LONDON, ONTARIO-( July 30, 2008) - Ontex Resources Limited (TSX:ONT) -
HIGHLIGHTS:
- New Chairman and President appointed
- New Lead Director appointed
- New focused effort to increase investor awareness
- New identity, website and presentation being created
- Investor Conference participation planned - Canada, Europe and USA
Ontex Resources Limited is pleased to announce that its Board of Directors has appointed Gary Conn as the Company's new Chairman and John Thompson as the Company's new President. In addition, the Company is pleased to announce the appointment of Denis Crane as lead director of the Company.
Mr. Conn, formerly President of Ontex, will continue to serve as Chief Executive Officer of the Company. He has served in executive positions and as a director of Ontex since 1998.
Mr. Thompson, M.Sc. (Geology), P.Eng. previously served as Chief Operating Officer of the Company since 2006. Mr. Thompson has over 30 years experience in surface and underground exploration and mine development projects. He has held executive management positions with international mineral companies over the past 15 years, including over two years as President and CEO of a TSX listed company.
Mr. Crane has served as a director of the Company since 2005 and is President and Chief Executive Officer of Country Heritage Forest Products Ltd.
The Company is also pleased to announce it has commenced a concerted effort to increase awareness of the Company to both retail and institutional investors in Canada and abroad.
In conjunction with the Company's recent appointments, Ontex is undertaking an expanded Investor Relations and Corporate Communications initiative in order to articulate the Company's direction. As such, Ontex has commenced a re-branding program pursuant to which the Company expects to unveil a 'refreshed Ontex' comprising a new corporate indentity, website, and presentation. The first obejctive will be to highlight the Company's flagship asset - the Brookbank Property - to both the Canadian retail and institutional investment community. Additionally, the Company intends to be an exhibitor at investment conferences in Canada, Germany and the U.S.A. later this year and in 2009.
Gary Conn, Chairman and CEO of Ontex, stated, "We are extremely pleased with the drill results announced on July 23, 2008. Phase 1 drill results on the Brookbank Gold Deposit were in line with management's expectations. The company strongly believes that ongoing and subsequent diamond drilling will find significantly more gold resources on the 35 kilometer strike length Brookbank property, which will enhance investor value. We are now undertaking a new investor relations effort to further communicate to the investment community more about Ontex the company, its principal assets and its future plans in an ongoing effort to enhance awareness in our company."
Gold mineralization has now been shown by diamond drilling to be present over a strike length of over 6 kilometers and to extend from surface to a depth of at least 600 meters in the Brookbank structure. Ontex controls a total of 35 kilometers of east west trending strike length of very favourable geology and structure capable of hosting additional high grade gold deposits. The 90 kilometer long, east west trending Beardmore-Geraldton gold camp has already produced an estimated 4.1 million ounces of gold and has seen very little exploration in the past 20 years.
The data herein and the contents of this news release have been reviewed by John P. Thompson, P.Eng, President of Ontex, who is a Qualified Person within the meaning of National Instrument 43-101, with the ability and authority to verify the authenticity and validity of the data.
About Ontex Resources Limited (www.ontexresources.com)
Ontex Resource Limited is a junior resource company listed on the Toronto Stock Exchange under the symbol "ONT". The Company is engaged in gold exploration principally on its Brookbank Gold property in northern Ontario.
For further information, investors are asked to visit the Ontex IR Hub at www.agoracom.com/ir/ontex or email to ONT@agoracom.com
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to potential mineralization and future exploration plans and their potential impact on shareholder value as well as the Ontex's business strategy. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Ontex to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors as they effect exploration, future commodity prices, market conditions, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with mining or development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; risks involved in the exploration, development and mining business, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Ontex's Annual Information Form for the year ended December 31, 2007, available on www.sedar.com. Although Ontex has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Ontex does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
CONTACT INFORMATION:
Ontex Resources Limited
Gary Conn
Chairman & CEO
(519) 455-8127
Email: info@ontexresources.com
Website: www.ontexresources.com
or
AGORACOM Investor Relations
Investor Relations
Email: ont@agoracom.com
Website: www.agoracom.com/ir/ontex
