OREX EXPLORATION INC. (TSX VENTURE: OX) (FRANKFURT: O5D) and OSISKO
MINING CORPORATION (TSX: OSK) (FRANKFURT: EWX) would like to
provide shareholders with final assay results from the diamond
drilling campaign that began in April of this year at Orex's
wholly-owned Goldboro Gold Property in Nova Scotia. A total of 10
drill holes, representing 2,375.4 metres, were completed in this
campaign. A total of six drill holes (OSK11-01 to OSK11-06),
representing 1,610 metres of drilling, were completed at East
Goldbrook. A total of four drill holes (OSK11-07 to OSK11-10),
representing 765.4 metres of drilling, were completed in the gap
area between West Goldbrook and Dolliver Mountain. All gold assays
for this campaign have now been received. Significant gold
intervals from the assays from this campaign are presented in Table
1.
The six drill holes at the East Goldbrook area were completed on
three sections spaced 250 metres apart extending to the east
property boundary. The holes were designed to cross-section an
approximate 250- metre wide corridor identified by 2010 reverse
circulation (RC) drilling to contain bedrock chip samples from six
RC holes yielding grades from 0.1 to 25.65 g/t Au (refer to news
release of November 18, 2010).
Results from the drilling at East Goldbrook indicate the
presence of narrow high-grade gold veins often with visible gold
and frequently associated with wider zones of lower-grade values
extending over the 500-metre strike length to the property
boundary. The mineralization is likely plunging shallowly to the
east, and additional drilling will be required to further delineate
the zones.
The remaining four drill holes were completed on three sections
spaced 200 metres apart in the West Goldbrook - Dolliver Mountain
gap, where there is no record of previous drilling. One drill hole,
OSK11-07, was abandoned prior to reaching its target depth due to
drilling problems. The remaining holes each intersected occasional
narrow high-grade veins; however, the wall rock contains little
mineralization.
Mr. Mark Billings, President and CEO of Orex, added, "The
results from this campaign confirm the presence of important gold
mineralization at the eastern section of our Goldboro Gold
Property. There are over 500 metres of strike length that could
potentially add significant upside to our current resources. In
addition, we continue to find gold mineralization along the strike
length of the Goldboro Gold Property, as evidenced by the results
in the gap area between West Goldbrook and Dolliver Mountain.
Although some of the zones are narrow, the high grades may support
an eventual underground exploitation."
Hole From To Interval MS(i) Au gpt
metres metres metres
OSK11-01 36.00 37.00 1.00 1.82
Az 360, Dip -50, Length 247 m 86.00 88.00 2.00 1.80
128.00 130.00 2.00 0.58
OSK11-02 117.00 117.50 0.50 MS 412.00
Az 360, Dip -55, Length 286 m 117.50 128.50 11.00 0.23
174.00 191.00 17.00 0.55
including 179.50 180.00 0.50 MS 2.67
and 182.00 183.00 1.00 4.55
191.00 205.50 14.50 0.25
234.50 243.50 9.00 0.53
OSK11-03 38.00 38.95 0.95 1.28
Az 360, Dip -50, Length 251 m 46.00 50.50 4.50 1.32
88.00 91.00 3.00 0.64
143.00 143.70 0.70 4.28
OSK11-04 140.00 140.50 0.50 MS 35.10
Az 360, Dip -55, Length 299 m 193.85 194.35 0.50 MS 1570.00
194.35 197.50 3.15 0.77
204.95 224.50 19.55 0.89
including 215.00 215.50 0.50 MS 3.04
and 223.00 224.50 1.50 6.23
OSK11-05 No significant values
Az 360, Dip -55, Length 293 m
OSK11-06 40.30 42.50 2.20 0.63
Az 360, Dip -50, Length 234 m 65.15 66.70 1.55 15.80
OSK11-07 Abandoned prior to target depth
Az 180, Dip -45, Length 42.4 m
OSK11-08 89.00 92.00 3.00 0.45
Az 180, Dip -45, Length 245 m 100.00 101.50 1.50 0.64
113.00 113.50 0.50 MS 31.30
OSK11-09 68.5 70 1.50 1.75
Az 180, Dip -45, Length 240 m 83.85 84.35 0.50 MS 13.15
91.5 92.5 1.00 1.54
96.5 97.5 1.00 MS 1.28
136.5 137.7 1.20 MS 23.60
153.50 155.50 2.00 0.40
OSK11-10 62.50 65.30 2.80 0.86
Az 180, Dip -45, Length 238 m 99.00 103.50 4.50 1.13
(i) Metallic Screen Assay / Visible Gold
QA/QC Sampling and Analytical Protocols
The sampling and assaying of the drillcore included QA/QC
protocols to monitor for potential contamination, precision and
accuracy of results including the regular submission of field blank
standards, certified reference standards and field duplicate split
core samples. Samples were assayed using a 50 g fusion with AAS
finish with sample pulps routinely re-assayed. Samples exceeding
the AAS threshold were re- assayed with gravimetric finish. All
samples identified to contain visible gold were assayed by the
Total Metallic Screen method.
Option on Goldboro Gold Property Granted to Osisko Mining
Corporation
In order to acquire a 50% undivided interest in the Goldboro
Gold Property on or before September 29, 2013 (the Initial Option),
Osisko Mining Corporation shall incur exploration and development
expenditures in the amount of at least $1,500,000 on or before
September 29, 2010; in the aggregate amount of at least $3,500,000
on or before September 29, 2011; and in the aggregate amount of at
least $8,000,000 over the following two years, that is, on or
before September 29, 2013. Osisko Mining Corporation may, at its
sole discretion, accelerate and apply exploration and development
expenditures to future years' expenditures and, accordingly, the
Initial Option may be exercised sooner. Osisko Mining Corporation
shall solely fund a prefeasibility study to earn an aggregate 60%
interest (that is, an additional 10% interest) in the Property on
or before September 29, 2015 (the Additional Option).
About Osisko Mining Corporation
Osisko Mining Corporation owns and operates the Canadian
Malartic gold mine in Quebec, Canada's largest open pit gold mine.
Canadian Malartic mine represents one of the biggest permitted gold
reserves in Canada, and is still growing through ongoing drilling
on new mineralized zones.
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 reviewed by Mr. Bruce Mitchell, P. Geo., Senior Project
Geologist to Orex, and a Qualified Person under National Instrument
43-101 regulations.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. The statements made in this news
release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are
not guarantees of future performance, and that actual developments
or results, may vary materially from those in these
"forward-looking" statements.
Contacts: Osisko Mining Corporation John Burzynski
Vice-President, Corporate Development (514) 735-7131 Osisko Mining
Corporation Sylvie Prud'homme Manager, Investor Relations (514)
735-7131 / Toll-free : 1-888-674-7563 www.osisko.com Orex
Exploration Inc. Mark Billings President & CEO (514) 296-1641
mark@atwaterfin.com www.orexexploration.ca Frontline Communications
Leo Karabelas (905) 553-7992 www.frontlineir.com
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