I must just be lucky to have Ejido issues strike one of my holdings again. 'Mining friendly Mexico' doesn't seem to apply to my holdings, although the Metallica issues were resolved and some excellent buying opportunities were presented along the way. Expect I will hold more ORM as a result of this negative news, but it's frustrating when the shares were nicely recovering from their tax loss lows:
biz.yahoo.com
Feb. 26 - Oremex Resources Inc. (TSX-V: ORM) today announced that, at a meeting of the Ejido (local village and surrounding lands) on Sunday, February 25, the Ejido authority elected not to renew the Company's surface access permit for the Tejamen Silver Property. While continuing to work with the Ejido in ongoing attempts to secure access to the surface rights, the Company is now initiating formal proceedings under applicable Mexican law to secure access to surface rights. A further news release will be issued as details become available.
The Company also announced that it has completed the final buyout of the underlying owner, Mrs. Jarvis, for the mineral concessions in its property portfolio including its Tejamen Silver Property, part of the San Lucas Property, and three other property interests. There are no ongoing obligations or residual royalties payable to, or net profit interests retained by, the former owner of the mineral concessions.
The Company is conducting a 5,000-metre drill program at its San Lucas Property, testing extensions down dip and along trend of mineralization. A 3,000-metre drill program completed in 2005 outlined gold-silver-lead-zinc mineralization over a strike length of 2 kilometres with widths up to 70 metres in a trend mapped for over 4 kilometres.
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