Orex Exploration Inc.: Corporate Update
15 Dezember 2011 - 2:30PM
Marketwired Canada
OREX EXPLORATION INC. (TSX VENTURE:OX)(FRANKFURT:O5D) would like to provide
shareholders with the following corporate update.
As indicated in our news release of September 29, 2011, the results from the
2010 and 2011 drilling campaigns demonstrate the presence of gold mineralization
across our Goldboro Gold Property in the form of numerous, narrow high-grade
gold veins. These two drilling campaigns added drilling on 1 additional km of
strike length on which no works were realized before; after these campaigns,
Orex Exploration has now drilled along the entire 2.5 km strike length of the
Goldboro Gold Property. Furthermore, these drilling results suggest a deposit
potentially mineable by selective underground methods focussed on the veins or
by a shallow open pit operation.
The following are selected highlights of the 2010 and 2011 drilling campaigns,
which have been previously presented in past news releases of the Company:
------------------------------------------------------------
CORE GOLD
FROM TO LENGTH GRADE
HOLE # (m) (m) (m) (g/t)
------------------------------------------------------------
OSK-10-01 190.55 206.55 16.00 0.87
------------------------------------------------------------
268.25 275.10 6.85 1.42
------------------------------------------------------------
OSK-10-02 233.70 300.00 66.30 1.17
------------------------------------------------------------
Including 234.50 235.00 0.50 35.60(i)
------------------------------------------------------------
Including 267.50 268.00 0.50 46.40(i)
------------------------------------------------------------
OSK-10-03 47.85 48.35 0.50 16.95(i)
------------------------------------------------------------
78.00 88.00 10.00 0.62
------------------------------------------------------------
117.50 125.00 7.50 2.91
------------------------------------------------------------
Including 117.50 119.00 1.50 13.85
------------------------------------------------------------
137.00 149.00 12.00 1.19
------------------------------------------------------------
161.50 202.50 41.00 0.55
------------------------------------------------------------
230.85 264.45 33.60 0.67
------------------------------------------------------------
Including 245.08 245.50 0.42 12.50
------------------------------------------------------------
Including 245.50 246.00 0.50 10.35(i)
------------------------------------------------------------
OSK-10-04 129.50 168.55 39.05 1.15
------------------------------------------------------------
Including 129.50 130.00 0.50 50.80(i)
------------------------------------------------------------
And 138.00 139.00 1.00 9.71
------------------------------------------------------------
195.50 232.00 36.50 0.32
------------------------------------------------------------
OSK-10-05 61.50 63.00 1.50 5.88
------------------------------------------------------------
126.50 165.85 39.35 0.61
------------------------------------------------------------
Including 137.50 138.50 1.00 5.99
------------------------------------------------------------
Including 146.70 147.35 0.65 5.01
------------------------------------------------------------
205.95 220.50 14.55 1.57
------------------------------------------------------------
Including 209.00 209.50 0.50 12.90(i)
------------------------------------------------------------
Including 209.50 210.00 0.50 12.45
------------------------------------------------------------
OSK-10-06 110.00 110.50 0.50 4.39(i)
------------------------------------------------------------
OSK-10-07 163.00 260.00 97.00 0.70
------------------------------------------------------------
Including 167.75 168.25 0.50 10.75(i)
------------------------------------------------------------
Including 247.80 248.80 1.00 18.30
------------------------------------------------------------
OSK-10-08 114.00 177.50 63.50 0.53
------------------------------------------------------------
Including 155.35 155.85 0.50 25.70(i)
------------------------------------------------------------
204.40 228.30 23.90 1.01
------------------------------------------------------------
Including 213.52 214.02 0.50 7.04(i)
------------------------------------------------------------
Including 215.35 215.85 0.50 20.80(i)
------------------------------------------------------------
OSK-10-09 167.00 203.50 36.50 1.07
------------------------------------------------------------
Including 167.00 168.00 1.00 7.95
------------------------------------------------------------
And 184.25 184.75 0.50 3.39(i)
------------------------------------------------------------
193.00 203.50 10.50 2.15
------------------------------------------------------------
Including 203.00 203.50 0.50 7.81(i)
------------------------------------------------------------
219.00 224.00 5.00 9.81
------------------------------------------------------------
Including 223.00 224.00 1.00 44.10
------------------------------------------------------------
OSK-10-10 162.00 205.00 43.00 0.51
------------------------------------------------------------
245.50 248.00 2.50 3.90
------------------------------------------------------------
OSK-10-11 63.00 64.50 1.50 3.20(i)
------------------------------------------------------------
85.40 86.00 0.60 2.66(i)
------------------------------------------------------------
118.60 137.00 18.40 0.77
------------------------------------------------------------
Including 118.60 119.30 0.70 15.65
------------------------------------------------------------
152.95 153.50 0.55 12.20
------------------------------------------------------------
OSK-10-12 130.00 153.90 23.90 0.43
------------------------------------------------------------
229.00 240.55 11.55 0.92
------------------------------------------------------------
OSK-10-13 202.00 220.50 18.50 0.86
------------------------------------------------------------
Including 202.00 202.50 0.50 16.10(i)
------------------------------------------------------------
248.50 267.00 18.50 0.45
------------------------------------------------------------
Including 259.50 260.00 0.50 6.19(i)
------------------------------------------------------------
OSK-10-14 146.00 160.00 14.00 1.86
------------------------------------------------------------
Including 148.00 152.00 4.00 10.75
------------------------------------------------------------
OSK-10-16 136.50 172.00 35.50 4.07
------------------------------------------------------------
Including 144.50 155.00 10.50 12.97
------------------------------------------------------------
Including 146.00 146.50 0.50 237.00(i)
------------------------------------------------------------
229.00 242.50 13.50 0.90
------------------------------------------------------------
OSK-10-18 141.00 160.00 19.00 0.79
------------------------------------------------------------
Including 141.00 141.55 0.55 10.25(i)
------------------------------------------------------------
OSK-10-19 173.00 215.20 42.20 1.97
------------------------------------------------------------
Including 198.10 198.60 0.50 27.90(i)
------------------------------------------------------------
229.50 252.50 23.00 0.65
------------------------------------------------------------
Including 246.00 247.00 1.00 6.70
------------------------------------------------------------
OSK-10-20 117.00 118.00 1.00 2.25(i)
------------------------------------------------------------
OSK-10-21 57.00 70.50 13.50 4.76
------------------------------------------------------------
Including 70.00 70.50 0.50 117.50(i)
------------------------------------------------------------
152.00 165.00 13.00 0.45
------------------------------------------------------------
178.50 236.00 57.50 0.63
------------------------------------------------------------
Including 209.00 210.00 1.00 15.75
------------------------------------------------------------
OSK-10-22 26.00 28.00 2.00 3.36
------------------------------------------------------------
69.00 102.00 33.00 1.64
------------------------------------------------------------
Including 99.00 99.60 0.60 69.60
------------------------------------------------------------
137.00 161.00 24.00 0.55
------------------------------------------------------------
OSK-10-23 140.00 159.00 19.00 0.53
------------------------------------------------------------
207.00 213.70 6.70 13.40
------------------------------------------------------------
Including 207.00 208.50 1.50 55.70
------------------------------------------------------------
OSK-10-24 90.00 150.00 60.00 0.48
------------------------------------------------------------
Including 115.30 116.00 0.70 19.10
------------------------------------------------------------
OSK-10-25 36.00 83.00 47.00 0.42
------------------------------------------------------------
235.00 238.00 3.00 6.68
------------------------------------------------------------
Including 235.00 236.00 1.00 19.10
------------------------------------------------------------
OSK-10-27 8.80 28.00 19.20 0.36
------------------------------------------------------------
39.30 74.80 35.50 0.50
------------------------------------------------------------
OSK-10-29 16.50 36.00 19.50 0.35
------------------------------------------------------------
144.20 145.00 0.80 6.83
------------------------------------------------------------
246.50 248.00 1.50 6.73
------------------------------------------------------------
OSK-10-30 122.00 128.00 6.00 85.75
------------------------------------------------------------
Including 122.00 122.50 0.50 1,005.00(i)
------------------------------------------------------------
And 125.15 126.00 0.85 9.03
------------------------------------------------------------
OSK-10-32 153.50 160.35 6.85 4.03
------------------------------------------------------------
Including 159.85 160.35 0.50 49.90(i)
------------------------------------------------------------
OSK-10-33 101.50 113.00 11.50 0.83
------------------------------------------------------------
OSK-10-34 181.08 184.00 2.92 15.56
------------------------------------------------------------
OSK-10-35 94.70 95.20 0.50 154.50
------------------------------------------------------------
161.50 178.10 16.60 0.59
------------------------------------------------------------
OSK-10-36 149.00 149.50 0.50 11.20(i)
------------------------------------------------------------
OSK-10-37 88.10 100.00 11.90 10.20
------------------------------------------------------------
Including 88.10 89.60 1.50 74.50
------------------------------------------------------------
121.00 139.50 18.50 0.93
------------------------------------------------------------
Including 121.00 125.50 4.50 3.22
------------------------------------------------------------
OSK-10-38 153.70 154.20 0.50 4.37
------------------------------------------------------------
OSK-10-41 13.75 14.75 1.00 52.90
------------------------------------------------------------
63.80 109.70 45.90 0.48
------------------------------------------------------------
Including 105.20 105.70 0.50 8.73(i)
------------------------------------------------------------
OSK-10-43 199.00 247.00 48.00 0.65
------------------------------------------------------------
Including 234.00 234.50 0.50 4.57(i)
------------------------------------------------------------
And 234.50 235.00 0.50 13.85(i)
------------------------------------------------------------
OSK-10-44 71.70 100.75 29.05 0.40
------------------------------------------------------------
OSK-10-45 207.00 225.82 18.82 0.35
------------------------------------------------------------
OSK-10-46 22.80 33.00 10.20 0.92
------------------------------------------------------------
Including 32.20 33.00 0.80 10.05
------------------------------------------------------------
89.95 111.00 21.05 9.32
------------------------------------------------------------
Including 89.95 90.45 0.50 9.55(i)
------------------------------------------------------------
And 103.00 104.00 1.00 180.00
------------------------------------------------------------
OSK-10-47 6.20 18.50 12.30 0.89
------------------------------------------------------------
Including 14.00 15.50 1.50 5.06
------------------------------------------------------------
OSK-10-48 135.50 136.00 0.50 49.80(i)
------------------------------------------------------------
OSK-10-49 61.00 99.00 38.00 0.61
------------------------------------------------------------
Including 88.10 88.60 0.50 32.80(i)
------------------------------------------------------------
OSK-10-51 72.50 74.00 1.50 6.16
------------------------------------------------------------
162.00 180.00 18.00 0.75
------------------------------------------------------------
Including 162.00 163.35 1.35 7.89
------------------------------------------------------------
OSK-10-56 126.50 130.50 4.00 3.76
------------------------------------------------------------
Including 126.50 127.50 1.00 11.15
------------------------------------------------------------
OSK-10-57 38.50 41.00 2.50 4.90
------------------------------------------------------------
Including 40.00 40.50 0.50 15.45
------------------------------------------------------------
OSK-11-01 36.00 37.00 1.00 1.82
------------------------------------------------------------
86.00 88.00 2.00 1.80
------------------------------------------------------------
128.00 130.00 2.00 0.58
------------------------------------------------------------
OSK-11-02 117.00 117.50 0.50 412.00(i)
------------------------------------------------------------
117.50 128.50 11.00 0.23
------------------------------------------------------------
174.00 191.00 17.00 0.55
------------------------------------------------------------
Including 179.50 180.00 0.50 2.67(i)
------------------------------------------------------------
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
------------------------------------------------------------
OSK-11-03 38.00 38.95 0.95 1.28
------------------------------------------------------------
46.00 50.50 4.50 1.32
------------------------------------------------------------
88.00 91.00 3.00 0.64
------------------------------------------------------------
143.00 143.70 0.70 4.28
------------------------------------------------------------
OSK-11-04 140.00 140.50 0.50 35.10(i)
------------------------------------------------------------
193.85 194.35 0.50 1,570.00(i)
------------------------------------------------------------
194.35 197.50 3.15 0.77
------------------------------------------------------------
204.95 224.50 19.55 0.89
------------------------------------------------------------
Including 215.00 215.50 0.50 3.04(i)
------------------------------------------------------------
And 223.00 224.50 1.50 6.23
------------------------------------------------------------
OSK-11-06 40.30 42.50 2.20 0.63
------------------------------------------------------------
65.15 66.70 1.55 15.80
------------------------------------------------------------
OSK-11-08 89.00 92.00 3.00 0.45
------------------------------------------------------------
100.00 101.50 1.50 0.64
------------------------------------------------------------
113.00 113.50 0.50 31.30(i)
------------------------------------------------------------
OSK-11-09 68.50 70.00 1.50 1.75
------------------------------------------------------------
83.85 84.35 0.50 13.15(i)
------------------------------------------------------------
91.50 92.50 1.00 1.54
------------------------------------------------------------
96.50 97.50 1.00 1.28(i)
------------------------------------------------------------
136.50 137.70 1.20 23.60(i)
------------------------------------------------------------
153.50 155.50 2.00 0.40
------------------------------------------------------------
OSK-11-10 62.50 65.30 2.80 0.86
------------------------------------------------------------
99.00 103.50 4.50 1.13
------------------------------------------------------------
(i) Metallic Screen Assay / Visible Gold
In addition, as indicated in our news release of August 4, 2009, Orex announced
Mineral Resource Estimates for Goldboro. At a 1.5 g/t gold cut-off, there are
2,711,000 tonnes grading 4.56 g/t gold, totalling 397,200 gold ounces in the
Measured + Indicated Resources categories, with an additional 3,438,000 tonnes
grading 3.67 g/t gold, totalling 405,926 gold ounces in the Inferred Resource
category.
The 2009 Mineral Resource Estimates assumed a gold price of US$750 per ounce,
whereas gold is presently trading between US$1,600 and US$1,700 per ounce.
Preparations have commenced at Orex to begin the scoping of possible mining
scenarios and economic viability of the identified resources. This would also
include the removal of a bulk sample of up to 10,000 tonnes (upon approval of
the governmental authorities in Nova Scotia) for pilot mill and metallurgical
testing, the surveying of surface infrastructure and environmental baseline
studies.
The objective of the Company is to advance the Goldboro Gold Project towards a
production scenario. Orex Exploration will continue to initiate other actions in
2012 that comply with this objective. The Company will provide shareholders with
further updates as they become available.
Annual and Special Meeting of Shareholders
The Annual and Special Meeting of Shareholders of Orex Exploration Inc. will be
held on Tuesday, December 20, 2011, beginning at 10:00 a.m. This meeting will be
held in the Hochelaga 6 room of the Fairmont Queen Elizabeth Hotel, 900 Rene
Levesque Boulevard West, Montreal, Quebec, Canada. Shareholders are encouraged
to attend this meeting and to vote their shares by Internet, by phone or in the
manner indicated in the Management Proxy Circular dated November 17, 2011.
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
Bruce Mitchell, P. Geo., Senior Project Geologist to Orex Exploration Inc. 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.
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