Welcome To The Orex Exploration HUB On AGORACOM
A junior gold exploration company
Message: Provides Shareholders With Corporate Update
| May 20, 2009 |
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Orex Provides Shareholders With Corporate Update
Company awaiting new NI 43-101 resource estimates |
| MONTREAL, CANADA--(Marketwire - May 20, 2009) - OREX EXPLORATION INC. (TSX VENTURE:OX)(FRANKFURT:O5D) would like to provide its shareholders with the following corporate update. Updated Mineral Resources Estimate Orex has completed Phases 2A to 2C of its current drilling campaign and engaged InnovExplo Inc. of Val-d'Or, Quebec, to complete a National Instrument (NI) 43-101 Technical Report updating mineral resource estimates for the Goldboro Project. InnovExplo and Orex management completed a site visit at Goldboro on April 23, 2009, as part of the due diligence process. As part of the quality assurance and quality control processes, a total of 1,249 Coarse Reject check assays and 149 Metallic Screen check assays are pending from the 2008 drill campaign (Phases 2A to 2C). Assay results are expected in the coming days. This data will be incorporated into the final resource models and resource estimates. A total of 36 of the 44 holes drilled in Phases 2A to 2C of this current campaign are documented to contain visible gold (VG), with 84 occurrences and another 8 possible occurrences. The overall grade of the VG samples using the Metallic Screen assay method is 44.2 g/t gold. Alex Horvath, P. Eng., of A.S. Horvath Engineering Inc. of Ottawa, Ontario, Goldboro's Project Manager, added, "The 2005 and 2008 drilling campaigns were designed to establish the mineral resources under NI 43-101 standards. The drilling covered 1km of the 1.5km strike length of the historic pre-NI 43-101 mineral resources along the West Gold Brook to East Gold Brook segments of the Boston-Richardson corridor. InnovExplo will be reporting current mineral resource estimates for the 1km strike length. The planned Phase 2D program would bring the entire 1.5km strike length under NI 43-101 standards with respect to mineral resources." The 123 Zone, based of the Phase 2A drilling, now extends three times the down-plunge length, initially from 225m in the Ramp Area to 750+m from the Ramp Area to below the Boston-Richardson historic workings. The Phase 2B drilling has outlined new mineralized zones above the Boston-Richardson (BR) Zone as it extends to the East Gold Brook area. The drilling density appears sufficient to define a series of zones above the BR Zone over a down-plunge length of 500m to a depth of 200m below surface. The Phase 2C results identified mineralization 150m to 200m below surface at the western extent of the Ramp Area. All of this new drilling will potentially impact the InnovExplo mineral resource estimates. Investor Relations Firm Orex also announces the re-appointment of Paradox Public Relations Inc. as its investor relations firm. Paradox has been engaged at a monthly fee of $4,000 over the next 12 months and has been granted 300,000 stock options at a strike price of $0.16, vesting quarterly over the next 12 months. The principal of Paradox is Eric Leboeuf. This re-appointment of Paradox is subject to the approval of the TSX Venture Exchange. Grant of Stock Options On May 19, 2009, in accordance with its stock option plan, the Company granted to officers and directors 1,400,000 stock options at a strike price of $0.16 for five years. Orex also granted to consultants of the Company 800,000 stock options at the same strike price. Corporate Website The Company's corporate website (www.orexexploration.ca) was taken down a few weeks ago on a temporary basis. The management of Orex decided that it was time to update the Company's website and to give Orex a new corporate image. Orex intends to have this new website ready in the coming weeks. About Orex Exploration Inc. 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. The technical information contained in this news release has been prepared by Mr. Jean Lafleur, M. Sc., P. Geo., Senior Technical Advisor to Orex. The drill campaigns, core descriptions, assay sample preparations, tabulations and synthesis are being done under the supervision of Billy Shaw, P. Geo., of W.G. Shaw & Associates (Antigonish, Nova Scotia) and Mr. Alex Horvath, P. Eng., of A.S. Horvath Engineering Inc. (Ottawa, Ontario). All individuals are Qualified Persons under National Instrument 43-101 regulations. |
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