Oremex Gold Expands Gold Potential at Santa Catarina with New Sample Results
31 May 2012 - 10:30PM
PR Newswire (Canada)
-- New soil anomalies indicate gold potential over 650 meters of
strike length at Santa Catarina gold project -- The Company is
securing drill permits for the commencement of the first phase of
drilling at Santa Catarina gold project -- A ground geophysical
survey prior to initial drill testing is planned to assist in
target definition TORONTO, May 31, 2012 /CNW/ - Oremex Gold Inc.
("Oremex Gold" or the "Company") is pleased to report that it has
received results from a recently completed soil grid sampling
program on its wholly-owned Santa Catarina gold project located in
Sinaloa State, Mexico. The sampling was designed to evaluate the
potential that a gold-bearing northeast-trending structure may be
one of the major controls on the strongly mineralized oxidized
sulphide breccias exposed at the El Capiro pit where sampling
highlights include: 20 meters averaging 3.1 g/t gold and 2.1 meters
at 20.6 g/t gold from chip sampling carried along pit walls (Oremex
Silver Inc. Jan 18 and Nov 3, 2010 news releases). "We are pleased
to be advancing the Santa Catarina gold project with sample results
that demonstrate gold potential exists along strike from the El
Capiro pit. The upcoming initial drill program will be an
important step in evaluating the overall gold potential of project"
said David Terry, President and CEO. A total of 90 soil samples
were collected on 50 m centers over a 850 m by 200 m NE-SW oriented
grid (see Map 1). Results ranged from below detection to 5.4
g/t gold and averaged 0.049 g/t gold. A total of 22 samples
fell in the +75(th) percentile category (0.069 g/t gold) and they
define a strong anomaly that extends northeast of the El Capiro pit
for at least 250 m. The soil grid will need to be extended
further to the north and NE as strongly anomalous samples occur
along the northernmost line. A more localized pattern of
anomalous samples extends over 400 m to the SW from the El Capiro
pit. Santa Catarina is located in the prolific Sierra Rosario gold
belt. The 142 hectare property covers a zone of oxidized
gold-rich massive sulphide mineralization exposed in historical
workings over approximately a 40 m by 50 m area called the El
Capiro pit. A ground geophysical survey prior to initial
drill testing is planned to assist in target definition. Soil
samples reported herein are B-horizon soils collected from 0.4 -
1.2 m depth during late March and early April 2012. Analyses
reported herein were performed by SGS Mexico SA de CV, in Durango,
Mexico, an internationally recognized analytical services provider.
The Company followed industry standard procedures for the work
carried out on the Santa Catarina project. For this work a total of
5 standards were inserted into the sample sequence and laboratory
QA/QC procedures were followed. Oremex Gold detected no significant
QA/QC issues during review of the data. The technical information
contained in this release has been prepared by Bill Feyerabend, CPG
-11047, a Qualified Person, and has been reviewed by Dr. David A.
Terry, P.Geo., President and CEO of the Company and a Qualified
Person as defined in National Instrument 43-101. About Oremex Gold
Inc. Oremex Gold Inc. is a Canadian gold exploration and
development company created from the spin-out of gold assets owned
by Oremex Silver Inc. (previously Oremex Resources Inc.) in
2011. The Company has a portfolio of gold properties in prolific
mining regions of Mexico. Its two main projects are Cerro del Oro,
located in the historic Melchor Ocampo gold district and Santa
Catarina, located in the prolific Sierra Rosario gold belt. Forward
Looking Information Certain statements contained in this news
release may constitute forward-looking information, (collectively
"forward-looking information") within the meaning of Canadian
securities laws. Forward-looking information may relate to this
news release and other matters identified in Oremex Gold's public
filings, anticipated events or results and can 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 in any manner to, those with respect to 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 in any manner,
those disclosed in any other public filings of Oremex Gold, and
include the ultimate availability and final receipt of 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, access to capital markets and other
sources of financing and associated cost of funds, availability of
a qualified work force, availability of manufacturing equipment, no
material changes to the tax and regulatory regime and the ultimate
ability to execute its business plan on economically favourable
terms. 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 Oremex Gold filings at
www.sedar.com and other unforeseen events or circumstances. Other
than as required by law, Oremex Gold does not intend, and
undertakes no obligation, to update any forward looking information
to reflect, among other things, new information or future events.
Neither the TSX Venture nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
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. SOURCE Oremex Gold
Inc. Image with caption: "Map 1: Santa Catarina Project - Gold In
Soil Results - Oremex Gold Inc. (CNW Group/Oremex Gold Inc.)".
Image available at:
http://photos.newswire.ca/images/download/20120531_C4406_PHOTO_EN_14418.jpg
Oremex Gold Inc. CONTACT: Christian ScovennaOremex Gold Inc.Tel: +1
416.309.4322Email: info@oremexgold.com
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