Oremex Silver Options Chalchihuites Project to First Majestic

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES


Oremex Silver Inc. ("Oremex" or the "Company") (TSX VENTURE:OAG) announces that
the Company and its wholly-owned Mexican subsidiary, Minera Mantos S. de R.L. de
C.V. ("Minera Mantos"), have entered into an agreement (the "Agreement") with
First Majestic Silver Corp. ("First Majestic") (TSX:FR)(NYSE:AG) pursuant to
which the Company and Minera Mantos will grant to First Majestic an option to
acquire, through a wholly-owned Mexican subsidiary, each of (i) an undivided
100% registered and beneficial title to the Company's Chalchihuites mineral
exploration property and (ii) all of the right, title and interest of the
Company in the Navidad mineral exploration property as at the time of the
exercise of the Company's option in relation thereto (collectively, the
"Properties") in exchange for the aggregate option payment of $1,500,000 (the
"Option Payment"). Oremex considers the Properties to be non-core assets of the
Company. 


The Option Payment shall be satisfied by payment by First Majestic to the
Company of $834,400 in cash (inclusive of a $150,000 deposit) with the remainder
to be paid in four annual installments. 


Mr. John Carlesso, Executive Chairman of Oremex Silver stated "The Board of
Oremex continues to execute its strategy of realizing financial value for the
non-core assets within its silver portfolio that it has built over the past
several years. In a volatile and uncertain market environment Oremex has now
executed two significant transactions that will provide the company with a
valuable measure of stability:




--  The dispositions of the non-core El Sol and Chalchihuites projects will
    generate more than $3.5 million in non-dilutive cash to the Company in
    the coming years 
--  The cash guarantees the Company's ability to honour its interest payment
    obligations through to the maturity of the outstanding debentures 
--  The cash will make a valuable contribution to the Company's ongoing
    efforts to focus on the development of its flagship Tejamen deposit



Oremex continues to evaluate other opportunities to realize additional financial
value for its non-core assets as it focuses on bringing the Tejamen deposit
closer to feasibility through the successful resolution of surface access
issues."


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