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A junior gold exploration company
Message: New Resources Estimates Commissioned; Update on Private Placement
| February 19, 2009 | |
| Orex Exploration Inc.: New Resources Estimates Commissioned; Update on Private Placement | |
|
MONTREAL, QUEBEC--(Marketwire - Feb. 19, 2009) - OREX EXPLORATION INC. (TSX VENTURE:OX) (FRANKFURT:O5D) wishes to inform its shareholders that InnovExplo, a mining and mineral exploration consulting firm from Val-d'Or, Quebec, has been hired to complete a new Mineral Resource estimate compliant to National Instrument NI 43-101 standards at the Company's wholly owned Goldboro Gold Project in northeastern Nova Scotia. Mark Billings, President and CEO of Orex, comments, "With the delivery of this new resource estimate, Orex will soon reach another historic milestone, one of the most significant since its creation. I am confident that this new resource estimate will enable us to advance the development of our Goldboro project. For me, this is the first major result of the restructuring process that was initiated more than a year ago by the new management team. I know shareholders have been anxiously awaiting this new resource estimate since we began our Phase 2 drilling campaign last year. I look forward to sharing these results soon with Orex's shareholders and the investment community in general." Geological modeling of the mineralized Boston-Richardson Structure has now progressed sufficiently to initiate resource modeling and produce the new Mineral Resource estimates in the spring of 2009. Orex management remains confident that assay results from the more than 12,000m in 44 diamond drill holes of the 2008 Phase 2A to 2C drilling will add to existing resources. The Boston-Richardson Structure now consists of 15 gold zones over a 575m strike length, up from the 10 gold zones over a 225m strike length below the mined historic Boston-Richardson. Some 5 new zones have been intersected to date in new ground approximately 150m above the Boston-Richardson. The Company will continue drilling the Boston-Richardson over its entire 2.5km length and 100m width, eventually reaching 80 drill holes totaling over 19 km. New Mineral Resources estimates InnovExplo has substantial expertise in the compilation, synthesis, preparation and reporting of NI 43-101 Mineral Resource estimates. They were originally involved at Goldboro with their geological modeling work as reported in the 2004 NI 43-101 Technical Report. The current mandate is (1) to validate and complete the geological interpretation of the gold mineralized Boston-Richardson Structure from the Ramp Area to the East Goldbrook Shaft, a distance of 800m, and construct a 3-D model using GEMCOM(TM) software; and (2) to complete the Mineral Resource Estimates compliant to NI 43-101 regulations and report the estimates in a Technical Report, which should include a Conceptual Economic Study to select an appropriate mining method and a detailed Scoping Study on the selected method, either an open pit, underground or a combination of underground and open pit scenarios. The Company will update shareholders on the progress of the InnovExplo work as results become available. Update on Current Financing Initiatives Orex previously announced a non-brokered private placement of up to 16,666,667 Non-Flow-Through Units of the Company at $0.06 for gross proceeds of up to $1,000,000. Each Non-Flow-Through Unit consists of one common share and one common share purchase warrant, which is exercisable for one common share at $0.10 for three (3) years after closing. The Company wishes to inform its shareholders that it will meet its objectives in this current hard-cash financing and that within the next few days the necessary paperwork for final closing will be sent to the regulatory authorities, which will have to approve this financing. Consequently, Orex will not accept additional subscriptions after today. Further information on the financing, including the participation of management and insiders, will be disclosed upon acceptance of this financing by the TSX Venture Exchange. Phase 2 assay results to date All assay results from holes BR-08-01 to 16 (Phase 2A) were released in 2008, whereas those from BR-08-17 to 23 (Phase 2B) were released in January 2009 (refer to Orex news releases on the Company's website or on SEDAR at www.sedar.com). However, assay results received to date from 23 of 44 drill holes, while the remainder are pending, offer a significant glimpse at the higher and lower grade gold potential at Goldboro. The number of significant gold intervals (greater or equal than 10 m and/or greater or equal than 30 g/t gold) from the Phase 2A and 2B drilling are highlighted below: ---------------------------------------------------------------------------
CORE GOLD
HOLE # FROM TO LENGTH GRADE ZONE
(m) (m) (m) (g/t) IDENTIFICATION
---------------------------------------------------------------------------
PHASE 2A
-----------------------------------------
BR-08-01 64.0 98.0 34.0 1.79
-----------------------------------------
including 64.0 77.0 13.0 3.52
----------------------------------------- "123" Zone, Hinge/North Limb
including 65.5 66.0 0.5 44.10
-----------------------------------------
including 97.0 97.5 0.5 73.70
---------------------------------------------------------------------------
BR-08-02 75.5 101.0 25.5 2.77
-----------------------------------------
including 81.5 82.0 0.5 48.10 "123" Zone, South Limb
-----------------------------------------
including 86.0 101.0 15.0 2.73
---------------------------------------------------------------------------
161.0 190.5 29.5 9.07
-----------------------------------------
including 170.0 184.5 14.5 17.81 "78" Zone; Hinge/North Limb
-----------------------------------------
including 170.0 170.5 0.5 425.00
---------------------------------------------------------------------------
BR-08-03 105.0 116.0 11.0 2.04 "123" Zone; South Limb
---------------------------------------------------------------------------
BR-08-04 99.0 110.5 11.5 2.79 "123" Zone; Hinge/South Limb
---------------------------------------------------------------------------
117.5 133.5 16.0 0.36 "123" Zone; North Limb
---------------------------------------------------------------------------
BR-08-05 119.0 134.0 15.0 0.91 "123" Zone; South Limb
---------------------------------------------------------------------------
206.0 228.0 22.0 2.91
----------------------------------------- "78" Zone; North Limb
including 218.0 228.0 10.0 4.99
---------------------------------------------------------------------------
BR08-06 115.5 125.5 10.0 1.01 "123" Zone, South Limb
---------------------------------------------------------------------------
202.5 217.5 15.0 1.97 "910" Zone, North Limb
---------------------------------------------------------------------------
BR08-07 122.5 144.0 18.0 1.76 "123" Zone, Hinge
---------------------------------------------------------------------------
BR08-09 145.0 156.0 11.0 2.67 "123" Zone; South Limb
---------------------------------------------------------------------------
BR08-10 215.0 215.5 0.5 36.10 "56" Zone, South Limb
---------------------------------------------------------------------------
BR08-11 168.0 187.5 19.5 3.53
----------------------------------------- "123" Zone, Hinge/South Limb
including 173.5 174.75 1.25 29.87
---------------------------------------------------------------------------
BR08-12 172.0 204.0 32.0 1.25 "123" Zone, Hinge/South Limb
---------------------------------------------------------------------------
including 254.5 255.0 0.5 40.80 "123" Zone, North Limb
---------------------------------------------------------------------------
BR08-13 186.5 218.5 32.0 1.27 "123" Zone, Hinge/South Limb
---------------------------------------------------------------------------
BR08-14 211.0 251.5 40.5 2.27
-----------------------------------------
including 231.5 251.5 20.0 3.92 "123" Zone, Hinge
-----------------------------------------
including 249.7 250.0 0.3 167.50
---------------------------------------------------------------------------
BR08-16 189.0 215.0 26.0 1.48 Longitudinal drill hole;
"123" Zone; Hinge/South Limb
---------------------------------------------------------------------------
PHASE 2B
---------------------------------------------------------------------------
BR08-17 164.25 164.5 0.25 28.90 BR2 - North Limb
---------------------------------------------------------------------------
BR08-18 82.5 101.5 19.0 1.62 BR2/3; South Limb
---------------------------------------------------------------------------
BR08-20A 70.75 71.0 0.25 28.60 BR-4/5; South Limb
---------------------------------------------------------------------------
144.5 165.0 20.5 1.14 BR-1; North Limb
---------------------------------------------------------------------------
BR08-21 119.0 138.50 19.5 2.72
-----------------------------------------
including 128.0 138.5 10.5 46.46 BR-1; South Limb
-----------------------------------------
including 134.0 134.25 0.25 156.50
---------------------------------------------------------------------------
BR08-22 51.5 52.0 0.5 27.60
----------------------------------------- BR-5; South Limb
including 53.25 53.5 0.25 63.30
---------------------------------------------------------------------------
74.5 88.0 13.5 15.30
----------------------------------------- BR-4; South Limb
including 86.0 86.25 0.25 800.00
---------------------------------------------------------------------------
103.0 123.5 20.5 2.23
-----------------------------------------
including 113.25 113.5 0.25 76.0 BR-2/3; South Limb
-----------------------------------------
including 121.75 122.0 0.25 74.90
---------------------------------------------------------------------------
177.0 205.50 28.5 0.92 BR-2/3; North Limb
---------------------------------------------------------------------------
BR08-23 63.0 63.25 0.25 63.80 BR-5; South Limb
---------------------------------------------------------------------------
83.5 86.5 3.0 61.78
----------------------------------------- BR-4; South Limb
including 84.0 84.25 0.25 709.00
---------------------------------------------------------------------------
93.0 111.0 18.0 0.51 BR-2/3; South Limb
---------------------------------------------------------------------------
129.5 144.0 14.5 0.82 BR-1; South Limb
---------------------------------------------------------------------------
154.75 155.0 0.25 158.50 Unknown zone
---------------------------------------------------------------------------
Notes:
- True widths are approximately 70-90% of the core lengths in south
limb/hinge zone intersections and less than 50% in north limb
intersections.
Orex Exploration Inc. is a Canadian based junior resource and exploration company trading under the symbol OX on the TSX Venture Exchange and O5D on the Frankfurt Stock Exchange. The Company holds a 100% interest in the Goldboro Gold Project in Nova Scotia. You are invited to browse the Company's website at www.orexexploration.ca. About InnovExplo InnovExplo offers a complete range of services that provide a mining or mineral exploration company with constant support as it develops a project. InnoExplo is an expert in engineering, mining geology, exploration, mineral resources and reserves, scoping and pre-feasibility studies, due diligence and NI 43-101 Technical Reports. InnovExplo has completed more than 150 mandates in the past 5 years. InnovExplo has received a number of awards for their work in Mining and Mineral exploration: the Gold Bar Young Organization Award in 2007 from the Chamber of Commerce of Val-d'Or, and the IAMGOLD Service Organization Award for 2008 from the Mineral Exploration Association of Quebec. |
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