Oremex Gold Signs Letter Agreement to Acquire Up to a 75% Interest in the Concordia/Guasima Project

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Oremex Gold Inc. (TSX VENTURE:OAU) is pleased to announce that it and its
wholly-owned Mexican Subsidiary, Minera Tres Diamantes, S. de R.L. de C.V.,
(together with Oremex Gold Inc., "Oremex Gold"), have entered into a letter
agreement (the "Agreement") with Oro Mining Ltd. (TSX VENTURE:OGR) ("Oro") and
its wholly-owned Mexican subsidiary, Oro Gold de Mexico S.A. de C.V., (together
with Oro, "Oro Mining"), pursuant to which Oro Mining has granted Oremex Gold
the right to acquire up to a 75% interest in and to mineral claims comprising
the Guasima Concessions and the Concordia Concessions located in the Concordia
region of Sinaloa State, Mexico (collectively, the "Concordia/Guasima Project")
in exchange for: (i) funding an aggregate of $4,275,000 in exploration
expenditures, including a minimum of 1,250 metres of drill work in the first
year; (ii) the aggregate cash payment of $780,000; and (iii) the issuance of up
to 2,775,000 common shares in the capital of Oremex Gold Inc. (the "Common
Shares").


The Concordia and Guasima concession collectively comprise roughly 29,000
hectares along the prolific Sierra Rosario Gold Belt and surround Oremex Gold's
Santa Catarina project. "These concessions are a natural fit to add to our
project portfolio" stated Michael R. Smith, CEO of Oremex Gold. "The Sierra
Rosario Gold Belt presents numerous opportunities with many historically
important high-grade gold producers. Gold mineralization is known to occur as
both intrusive-hosted styles and associated with emplacement in volcanic and
carbonate wall rocks, like has been discovered at Santa Catarina where gold
grades at surface have shown up to 20.5 g/t (see Press Release dated November 3,
2010). The vast area within these concessions, along the many targets within
them, brings the possibility to add significant scale to the potential at Santa
Catarina. We expect to initiate a drill program at Santa Catarina shortly while
working with Oro Gold to plan the exploration programs for the Concordia/Guasima
concessions."


With respect to the Guasima Concessions, the payments and earn-in will occur
upon successful completion of certain milestones, as follows: (i) the aggregate
payment of $139,000 and the issuance of an aggregate of 700,000 Common Shares,
as well as $2,000,000 in exploration expenditures including and annualized
average of 1,250 metres of drill work on or before December 1, 2013 in exchange
for a 51% interest in the Guasima Concessions; (ii) an additional $18,000 and
250,000 Common Shares on or before December 1, 2014, as well as $850,000 in
exploration expenditures for an additional 14% interest; and (iv) an additional
$160,000 and 160,000 Common Shares on or before December 1, 2015, as well as
$1,425,000 in exploration expenditures for an additional 10% interest (total 75%
interest).


With respect to the Concordia Concessions, Oro Mining has submitted an
application to the Direccion General de Minas (Republic of Mexico) in order to
be registered as the legal and beneficial holder of the Concordia Concessions.
Upon such registration becoming effective (the "Concordia Registration Date"),
Oremex Gold may acquire up to a 75% interest in the Concordia Concessions upon
the completion of certain milestones, as follows: (i) the aggregate payment of
$195,000 and the issuance of 1,050,000 Common Shares on or before December 1 of
the second anniversary of the Concordia Registration Date in exchange for a 51%
interest in the Concordia Concessions; (ii) the payment an additional $28,000
and 375,000 Common Shares on or before December 1 of the third anniversary of
the Concordia Registration Date for an additional 14% interest; and (iii) an
additional $240,000 and 240,000 Common Shares on or before December 1, of the
fourth anniversary of the Concordia Registration Date for an additional 10%
interest (total 75% interest).


Pursuant to the terms of the Agreement, Oremex Gold shall be entitled to
formalize a joint venture with Oro Mining upon exercise of the initial option to
acquire a 51% interest in the Guasima Concessions upon which the parties shall
fund the costs and operations of the joint venture proportionate to their
interests. In the event a party's joint venture interest in the
Concordia/Guasima Project is reduced to less than 10%, it shall be entitled to
payment of a 1% net smelter returns royalty from the aggregate commercial
production on the Concordia/Guasima Project.


About Oremex Gold:

Oremex Gold was created from the spin-out of gold assets owned by Oremex Silver
Inc. (TSX VENTURE:OAG). Oremex Gold owns the San Lucas, Santa Catarina, Maco and
Navidad properties, all promising early-stage exploration projects located
within well-known gold mining districts in Mexico. 


Cautionary Note Regarding Forward-looking Statements

Certain statements contained in this news release may constitute 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 Gold's public filings, Forward-looking information and anticipated events
or results and can 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 in any manner to, those with respect to 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 in any manner, those disclosed in any
other public filings of Oremex Gold, and include the ultimate availability and
final receipt of 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, 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 execute its business plan on economically favorable
terms. 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 Oremex Gold
filings at www.sedar.com and other unforeseen events or circumstances. Other
than as required by law, Oremex Gold does not intend, and does not undertake any
obligation to update any forward looking information to reflect, among other
things, new information or future events.