Montreal, 11/30/10 -
Orex Exploration Inc. (TSX VENTURE: OX) (FRANKFURT: O5D) would like to provide shareholders with some results from a field exploration program that was recently conducted on the Company's wholly-owned western portions of the Stillwater and Goldenville trends located approximately 10 to 20 km west of the Goldboro Gold Property. The Stillwater and Goldenville Anticlines both contain Goldboro-type gold targets, as identified in the regional compilation-synthesis as previously reported (see the June 10, 2010 news release).
This grass-roots exploration program consisted of mapping, prospecting and sampling (outcrop, float and soil). Highlights to date include a quartz vein outcrop sample, which assayed 12.665 g/t gold from the northern limb of the historic east-west trending Goldenville Anticline. More recently, 600 metres southeast of the anomalous sample, a four-metre wide quartz vein was noted in an old, previously unreported pit. This location approximates the assumed location of the anticlinal axis. Approximately five kilometres to the north, along the Stillwater east-west trend, a quartz float sample assayed 0.121 g/t gold in a area having historical anomalous gold in rock and spruce bark samples.
Orex field crews are currently conducting follow-up grass-roots exploration in these areas, as well as others to better define the targets identified in the regional compilation-synthesis.
'The 12.665 g/t quartz vein outcrop result is very encouraging, as there has been very little previous exploration work in this area,' said Mark Billings, President and CEO of Orex Exploration. 'We have had the crews in the field for several weeks now and look forward to seeing the fruits of the follow-up work in these two key areas of interest.'
The Stillwater Trend is reported to be the faulted extension of the Boston-Richardson Anticlinal Structure ('BRAS'). Orex currently owns the mineral rights along 12 kilometres of this trend, as well as along approximately 13 kilometres of the historic Goldenville Anticline.
The Company would like to point out that this exploration work presently being carried out by Orex is outside of the area of influence that the Company has with Osisko Mining Corporation, as per the Joint Venture and Option Agreement between the two parties. Orex is committed to working with its partner on the Goldboro Gold Property. At the same time, Orex hopes to identify other targets outside of this area of influence that may be the subject of larger drilling campaigns in the future.
Rock and soil samples collected during the recent field program were delivered by Orex consultants to the Minerals Engineering Centre ('MEC') at Dalhousie University in Halifax, Nova Scotia, where analysis was carried out. Each sample submitted to MEC was subjected to multiple stages of jaw crushing until grains were less than 4.0 mm. Analytical splits of 200 grams were obtained by riffle splitting and then pulverized with a ring and puck pulverizer to a grain size of less than 0.15 mm. A 30-gram split of this fraction was collected and analyzed by Fire Assay, lead collection and Atomic Adsorption Spectrometry (AAS) finish.
The bulk of the soil and rock samples collected from the current program have been submitted to MEC for analysis. Results are pending.
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).
Osisko Mining Corporation and Orex Exploration are pleased to report that Osisko Mining Corporation has spent more than the $1,500,000 required in exploration and development expenditures in the first year of the Initial Option.
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 Bruce Mitchell, P.Geo, Technical Advisor 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:
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
