Mr. Christian Scovenna reports
OREMEX SILVER ACQUIRES ADDITIONAL CONCESSIONS ADJACENT TO CHALCHIHUITES SILVER PROJECT
Oremex Silver Inc.'s wholly owned Mexican subsidiary, Minera Mantos S de RL de CV, has entered into a letter agreement to acquire the Navidad Group concessions. The Navidad Group consists of four exploration concessions totalling 392.53 hectares in the Chalchihuites district, adjacent to Oremex's Chalchihuites silver project.
Minera Mantos S de RL de CV has the right to acquire 100 per cent of the Navidad Group concessions according to a four-year payment schedule totalling $780,000 (U.S.) (see the table). Acquisition of full ownership can be completed at any time by fulfilling the payment schedule. The private owners retain a 1-per-cent net-smelter-return royalty, which has a $250,000 (U.S.) annual cap.
Oremex Silver is currently completing the underground drilling program at the Chalchihuites silver project (please see news release dated Nov. 10, 2011) with assay results expected to be released in the new year.
FOUR-YEAR PAYMENT SCHEDULE
Payment Amount Total
Date schedule (U.S. $) (i) (U.S. $) (i)
Oct. 25, 2011 Sign contact 10,000.00 10,000.00
April 25, 2012 Six-month payment 10,000.00 20,000.00
Oct. 25, 2012 12-month payment 10,000.00 30,000.00
April 25, 2013 18-month payment 20,000.00 50,000.00
Oct. 25, 2013 24-month payment 20,000.00 70,000.00
April 25, 2014 30-month payment 30,000.00 100,000.00
Oct. 25, 2014 36-month payment 30,000.00 130,000.00
April 25, 2015 42-month payment 50,000.00 180,000.00
Oct. 25, 2015 48-month payment 600,000.00 780,000.00
(i) Table payment amounts do not include Mexico value-added tax,
presently 16 per cent.
We seek Safe Harbor.
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