18:38:43 EST Tue 25 Jan 2022
Enter Symbol
or Name

Oremex Silver Inc
Symbol OAG
Shares Issued 122,693,207
Close 2011-12-19 C$ 0.14
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Oremex Silver to buy four concessions at Chalchihuites

2011-12-20 08:57 ET - News Release

Mr. Christian Scovenna reports


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.           

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