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Orex Minerals Inc. (TSXV:REX) – Option Agreement Signed to Acquire Valenciana Au-Ag Project


Impact: Positive

Orex has signed an option agreement with Exploraciones El Cairo S.R.L. de C.V. (EEC) to acquire a 100% interest in the ~277 ha Valenciana Au-Ag project in Zacatecas, Mexico. This marks the formalization of the previously announced LOI (read note). Orex is expected to pay a total of US$130k in six half-yearly installments over three years, followed by half-yearly payments of US$25k thereafter. We view this acquisition positively for Orex, as it adds another Mexican project to its portfolio – a jurisdiction where the company has expertise. Valenciana hosts high-grade epithermal Au-Ag veins, which could potentially be mined through underground operations (historical production evidenced by old shafts and adits). Thus, it is likely to be unaffected by the recent proposal by the Mexican President to ban open pit mining in the country (read more). In our view, this announcement also reinforces the company’s strategic objective of reviewing and refreshing its portfolio by adding new wholly-owned projects, as its other Mexican properties are part of JVs with larger partners.

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