Oremex Resources Inc. (TSX VENTURE:ORM)(OTCQX:ORXRF)(FRANKFURT:OSI) (the “Company”) is pleased to announce that, at its annual and special meeting (the “Meeting”) held on June 27, 2011, the shareholders approved all resolutions placed before them by management, including the re-election of directors, the re-appointment of auditors, the renewal of the Company’s stock option plan, and the proposed change in the Company’s name to Oremex Silver Inc.
The shareholders re-elected John Carlesso, Chris Marcus, David William Prins, Michael R. Smith and David A. Terry to serve as directors of the Company. As of the close of the Meeting, the Company’s board is constituted of a majority of independent directors.
The shareholders re-appointed McGovern, Hurley, Cunningham, LLP as the Company’s auditors and authorized the directors to fix the auditors’ remuneration.
The shareholders also approved the renewal of the Company’s stock option plan, which provides for the issuance of options to acquire shares of the Company equal to up to 10% of the Company’s issued and outstanding shares.
The shareholders authorized the Company to change its name to “Oremex Silver Inc.” Subject to receipt of all necessary regulatory and other approvals, the Company’s name change is expected to be effective upon completion of the proposed spinout of its gold assets.
Oremex Resources Inc. is a Canadian-based exploration company with a focus on the acquisition and development of mineral properties in Mexico. The Company’s Tejamen project has an inferred mineral resource of 50.8 million ounces of silver in a total of 22.6 million tonnes grading a silver-equivalent of 69.8 grams per tonne (Wardrop Engineering Report NI 43-101 compliant April 2006). Snowden Mining Industry Consultants completed a Preliminary Assessment Study (NI 43-101 compliant October 2006) demonstrating that the project can support a 10,000 tonne per day open pit, heap leach mining operation.
National Instrument 43-101 requires the following statement: that the preliminary assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.