VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/29/12 -- Orex Minerals Inc. (TSX VENTURE: REX) ("Orex") is pleased to announce the results from diamond drill Hole 7 and Hole 8 within the Central Zone of our Barsele Project. The Barsele Gold Project is located approx. 600 km due north of Stockholm, and 40 kms southeast of Storuman, a small town situated in Vasterbottens Lan, which is a regional district of Northern Sweden.
Table 1 - Drill Intercepts for Hole 12CNT007 and Hole 12CNT008
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Results
From To Core Length FA (Au-AA26)
Hole (m) (m) (m) (g/t)
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12CNT007 120.50 368.55 248.05 0.71
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Includes 279.05 299.05 20.00 1.12
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Includes 321.05 368.55 47.50 1.02
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12CNT008 73.70 377.35 303.65 1.34
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Includes 115.35 302.70 187.35 1.95
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Includes 218.95 302.70 83.75 2.45
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According to Orex's President, Gary Cope, "We are very pleased with both of these holes, yet particularly happy with the results for Hole 8, as it shows good grade over an extensive core length. It is very encouraging to see that gold mineralization continues to depth in Hole 7 and Hole 8, something we have also noted with earlier holes. We will ultimately re-enter and extend them both to test how much further the resource runs at depth."
The successful completion of the Phase I drilling campaign is marked by the 12 drill holes completed within the Central Zone, and an additional 4 drill holes completed within the Avan Zone. A drill hole plan can be located on the Company's website using the following link: www.orexminerals.com/s/Barsele.asp
Gary Cope continues, "The analytical results from the remaining holes from the Central Zone and Avan Zone will serve as critical inputs in planning our next campaign, so we will pause drilling until the assays are received and interpreted."
Orex's Phase I Drill Campaign aimed to:
1. Confirm and expand on historic drill results in the Central Zone;
2. Deepen and widen the mineralized envelope;
3. Probe the peripheries of the deposit; and
4. Assess different analytical techniques, as there is often visible gold
in the core.
ALS Minerals Lab (Sweden & Canada) have carried out Fire Assay (FA) techniques for Hole 7 and Hole 8, with the following results:
Hole 12CNT007 was drilled on Cross Section 6625N (please see Figure 1). Each section represents a best-fit 50 m thick compilation of all existing geological, drill and projected resource data. Hole 7 yielded a total length of 248.05 m grading 0.71 g/t gold, starting 95 m vertically below surface. Higher-grade intervals are present in Hole 7, including 20.0 m grading 1.12 g/t gold and 47.5 m @ 1.02 g/t gold. The relationship between drilled thickness and approximate true thickness is illustrated in the following figures.
Hole 12CNT008 was drilled on Cross Section 6525N (please see Figure 2). Again, each section represents a best-fit 50 m thick compilation of all existing geological, drill and projected resource data. Hole 8 yielded a total length of 303.65 m grading 1.34 g/t gold, starting 55 m vertically below surface. Higher-grade intervals are present in Hole 8, including 187.35 m grading 1.95 g/t gold and including 83.75 m grading 2.45 g/t gold.
To view Figures 1 and 2 please visit the following link: http://media3.marketwire.com/docs/rex529i.pdf
Art Freeze, P.Geo., a Director of Orex, is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release. Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the drill core sample stream. Samples are placed in sealed bags and shipped directly to ALS Minerals Laboratory in Pitea, Sweden, for preparation and ultimately to ALS Minerals Laboratory in Vancouver, Canada, for gold and multi-element analyses.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX VENTURE: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has two current projects: its flagship property, the Barsele Gold Project located in Sweden, and the Coneto Gold-Silver Project situated in Durango, Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope, President
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Orex undertakes no obligation to update such statements, except as required by law.
Drill Hole Information
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Hole No. Easting Northing Depth Azi Dip
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11CNT001 1580861 7216043 292.30 220 -50
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11CNT002 1580861 7216043 370.60 220 -65
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11CNT003 1580626 7215904 376.50 50 -55
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11CNT004 1580650 7215853 412.00 50 -55
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11CNT005 1580760 7216110 424.80 220 -60
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12CNT006 1580690 7216145 426.40 220 -60
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12CNT007 1580812 7216098 379.80 220 -45
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12CNT008 1580942 7216082 379.35 227 -45
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Neither 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 release.
Contacts:
Orex Minerals Inc.
Gary Cope
President
(604) 687-6310
(604) 687-6365 (FAX)
info@orexminerals.com
www.orexminerals.com
