Oremex Resources Agrees to Acquire Cuyoaco Property

Vancouver, Canada, November 21 (ots/PRNewswire) - Oremex Resources
Inc. (TSX-V: ORM) (the "Company") announces that it has executed an
agreement to acquire the Cuyoaco Gold and Base Metal Property in the
State of Puebla, Mexico. The property has the potential to host both
a high grade gold system and a large copper-gold porphyry deposit.

The agreement provides the Company, through its wholly owned
subsidiary Oremexico S.A. de C.V., with the exclusive option to
purchase a 100 percent interest in the property over a four year
period. The total purchase price of US$3 million may be made by a
combination of cash and shares of the Company scheduled over the
four years. The Company will make an initial payment of US$150,000
and issue 100,000 shares. On December 31 of each subsequent year,
the Company will, at its option, make cash payments and share
issuances as follows: 2008 - US$100,000 and 200,000 shares; 2009 -
US$150,000 and 200,000 shares; 2010 - US$250,000 and 200,000 shares
and 2011 - US$1.5 million and 1 million shares. The Company has also
agreed to complete the necessary work and make the obligatory tax
payments to ensure that the claims are in good standing. The mineral
concession owner is Francisco Crespo Hernandez, a Director of the
Company. The transaction is subject to the acceptance of TSX Venture
Exchange.

The Cuyoaco Property is located in an old mining camp, formerly
known as the Talpizaco-Tateno Mining District. On the property,
sedimentary rocks (with limestone predominating) are intruded by a
diorite stock and numerous related dykes. Two claims, covering 643
hectares, encompass the former Santa Elena, Santo Nino, Magistral
and California-Durazno Mines. At the Santa Elena and Santo Nino
zones, coarse metallic gold and electrum in calcite stringers is
associated with narrow diorite dikes and adjacent skarns. Gold
values from underground workings range up to 3 grams per tonne. At
the Magistral and California-Durazno workings, copper-gold-lead-zinc
anomalies suggest the presence of a large porphyry copper-gold
system.

An independent NI 43-101 Technical Report, prepared by independent
consultant Norm Tribe, P. Eng., recommends acquisition of the project
and a program of trenching and 5,500 metres of diamond drilling as
an initial phase of work to assess the project.

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

Forward-Looking Statements: The above contains forward-looking
statements that are subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those anticipated in our forward-looking
statements. Factors that could cause such differences include:
changes in world commodity markets, equity markets, costs and supply
of materials relevant to the mining industry, change in government
and changes to regulations affecting the mining industry.
Forward-looking statements in this release include statements
regarding future exploration programs, operation plans, geological
interpretations, mineral tenure issues and mineral recovery
processes. Although we believe the expectations reflected in our
forward-looking statements are reasonable, results may vary, and we
cannot guarantee future results, levels of activity, performance or
achievements.

Rückfragehinweis:
For further information: Linda Thorstad, M.Sc., P.Geo. Chief
Executive Officer, T: +1(604)683-5651, E: linda.thorstad@oremex.com
(ORM.)

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT | PRN

print