Oremex Gold Commences Underground Drill Program at Cerro Del Oro Gold Project

    







        --  A 500 meter underground drilling program commences at Cerro del
            Oro gold project
        --  Initial 2,500 meter minimum surface diamond drill program
            planned for summer 2012
        --  Both programs are expected provide a near term assessment of
            the resource potential of the 500 meter by 500 meter core area
            of the project




 TORONTO, May 3, 2012 /CNW/ - Oremex Gold Inc. ("Oremex Gold" or the "Company")   is pleased to report the commencement of the initial underground drill  program at its Cerro del Oro gold project. The planned program will  comprise of approximately 500 meters in 8 to10 holes, drilled from two  rehabilitated underground workings.  Holes will target skarn and  structurally-controlled mineralized zones. A Phase I surface diamond  drilling program is planned to start during the summer of 2012. 

 "This underground drill program is intended to further delineate below  surface the extent of the gold mineralization sampled on surface and in  underground workings at Cerro del Oro. This program, combined with the  upcoming surface diamond drill program, will provide a near term  assessment of the resource potential of the 500 by 500 meter core area  of the project" stated David Terry, President and CEO. 

 The Cerro del Oro property is 100% owned by the Company's wholly-owned  Mexican subsidiary, Minera Tres Diamantes, S.A. de C.V. The project is  located in the Melchor Ocampo mining district in northern Zacatecas  State, Mexico, approximately 22km north of Goldcorp Inc.'s world-class,  Peñasquito, gold-silver-lead-zinc mine (P&P Reserves greater than 18  million oz gold and 1 billion oz silver)(1) at the northern end of the Zacatecas "Zona Dorada" (Golden Zone). The  Cerro del Oro property hosts numerous historical pits, trenches,  underground workings and is underlain by a mixed intrusive/skarn domain  mineralized with gold-silver, +/-base metals.  Mineralization commonly  displays structural controls and occurs in both intrusive and skarn  lithologies. Sampling results (reported in February 23 2012 and April 3  2012 news releases) indicated widespread gold-dominant mineralization  over considerable widths. 460 samples averaged 0.47 g/t gold. Assay  highlights include 3.2m at 8.3 g/t gold, 13.8m at 2.85 g/t gold, 25.2m  at 0.53 g/t gold and 64.1m at 0.45 g/t gold from surface chip sampling. 

 The current underground program is being carried out using a pneumatic  Wolverine drill capable of recovering up to 120 meters of core with a  diameter of TT46 (35.3 mm core). The drilling program will be carried  out under the supervision of Bill Feyerabend, CPG -11047, a Qualified  Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. 

 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 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, including any  information as to our strategy, projects, plans or future financial or  operating performance and other statements that express management's  expectations or estimates of future performance, may constitute  forward-looking information (collectively "forward-looking  information") within the meaning of Canadian securities laws.  Forward-looking information may 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 to, resource  estimates, 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 to, access to capital  markets and other sources of financing and associated cost of funds,  final receipt of any 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, availability of a qualified  work force, availability of manufacturing equipment, no material  changes to the tax and regulatory regime, the ultimate ability to  execute business plans on economically favourable terms and those  material factors and assumptions disclosed in other public filings of  Oremex Gold. 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 public Oremex Gold filings,  changes in general economic, market and business conditions,  competition for, among other things, capital and skilled personnel, and  other unforeseen events or circumstances, that may cause the actual  financial results, performance or achievements of the Company to be  materially different from estimated future results, performance or  achievements expressed or implied by the forward-looking statements.  Copies of the Company's public filings under applicable Canadian  securities laws are available at www.sedar.com. The Company further cautions that information contained on, or  accessible through, this website is current only as of the date of  filing such information and may be superseded by subsequent events or  filings. 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 Exchange nor its Regulation Service Provider (as  that term is defined in the policies of the TSX Venture Exchange) has  reviewed or accepts responsibility for the adequacy or accuracy of this  news release. 

 Although the Company believes that certain of its properties have  promising potential, its properties are in the early stages of  exploration. There can be no assurance that mineral reserves will be  identified on any property, or that, if identified, any mineralization  may be economically extracted.  

Oremex Gold Inc.


CONTACT:  Christian ScovennaOremex Gold Inc.Tel: [phone]Email: [e-mail] 


    

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