Ontex appoints Sheridan as CEO, arranges financing

June 3, 2009-News Release

ONTEX RESOURCES LIMITED ANNOUNCES EXECUTIVE APPOINTMENTS, PROPOSED PRIVATE PLACEMENT AND RESCHEDULING OF ANNUAL MEETING

-----. The company is also pleased to announce a non-brokered private placement to raise gross proceeds of up to $5-million comprising up to 12.5 million flow-through common shares of the company at a price of 20 cents per flow-through share and up to 12.5 million non-flow-through units at a price of 20 cents per unit. Each unit shall comprise one common share and one common share purchase warrant. Each warrant shall be exercisable for one common share at a price of 35 cents per warrant for a period of 18 months. Insiders of the company may purchase up to 25 per cent of the private placement. The company proposes to issue up to 500,000 finder's warrants in connection with the private placement. Each finder's warrant shall be exercisable for one unit at a price of 20 cents per finder's warrant. Completion of the private placement remains subject to regulatory and shareholder approval.

The company intends to seek shareholder approval for the proposed private placement at its forthcoming shareholders meeting which is being rescheduled from June 25, 2009, to July 3, 2009.---.