mezquital claims. Each warrant will entitle Oremex to acquire one common share of Canasil at a price of $0.50 within 12 months of the approval of the final agreement by the TSX Venture Exchange.

"In order to maximize shareholder value, we will continue to focus on our highest priority projects that yield the greatest returns and seek out opportunities to capitalize on our non-core holdings," said Don Smith, the Company's Chief Financial Officer. "This allows us to fund further exploration and purchase additional properties without any dilution."

Oremex had not conducted work programs on the Mezquital Claims as a decision was made to concentrate on the development of the resources at its Tejamen and San Lucas properties. In April 2006, an independent resource study (NI 43 -- 101 compliant) concluded that the Tejamen property contains a silver-equivalent resource of 50.8 million ounces in a total of 22,600,000 tonnes, grading a silver-equivalent of 69.8 grams per tonne.1

1 Note that of this total, 66.9 g/t consists of silver (96% of the total), and the silver-equivalent is equal to silver (g/t) plus 64.5 x gold (g/t).

The Company is continually evaluating all of its mineral concessions. Those that do not meet the strict criteria for principal property status will be available for sale. If favourable terms can be arranged they will be sold or joint-ventured. In addition, the company is continuing to look for, and to acquire, new principal properties.

Thu May 25, 2006

Oremex Announces Excellent Silver Recoveries

            VANCOUVER, B.C. (May 25, 2006) - Oremex Resources Inc. (TSXV symbol - ORM) (the "Company"). The small column leaching tests conducted by McClelland Labs in Sparks, Nevada, have been completed, with excellent silver extraction results. The average silver extraction for the two columns was 78.0%. These results were obtained after 106 days of leaching for one of the columns and 162 days of leaching for the other column.

When the columns were shut down, silver was still being extracted. Consequently, it is expected that silver will still be extracted by leaching the material longer during a large scale, commercial cyanidation operation.

The next phase of our metallurgical program will involve collecting samples of the drill core from the upcoming diamond drilling program for additional column testing. These tests will more closely represent the actual processing of mined ore by using rock considered "fresh". We will be able to determine the extraction from coarser material - approximately 2 cm ( ¾ of an inch), compared with the first two columns which utilized samples collected from our percussion drilling and were relatively fine (minus 0.6 cm, or about ¼ inch). The material for testing will be collected from drill holes in the identified ore zones and composited to reflect what might occur during the actual mining process.

The silver extraction percentages were significantly higher than those from the small scale bottle roll tests, and this is attributed to the longer leach times in the small column tests. While there were no indications of metallurgical problems in the bottle roll testing, due to the small column and the 'forced' leaching environment from the small columns, the final reagent consumption was higher than anticipated. We fully expect the reagent consumption data generated in the bottle roll testing to be more representative of what to expect in actual plant practice, but this is an area we will be examining closely in the next series of testing.

Fri May 19, 2006

Completion Of CDN $7,000,000 Private Placement Financing

            Vancouver, B.C. (May 19, 2006) - Oremex Resources Inc. (TSXV symbol -- ORM) (the "Company") announces the closing of a non-brokered private placement, as disclosed in a news release issued on April 26, 2006. The Company closed on the sale of 9,333,333 units (the "Units") at $0.75 per Unit, for gross proceeds of $7,000,000.

Each Unit consists of one common share and one-half of one transferable warrant (a "Warrant"), each whole Warrant entitling the holder to purchase one common share (a "Share") for 18 months at $0.95 per share, subject to an acceleration provision such that if, at any time following four months after the closing of the financing, the closing price per share on the TSX Venture Exchange is CDN$2.00 or higher for twenty (20) consecutive business days, then the Company may give the investors notice that the warrants must be exercised or they will expire within 30 days of such notice. All securities are subject to a four month hold period.

The Company paid cash finder's fees equal to 8% of the sale price of the Units with respect to the majority of the subscriptions.

A significant portion of net proceeds, after payment of cash finder's fees and offering expenses, will be used to fund in-fill and expansion reverse circulation and diamond drilling, related development work, and a preliminary assessment study on the Tejamen property. The balance of the net proceeds will also be used to fund exploration on the Company's other six mineral properties, property acquisitions, and for general working capital purposes.

Mon May 15, 2006

New Directors

            VANCOUVER, B.C. (May 15, 2006) - Oremex Resources Inc. (TSXV symbol - ORM) (the "Company"). Andrew Milligan, the Chairman of the Company, is pleased to announce that at the Annual General Meeting of the shareholders held on May 11, 2006, the shareholder elected two new directors, Jack Jefferson and Francisco Crespo Hernandez.

Mr. Jefferson is a lawyer who has over forty years of experience in financing public and private companies. As President (and one of its founders), he took Black Swan Gold Mines public and helped bring its Western Australian mine into production. He also served on the Boards of Directors of two other mineral exploration companies. Mr. Crespo is a consulting geologist and a Mexican national with over 35 years of experience in the mining industry in Mexico and other countries. He was involved in the development of the Cumobabi, the Lampazos and the Maria mines - all located in the Mexican state of Sonora. He led the Minorco-Anglo Mexican gold exploration program from 1991 to 2000 and was involved in early stage exploration and drilling of Oremex's Tejamen, Durango project. Mr. Milligan welcomed the new directors to the board and thanked the former directors who did not stand for re-election, Mr. James E. Yates, Mr. Anthony Harvey and Mr. David Duval, for their contributions to the Company.

The Company also announces the grant of 775,000 stock options under the incentive stock option plan to directors and officers of the Company. The options are exercisable at a price of $0.89 per share for a period of five years, and any shares issued upon exercise of these options are subject to a four month hold period from the date of this news release.

The Company also announces that Dale E. Scholz, President, CEO and a director of the Company, has acquired an additional 1,550,000 common shares in the capital stock of the Company pursuant to a private transaction. These shares represent 5.7% of the outstanding common shares. As a result of the acquisition, Mr. Scholz owns and controls 3,425,000 common shares and the right to acquire a further 275,000 common shares in the capital of the Company pursuant to the exercise of certain outstanding incentive stock options, which collectively represent 13.5% of the issued and outstanding share capital of the Company. The shares were acquired in a private transaction, and additional shares of the Company may be acquired for investment purposes. The shares were acquired at a deemed price of $0.58 per share.

Tue Apr 11, 2006

Oremex Drilling Increases Tejamen Silver Resource To 50 Million Ounces TSX V: ORM

            Oremex Resources is pleased to announce that additional drilling in 2005 has resulted in an increase of twenty-five percent (25%) in the silver resource in its Tejamen deposit located in the State of Durango, Mexico.

Wardrop Engineering Inc. has just completed a Technical Report in the format set out in National Instrument (NI) 43-101, and the inferred mineral resources (at a cut-off grade of 20 grams of silver per tonne) are summarized in the following table:

         Tonnes Of  Grams/Tonne Grams/Tonne Grams/Tonne  Silver Equiv1.

         Resource     Silver      Gold     Silver Equiv.    Ounces

Uncapped:22.6 million   66.9       0.05       69.8         50.8million

Capped:  22.3 million   65.4       0.03       67.2         48.2million

As a result of the foregoing, and the recent excellent results from metallurgical testing as reported in a News Release dated March 21, 2006, an independent mining consulting firm will be retained to commence a preliminary economic assessment of the Tejamen project as an open-pit heap-leach operation.

In the near future, Oremex also plans to recommence drilling with a view to adding to the resource (which is open in several directions), providing in-fill holes where appropriate, and subsequently preparing a feasibility study. To date, Oremex has drilled 217 rotary percussion reverse circulation drill holes for a total of 36,139 meters. The drilling was laid out on 50 metre lines with drill stations at every 30 metres.

It should be noted that the Tejamen property is just one of eight owned by Oremex in Mexico. Drilling on the San Lucas property by Oremex last year (19 reverse circulation 1 The Silver Equivalent (AgEq) is AgEq = Ag g/t * 64.56. Metallurgical recoveries were not considered. drill holes totaling about 3,000 meters) indicated a large disseminated zinc, lead, silver, and gold system. One of the other properties (La Parilla) was recently sold for cash and shares (which, at today's prices, would be valued at over $800,000). The other properties are being evaluated, and additional property acquisitions are expected.

Ross Glanville, P.Eng., M.B.A is the qualified person responsible for the contents of this News Release.

Tue Mar 21, 2006

Oremex Announces Further Excellent Silver Recovery Results From Its Tejamen Project

            Oremex Resources Inc. is a Vancouver, Canada -- based resource company which holds the right to acquire a 100% interest in numerous mineral properties located in Mexico.

The Company is pleased to announce additional results are available from the column metallurgical testing underway at McClelland Labs in Sparks, Nevada. This is a continuation of the bottle roll testing completed last year (reported on September 20, 2005) on samples from the Company's Tejamen silver project in the State of Durango, Mexico. The selected samples represent a composite of test material along with a sample of one of the higher-grade drill holes.

The high-grade sample indicates 72% extraction after 130 days of leaching. The composite sample indicates 63% extraction rate after 86 days of leaching. Extraction rates for both test columns demonstrate the same leaching rate over comparable time periods. Silver extraction is continuing for both columns.

The Company is extremely pleased with these results and the testing indicates the material is amenable to normal processing using conventional cyanidation and heap leaching technology. The reagent consumption is normal and there is no indication of any deleterious compounds in the ore material.

The next phase of testing will be to collect larger samples of "fresh" material. This will be done via a diamond drilling program or through access to underground areas where newly mined material can be obtained.

Wed Nov 23, 2005

Appointment of New Chairman and Corporate Update

            Vancouver, B.C. - November 23, 2005: Oremex Resources Inc. (the "Company") announced the appointment of Andrew Milligan as Chairman of the board, in place of Anthony Harvey, who will remain as a Director of the Company. Mr. Milligan has held a number of senior positions with public mining companies including President and CEO of Glamis Gold Ltd. and subsequently Cornucopia Resources Ltd. Cornucopia Resources was merged into Quest Investment and Mr. Milligan remained a Director of Quest until June, 2004. Mr. Milligan is currently a Director of several other public mining companies. The board would like to thank Mr. Harvey for his many contributions to the Company during his term as Chairman.

The Company announced that the option agreement between Minera Montana and Bertha Gamiz de Jarvis to acquire certain mineral claims which comprise the majority of the Tejamen and certain other mineral properties in Mexico (the "Jarvis Agreement") has been amended to extend the final payment of US $1,115,000 that was due on July 20, 2006. Under the terms of the amendment, the final payment has effectively been extended for one year under the following revised payment schedule: US $250,000 (Jan. 20, 2006), US $300,000 (July 20, 2006), US $350,000 (Jan. 20, 2007) and US $415,000 (July 20, 2007). Under a previous agreement dated February 28, 2003, the Company has assumed the obligations of Minera Montana under the Jarvis Agreement. Don Smith CA, the CFO of the Company, stated that "the amendment is a significant event for the Company as it allows the Company to focus its attention and financial resources in the near term toward further exploration and evaluation of Tejamen, the Company's flagship resource property".

The Company announced the grant of 50,000 stock options to a consultant retained to serve as the field program manager in Mexico. The options are exercisable at $0.52 per share for five years. The Company also announced that 765,000 existing stock options held by certain directors, officers and employees that were previously granted at prices ranging from $0.80 to $1.02 per share, have been re-priced at $0.52 per share. The decision to re-price the affected options to more closely reflect the current market price of the shares of the Company was made after significant reductions in management compensation agreements were implemented by the board of directors. Re-pricing of the options is subject to the acceptance of the TSX Venture Exchange and disinterested shareholder approval at the next general meeting of the shareholders of the Company. None of the re-priced options may be exercised until these conditions have been satisfied. In addition, the re-priced options are subject to a four month hold period from November 16, 2005.

On February 1, 2005, an NI 43-101 compliant resource calculation report for the Tejamen property was prepared by N. Tribe and Associates Ltd. (the "Tribe Report"), which is available on SEDAR. The Company is in the process of having the Tribe Report updated to incorporate the results from an additional 51 holes from the 2005 drilling program and anticipates completing this report by December, 2005. To date, over 215 holes have been drilled in two zones, the Cerro Prieto and the Los Mantos zones. In addition, metallurgical work is ongoing and these results will be made available in early January, 2006. The metallurgical results and the updated Tribe Report will be incorporated into a subsequent Preliminary Economic Assessment (Scoping Study) which should be completed by the end of March, 2006.

Tue Oct 4, 2005

Oremex Continues To Receive High Grade Silver Assays From Its Tejamen Silver Property Vancouver, B.C. -- October 4, 2005: Oremex's drill program at its Tejamen Silver Property, near Durango, Mexico, continues to expand the Cerro Prieto and Los Mantos zones. Recent results from twenty-one holes drilled in the Los Mantos zone extended the mineralized area approximately 200 meters to the north. Eighteen of the holes were mineralized, with four of the eighteen holes intercepting high grade mineralization, as set out in the following table:

To date forty-one holes have been completed in the Cerro Prieto zone and one hundred and seventy-six holes have been completed in the Los Mantos zone, with the most recent holes being a combination of in-fill and expansion drilling. The primary purpose of the current drill program was to test the extent of the silver mineralization, which still remains open in several directions. Also, drilling in the Los Mantos zone was generally to a depth of approximately 200 meters, with many of the holes terminating in mineralization, thus indicating the potential for additional resources at depth.

Results from all 217 holes will be incorporated in an updated NI 43-101 report that previously reported a 40-million ounce silver-equivalent resource based on 166 holes. This report is expected to be available in 60 days. In addition, metallurgical work is ongoing, and the results will be incorporated in a subsequent Preliminary Economic Assessment (Scoping Study).

A new drill hole location plan incorporating the recent drill holes will be posted shortly on Oremex's web site at www.oremex.com.

Mr. Norman Tribe, P.Eng. is the qualified person responsible for and has verified the above data

For further information, please contact: James Yates,

Telephone: (604) 683 -- 5651 Fax: (604) 684 -- 9365

Or, send questions and comments to: info@oremex.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this news release.

Wed Sep 21, 2005

Oremex Adds New Director

            Vancouver, B.C. - September 21st, 2005: Oremex Resources Inc. (the "Company") is pleased to announce that Mr. Andrew Milligan has been appointed to the board as an additional independent director of the Company.

Mr. Milligan is a business executive who has concentrated on mining ventures over the past 25 years. From 1984 to 1986 he was President and CEO of Glamis Gold Ltd. In November, 1986 he was appointed President and CEO of Cornucopia Resources Ltd. In 1998-99 Cornucopia Resources disposed of its gold mining interests and subsequently merged with three other companies to form Quest Investment Corporation. Mr. Milligan was a director of Quest until June 2004. He is currently a director of Skye Resources Inc., Lincoln Gold Corp., Lysander Minerals Corporation and director and chair of Valgold Resources Ltd.

Mr. Milligan has been granted 200,000 stock options under the Company's Incentive Stock Option Plan, which are exercisable at C$0.52 per share for a period of five years.

Ross Glanville, PEng is the qualified person responsible for and has verified the above data.

Tue Sep 20, 2005

Oremex Receives Excellent Silver Recovery Results

            Vancouver, B.C. - September 20th, 2005: Oremex Resources Inc. is pleased to announce that it has received excellent preliminary metallurgical silver recovery results from the bottle roll leach test program (conducted by McClelland Laboratories, Inc., located in Sparks, Nevada) on its 40 million ounce Tejamen silver property. The leaching program was comprised of bottle roll leaching tests on drill cuttings collected from the approximate 30,000 meter percussion drill program. The samples selected represent the broad range of material in the deposit, covering the low-grade material as well as the high-grade material in both zones (Cerro Prieto and Los Mantos) of the Tejamen property. Each sample was tested in an "as received" state and then ground to 80% minus 75 microns (200 mesh) for additional testing. Silver extraction averaged about 60% for all twelve tests (six "as received" and six "minus 75 microns"). This recovery is considered to be very good (see next paragraphs) for the short time frame (only 4 days) utilized for bottle roll testing.

Mr. Jack McPartland, Metallurgist and Vice President Operations for McClelland Laboratories, Inc., commented on the results of the Oremex test program:

"Silver recovery rates by cyanidation are typically substantially slower than gold recovery rates. Consequently, in general, short term (1 to 4 day) bottle roll test silver recoveries are often substantially lower than obtained during longer term (60 day +) column leach testing of the same samples, at the same feed size. Because of differences in leach cycle duration, ultimate commercial heap leach silver recoveries often are somewhat higher than column test silver recoveries (leached under the same conditions - feed size, cyanide concentration, etc.) on the same ore. Silver recovery rate data from the bottle rolls conducted on the Tejamen cuttings samples show that silver extraction was progressing at a slow, but significant rate, when leaching was terminated after 4 days of leaching. These results indicate that silver recovery will improve with a longer leaching cycle."

Based on the foregoing, and experience at actual silver heap leach operations, a full scale heap leach operation at Tejamen might expect silver recoveries in the range of 65% to 75% (based on three to nine months of leaching). As a result of the excellent preliminary tests, Oremex plans to commence column leach tests, which will be conducted over 60 days, as opposed to the short-term (4 days) bottle roll tests.

Ross Glanville, PEng is the qualified person responsible for and has verified the above data.

Mon Jul 4, 2005

Oremex Acquires Two New Exploration Projects

            Vancouver, B.C. July 4, 2005: The Company has acquired via staking a 1,500 hectare claim (Maco) in the municipality of El Fuerte, Sinaloa, Mexico. Management believes this area is prospective for a copper/gold porphyry deposit, since copper staining is visible in outcrop over an extensive area. This new claim has seen limited exploration but a first stage program will begin in the near future.

The second exploration property was acquired via a lottery in the municipality of Santa Ana, Sonora, Mexico. The claim (Navidad) consists of 85 hectares. Management believes the area is prospective for gold, since the area adjacent claim has received extensive drilling outlining a potential gold deposit. A work program for Navidad will commence, once all surrounding area data has been analyzed.

Oremex continues to expand its presence in Mexico, and now has eight properties including the 40 million oz Tejamen Silver Resource and the San Lucas project results of which were announced in our news release dated June 21, 2005.

Please visit our website at www.oremex.com or Pacific Imperial website at www.pacificimperial.com.

For more information, please contact: James Yates, Telephone: (604) 683-5651 Fax: (604) 684- 9365

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.

Tue Jun 21, 2005

San Lucas Drilling Project Provides A New Discovery For Oremex

            Vancouver, B.C. June 21, 2005: Oremex is drilling two of its five projects in the State of Durango, Mexico. The San Lucas project is at an early exploration stage and is being evaluated concurrently with the Company's other project, the Tejamen, which has a 40 million ounce silver resource defined by the N. Tribe, P.Eng., in his February 1, 2005, report entitled "Mineral Resource Evaluation Report on the Tejamen Silver Property". (NI 43-101 compliant).

Oremex is pleased to announce the initial results of a 19-hole drill program on its San Lucas Project. Geological mapping and drilling has outlined a disseminated silver-gold mineralized system with associated lead and zinc. The zone has been traced along a strike length over 1700 meters by mapping and drilling. A total of 3,042 metres of reverse circulation drilling has been completed on 100-metre step-outs along the trend of mineralization.

Highlights include 4 metres (13 feet) of 9.26 gpt gold and 233 gpt silver in drill hole #3, and 6 metres (20 feet) of 203 gpt silver in drill hole #4.

Seventeen of the 19 holes intersected the mineralization with some of the better intercepts as follows (the assays and map of all drill-holes are available on the Oremex website):

--------------------------------------------------

                          Grade    Grade  Grade   Grade

HOLE   From    To   Int    Gold   Silver   Zinc    Lead

 No.    (m)   (m)   (m)   (gpt)    (gpt)    (%)     (%)

--------------------------------------------------

1        20    22     2   0.140   156.00

         66    74     8   0.080    78.75

--------------------------------------------------

3        40    44     4   9.260   232.85   3.05   1.45

         58    62     4   0.100   298.50   3.80   1.10

        104   118    14   0.030    49.14   0.46   0.15

--------------------------------------------------

4        62    68     6   0.090   203.10   1.69   0.66

--------------------------------------------------

8        46    52     6   0.200    72.73   1.26   0.34

         58    62     4   0.240    72.80   0.90   0.34

--------------------------------------------------

9        30    32     2   6.050    25.50   1.53   0.35

         40    42     2   0.050    61.10   9.74   1.10

--------------------------------------------------

This drilling defined a 800-900 metre strike length of better grade mineralization in a volcanic sequence of andesite and rhyolite. Drilling and mapping elsewhere indicates that a carbonate (limestone) unit is projected to intersect the better mineralized zone 100 metres below the present drilling This will be tested in the next phase of drilling to evaluate the potential for replacementtype mineralization, and the expansion of the presently known zones.

Tue Mar 8, 2005

Oremex Reports Equivalent Silver Resource of 40.3 Million Ounces

            AN INDEPENDENT RESOURCE STUDY has concluded that an equivalent silver resource of 40.3 million ounces is contained in a total of 10,190,000 tonnes, grading a silver equivalent of 123.47 g/t (3.97ounces) on OREMEX'S TEJAMEN SILVER PROPERTY, STATE OF DURANGO, MEXICO.

Vancouver, Canada, March 8, 2005: Oremex Resources Inc. has received the results of an independent Resource Evaluation Report (the "Report") on its Tejamen Silver Property in compliance with National Instrument 43-101. The Tejamen Silver Property, consisting of 21 claims covering about 1,672 hectares is situated in the municipality of Nuevo Ideal, State of Durango, Mexico. (www.oremex.com).

The Report, written by Norman L. Tribe, P.Eng., of N. Tribe and Associates Ltd., covers two areas of mineralization, the Cerro Prieto and the Los Mantos (previously El Manto). It states "Total tonnage for the Tejamen deposits is 10,190,000 tonnes at a grade of 119 grams per tonne of silver (3.82 ounces/tonne) with 0.07 grams per tonne of gold. (0.0024 ounces/tonne). Contained ounces for the deposits are calculated at this time to be 38,915,000 ounces of silver and 24,127 ounces of gold."

This is equivalent to a resource of 40,320,000 ounces of silver at a grade of 123.47 grams/tonne or 3.97 ounces/tonne. (A 60:1 silver/gold ratio was used for the silver equivalent). A cutoff grade of $6.00US/tonne combined silver and gold was used to arrive at an estimate of the resource in these two deposits. The silver price used was $6.80US/ounce and the gold price used was $425US/ounce. No recovery factor is applied to these numbers as insufficient information is available on recovery parameters at this time. Metallurgical variables will be determined in the next phase when metallurgical testing is done.

The resource estimate contained in the Tribe report derives from the study of a 166 reverse circulation drill program, which commenced in December 2003 through December 15, 2004, totaling 26,500 meters of drilling on sections 50 meters apart with drill holes 30 meters apart along sections on the Cerro Prieto and Los Mantos zones. The holes were drilled at 60 degrees to the south, to a nominal drill depth of 200 meters, on the Cerro Prieto; and, vertically on the Los Mantos to a nominal depth of 150 meters.

Tribe suggests that there is a system of flat faulting, parallel to the bedding and dipping 15 degrees to 25 degrees S., present in the host rocks of both the Cerro Prieto and Los Mantos. Much of the mineralization is associated with these flat faults. The feeder vein at Cerro Prieto is strong and crops out into the hill that spawned the name. Most of the values in the Cerro Prieto deposit are close to this feeder vein structure. This feeder shear vein forms a distinctive sigmoidal loop. Other loop structures appear as Jeronimo and Carnival feeders between the Los Mantos and the Cerro Prieto Zones.

The Los Mantos area has similar mineralization and structure as the Cerro Prieto. There is a sigmoidal loop passing through the main part of the deposit marked by the Guanajuato and Morelos feeder veins and at least five low angle mineralized thrust faults which host much of the mineralization. The solutions traveling upward along the feeder encountered several of these N40°E flat, 20 to 40°E structures and mineralization has spread laterally parallel to the faulting and the bedding in the host, Lower Volcanic Complex .

Mineralization consists of galena, sphalerite, pyrite, and minor chalcopyrite, tetrahedrite and argentite in a gangue of quartz and clay minerals. Native silver and free gold are reported to occur in the strongly oxidized areas. This flat faulting may be more pervasive than previously thought, with a number of imbricated structures providing favorable environment at several layers in the volcanic pile, in the Cerro Prieto deposit, the Los Mantos deposit and in the surrounding area."

The proximity of an open pit mining operation, to the village of Tejamen is being addressed and may at some point require the relocation of the village residents. Informal meetings with the senior village representatives and the Company are being held on a regular basis in order to maintain a dialogue, with positive results.

The Report summarizes that "the mineralization is not completely defined and that more potential exists between the two zones, at depth, along strike in both directions and possibly on other structures to the southeast." As well,"the mineralization is related to steep feeder veins with mineralization spreading out horizontally along shallow thrust faults, or 'mantos'." Mr. Tribe states that there are numerous 'mantos', therefore the change of the name of the El Manto zone (singular) to the Los Mantos area (plural).

The Report concluded that further work is justified and recommends a program of 22,090 meters of drilling in 135 drill holes; metallurgical work to ascertain the recovery parameters; fill-in drilling and exploration drilling to define the limits of the mineralization.

Oremex is now proceeding with the recommended drill program on the Cerro Prieto and Los Mantos zones, to further define the parameters of the known resource.

A copy of the "Report" will be filed on Sedar in the near future.

Norman L. Tribe, P. Eng. is acting as the Qualified Person in compliance with National Instrument 43-101 with respect to this release. He has reviewed the contents for accuracy.

The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council August 20, 2000. Mineral resources which are not mineral reserves do not necessarily have demonstrated economic viability.

This press release contains forward looking statements, except for historical information. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, level of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward looking statements.

Tue Jan 18, 2005

Oremex Reports Assays that Continue to Indicate High-Grade Silver at Its Tejamen Property in Mexico

            Vancouver, B.C.; January 18, 2005: Oremex Resources Inc. reports assay results from another seven holes (in the El Manto zone) which are provided in the following table. High-grade silver continues to be discovered as reflected in drill hole #58 which intersected 151 gr./tonne (g/tonne) (4.9 oz. silver) over 62 metres (202 feet), including 1227 g/tonne (39.5 oz. silver) over 4 metres (13 feet).

                                                               Silver

                                                                Grade

Drill       From - To    Interval  Silver grade  Interval    (oz. per

Hole No.    (metres)   (in metres)  (gr./tonne)  (in feet)     tonne)

--------------------------------------------------

MMT- 045     116-150         34          41         112        1.3

Incl.        132-136          4          86          13        2.8

             142-146          4          92          13        3.0

--------------------------------------------------

MMT-058       88-150         62         151         203        4.9(x)

Incl.         96-100          4        1227          13       39.5  

             112-116          4         360          13       11.6(xx)

--------------------------------------------------

MMT-125       96-114         18         151          59        4.9

Incl.          96-98          2         724           7       23.3 

             108-112          4         241          13        7.7

--------------------------------------------------

MMT-161      104-126         22          48          72        1.5

--------------------------------------------------

MMT-165        50-58          8          41          26        1.3   

And          124-136         12         287          39        9.2(xxx)

--------------------------------------------------

MMT-166      116-134         18          30          59        1.0

--------------------------------------------------

MMT-174        86-90          4         118          13        3.8   

And          122-126          4          54          13        1.7

--------------------------------------------------

(x)    hole bottomed in mineralization   

(xx)   the intersection includes 0.12 g/tonne gold over the 13 foot

       interval.

(xxx)  the intersection includes 0.44 g/tonne gold over the 39 foot

       interval.

Management reports that exploration activities completed in 2004 resulted in 166 reverse circulation holes being drilled (approximately 27,333 metres), which outlined the presence of a potentially large silver resource contained within the Cerro Prieto and El Manto Zones at the Tejamen Silver Property, Durango, Mexico.

The past year's exploration work was focused on delineating the extent of mineralization within these two zones with sufficient information to permit a resource study to be undertaken. The Tejamen exploration program for 2005 will include the North and North-East extensions of the Cerro Prieto zone and the Southwest extension of the El Manto zone. The Cerro Prieto zone and the El Manto zone are still open for additional drilling and other areas of potential interest are currently being evaluated.

RESOURCE STUDY - With more than 27,000 metres of drilling completed at the Tejamen project by Oremex, plus 40 holes drilled by previous owners, the Company has commissioned a mineral Resource Study for the El Manto and Cerro Prieto zones at Tejamen. This study will be conducted by Mr. Norm Tribe of N.B. Tribe & Associates. Mr. Tribe has completed his site visit to the property and the Company expects to receive his Study by the beginning of March 2005.

SAN LUCAS - Oremex further announces that a first phase 20 hole reverse circulation drilling program has commenced on its San Lucas property located 80 km north of the city of Durango. The San Lucas property, one of Oremex's six 100% owned Mexican Properties, contains a 2 km long northeast-trending zone of alteration and mineralization. (the mineralized zone varies from 50 metres to over 100 metres in width). Two parallel northeast-trending silver and gold bearing veins, about 30 metres to 50 metres apart extend over the entire 2 kilometres, and share similar surface characteristics to those seen at Tejamen. For further detailed information on the San Lucas property, we refer you to our previous news release dated December 13, 2004, which can be viewed on our website, www.oremex.com

CHIEF GEOLOGIST APPOINTED - The Company has entered into a consulting agreement, effective today, with Mr. Gordon Richards, P.Eng., to provide geological consulting services at a rate of $500 per day, subject to regulatory approval. Mr. Richards will act as Chief Geologist for Oremex Resources. Mr. Richards holds a B.A.Sc. and an M.A.Sc. from the University of British Columbia; and has worked extensively for many major mining companies (including Placer Dome, Newmont, Cominco, Chevron Minerals, U.S. Borax, Westmin and Newmont) on various exploration projects. Oremex will grant Mr. Richards 150,000 options at an exercise price of $1.02, for a term of five years, vesting 25% upon grant and 25% every six months thereafter over an 18 month period, subject to regulatory approval. Randall Reneau, who has reduced his activities for health reasons, will remain as a consultant to the Company.

Randall Reneau, P. Geo, Oremex's Chief Geologist, is the Qualified Person (QP) responsible for the Tejamen exploration and has verified the data in the table above.

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporation's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

For more information, please contact: James Yates, CFO, or Sandra Buschau, Manager, Corporate Communications, sandy@oremex.com T. 604.683.5651 F. 604.684.9365

January 18th, 2005

Mon Dec 13, 2004

Recent Acquisitions To Oremex's Second Property, The San Lucas Silver Property In Durango, Mexico, Is Now Being Prepared For Drilling

            Vancouver, B.C. December 13, 2004: The San Lucas property, one of Oremex's six 100%-owned Mexican Properties is located 80 km north of the city of Durango. The property contains a 2 km long northeast-trending zone of alteration and mineralization. The mineralized zone varies from 50 metres to over 100 metres in width. Two parallel northeast-trending silver and gold bearing veins, about 30 metres to 50 metres apart extend over the entire 2 kilometres.

Additional claims along the structure have now been acquired, at a minimal cost to Oremex, entitling the company to 100% ownership and no underlying royalties. The Veta Grande claim was worked at the end of the 19th century and was equipped with a small concentrator. Mining activity was suspended as a result of the Mexican revolution in 1910. It is reported that in the 1980s small shipments were made from the Veta Grande, Noche Buena and El Refugio claims, which are all now part of Oremex's San Lucas property.

The claim known as Noche Buena was previously sampled by Luismin and Echo Bay. Surface sampling of the veins and wall rocks by Luismin returned values of 1.35 g/t Au and 73 g/t Ag over 1.5 metres to 15 g/t Au and 51 g/t Ag over 0.7 metres. An underground sample by Luismin assayed 256 g/t Au and 391 g/t Ag over 0.75 metres. Vuggy quartz stockwork found between the two major quartz veins was sampled by Echo Bay and Oremex. Oremex's rock chip sampling returned weighted averages of 0.87g/t Au and 40g/t Ag over 30 metres, while Echo Bay's sampling returned values of 0.88 g/t Au and 31.4 g/t Ag also over 30 metres.

Dr. Peter Christopher Ormex's independent geological consultant recently collected a 10 metre chip sample near the Noche Buena shaft which assayed 71.9 g/t Ag and 2.49 g/t Au. Additional samples collected by Dr. Christopher from the newly acquired Mina & Paco claims of the San Lucas property are as follows:

------------------------------------------------

Sample # Type    Length (m)    Au (g/t) Ag (g/t)

------------------------------------------------

178666   Chip   4.0 (13 feet)   1.16      125

178667   Chip  11.0 (36 feet)   0.45       91

178668   Chip  10.0 (33 feet)   0.03      103

178669   Chip  13.0 (43 feet)   0.07      122

178671   Chip   4.8 (16 feet)   0.34      251

------------------------------------------------

Historically, the San Lucas property had been explored by two small past producing mines, but has never been drilled. Oremex plans a 20-hole drill program commencing approximately January 15, 2005 and will test a large portion of the 2 kilometre long structure.

Tue Nov 23, 2004

Oremex Reports Exceptional High Grade Intercepts which Continue to Expand the Tejamen El Manto Zone, Durango, Mexico and Oremex Appoints New Director

            Vancouver, B.C. November 23, 2004: Oremex Resources Inc. announces assays from eleven (11) additional drill holes that were recently completed are listed below, and the results continue to expand the El Manto zone to the SE on section lines 150 north, 200 north and 250 north and to the south on section line 50 south. A number of holes were drilled to a depth of 200 metres or more to intersect a deeper mineralized structure reported in previous historic drilling. Drill assays confirmed the presence of this mineralized structure as demonstrated by holes #142 and #149 below.

Spectacular results have been received from drill holes #141 and #142 on section line 250 north. Assay results for hole #141 demonstrate 36 ounces per tonne over 92 feet (from 80 metres to 108 metres), including 76 ounces per tonne over 39 feet (this high assay is equivalent to 1.3 ounces per tonne gold over 39 feet at present gold/silver prices).

Most importantly, hole #142 on the same section line, located approximately 100 feet to the east, intersected the same high grade zone (39 feet at 11opt.). In addition, hole #142 also intersected significant gold values from 154 metres to 172 metres averaging 1.92 grams over 18 metres ( 59 feet ).

Assays from all holes are provided in the table below:

o date, a total of 144 holes (23,799 metres) have been drilled and assayed on the Cerro Prieto and the El Manto zone. Drill hole locations can be viewed on our website map at www.oremex.com

Randall Reneau, P. Geo, Oremex's Chief Geologist, is the Qualified Person (QP) responsible for the Tejamen exploration and has verified the data in the table above.

Oremex is also pleased to announce that 2,415,000 IPO warrants at $0.60 were exercised and the Company's current working capital position now totals approximately $3.8 million.

In addition, Mr. Anthony Harvey, Chairman of Oremex Resources, announces that Iain MacPhail has been appointed a Director of the Company. Since qualifying as a Chartered Accountant in 1977, Mr. MacPhail has provided accounting and tax consulting services to numerous clients, including many public resource companies. Currently, he is an officer of two public resource companies.