Oremex Silver Announces $1.7 Million Private Placement and Provides Corporate Update

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UNITED STATES


Oremex Silver Inc. ("Oremex" or the "Company") (TSX
VENTURE:OAG)(OTCQX:ORAGF)(FRANKFURT:OSI) announces that it has agreed to terms
in regards to a private placement (the "Offering") with Global Resources
Investments Ltd. ("GRIL"), an arm's length party to the Company. 


Pursuant to the Offering, the Company is seeking to raise up to $1,725,000 (the
"Private Placement Proceeds") through the sale of 34,500,000 units ("Units") at
a price of $0.05 per Unit. 


Each Unit shall consist of one common share of the Company (each, a "Common
Share") and one common share purchase warrant (each, a "Warrant"), each such
Warrant exercisable to acquire one Common Share at a price of $0.05 per share at
any time up until the date that is five years from the date of the Offering.


In consideration for the Units, GRIT has issued to the Company 1,053,756
subscription receipts exercisable to acquire 1,053,756 ordinary shares of GRIT
at a price of GBP 1.00 per share (the "GRIT Shares"). The Units are to be held
in escrow pending satisfaction of the completion of the listing of the GRIT
Shares on the London Stock Exchange (LSE), upon which the subscription receipts
shall automatically be exercised and the Company shall receive one GRIT Share
for each subscription receipt held by the Company, without payment of any
additional consideration. The Company will then sell the GRIT Shares through the
facilities of the LSE to realize the Private Placement Proceeds.


GRIL has been established to exploit investment opportunities in the junior
mining and natural resources sectors worldwide, with an investment objective to
generate medium and long-term capital growth. GRIL will re-register as a public
company and be constituted as an investment trust with the name Global Resources
Investment Trust Plc ("GRIT") and seek admission of its ordinary shares on the
main market for listed securities on the London Stock Exchange.


A finder's fee in the form of Units will be payable to MGI Securities Inc. for
introducing the Company to, and assisting in negotiating the transaction with,
GRIL.


Closing of the Offering is subject to a number of conditions precedent,
including approval of the TSX Venture Exchange and GRIT successfully listing the
GRIT Shares on the LSE. GRIT expects to be listed on the LSEF on or prior to
December 31, 2013. Upon exercise of the subscription receipts, GRIT will hold
approximately 19% of the issued and outstanding Common Shares of the
Corporation.


Corporate Update

The Company is pleased to announce that the British Columbia Securities
Commission (the "BCSC") has granted a full revocation of the cease trade order
relating to the trading of the Company's securities issued by the BCSC on
November 6, 2013. The Company's securities were cease traded as a result of the
Company's failure to file its August 31, 2013 unaudited condensed interim
financial statements and related management discussion and analysis. The BCSC
revoked its cease trade order on November 26, 2013 after these documents were
filed.


Separately, the Company announces that it does not intend to proceed with the
committed equity facility agreement previously announced by the Company on March
15, 2013.


About Oremex Silver Inc.

Oremex is a Canadian company focusing on the exploration and development of
silver projects along the highly productive mineralized belt in Mexico. The
Company has a portfolio of silver projects including a mineral resource of 50.8
million ounces of silver at its Tejamen deposit. The Company's projects are
located in mining-friendly jurisdictions and the management team has a
successful track record of mine-building in Mexico.


Cautionary Note Regarding Forward-Looking Statements

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's public filings, anticipated
events or results and can be identified by terminology such as "may", "will",
"would", "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 entering into definitive
and binding agreements with respect to financings, capital and operating
expenditures, economic conditions, availability of sufficient financing, receipt
of approvals, the receipt of exemptive relief from securities requirements,
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 to, those disclosed in any other public filings of Oremex,
and include the ultimate availability and final receipt of required approvals
and/or exemptive relief, the decision of third parties to consummate definitive
agreements with Oremex, 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 the
Company considers these assumptions to be reasonable based on information
currently available to it, 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 filings on
www.sedar.com and other unforeseen events or circumstances. Other than as
required by law, Oremex 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 Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Oremex Silver Inc.
Christian Scovenna
+1 416.453.4708
[e-mail]
www.oremexsilver.com