NEWS !!Orex Exploration Inc.: Drilling to Resume at Goldboro
MONTREAL, QUEBEC, Dec 23, 2009 (MARKETWIRE via COMTEX News Network) --
OREXEXPLORATION INC.(TSX VENTURE: OX)( FRANKFURT: O5D) is pleased toprovide shareholders and stakeholders with the following update on thedrill program at the Company's wholly-owned Goldboro Gold Property.Osisko Mining Corporation will initiate a diamond drill program inJanuary as per the Option and Joint Venture Agreement signed betweenthe parties in November of this year.
Goldboro Work Program - Osisko Mining Corporation
OsiskoMining Corporation has advised Orex that it is finalizing plans for thePhases 2D, 2E and 2F drill campaigns. Contractors and consultants havebeen hired, and the drill sites will be prepared for a Januarystart-up. Osisko will complete the 8,750 m / 35 holes in the Phases 2Dand 2E drilling along the remaining 1.7 km segment of the BostonRichardson Deformation Zone from West Goldbrook to Dolliver Mountain.In addition, Osisko will complete a 3,500 m in-fill drilling program(Phase 2F) to confirm gold grades in areas where incomplete sampling of97 historic drill holes currently produces 0 g/t gold grades in the2009 Mineral Resources Estimates.
Osisko is budgeting $2.8million for this drilling campaign (Phases 2D to 2F); this budget alsoincludes funds for a regional and Goldboro compilation, as well as aGoldboro reconnaissance program slated for the summer of 2010. Thissurpasses the minimum threshold of development and explorationexpenditures of $1.5 million to be incurred by Osisko before September29, 2010, as per the Option Agreement.
Claim Staking
Orexhas also staked 6,005 claims surrounding the Property, totalling 96,080hectares, or 960.8 km2. The staking covers prospective ground of thegold-bearing Meguma Group along the Property trend and adjacentsub-parallel trends. A major compilation-synthesis is underway on thenew claims covering the historical data from the region to uncoveradditional gold belts.
Mark Billings, President and CEO ofOrex, commented, "Over the past several weeks, the Orex and Osiskoteams have been diligently preparing for the start-up of this drillingcampaign. The Orex team is excited about the commitment of Osisko tocomplete the Phase 2D and 2E drilling, which will put the entire 2.5 kmstrike-length of the Goldboro Property into a 43-101 context. Ifsuccessful, the Phase 2F in-fill drilling will help validate our theorythat Goldboro hosts larger structural domains of gold mineralization.We at Orex are also eager to analyze in more detail the areasurrounding Goldboro, with the aim of identifying targets that meritfurther exploration."
The Goldboro Gold Property
Thecurrent Mineral Resource Estimates ("MRE") for Goldboro at a cut-offgold grade of 1.5 g/t are 2.711 million tonnes grading 4.56 g/t gold,totalling 397,200 gold ounces in the Measured+Indicated Resourcescategories, with an additional 3.438 million tonnes grading 3.67 g/tgold totalling 405,926 gold ounces in the Inferred Resource category.Assuming a lower 0.5 g/t cut-off, the Measured+Indicated Resources are7.933 million tonnes grading 2.13 g/t gold totalling 542,000 goldounces, with additional Inferred Resources of 10.389 million tonnesgrading 1.78 g/t gold totalling 594,121 gold ounces (refer to Orex'snews release dated August 4, 2009, and the NI 43-101 Technical Reportposted on SEDAR at www.sedar.com).
The MRE were modeled byextending the interpreted gold zones 825m along strike to the east and500m to the west from the Company's 2006 NI 43-101 mineral resourcescalculated to a -520m vertical depth from surface over the same 1.5kmstrike length of the Boston-Richardson Deformation Zone. It wasestimated that 97% of the MRE are located within the upper 350m fromsurface. The MRE are significantly higher and of better quality interms of grade over the 2006 estimates and the same 0.5 g/t goldcut-off grade and 1.5km distance. At a 0.5 g/t gold cut-off, the totalMeasured and Indicated resources grade 2.13 g/t gold, an 88% increasefrom 2006 grade estimates, with an additional Inferred resource grading1.78 g/t gold, a 182% increase from 2006 grade estimates.
Frontline Communications
OrexExploration is pleased to announce that it has retained FrontlineCommunications as a consultant to provide strategic marketing,corporate communications and investor relations activities. Frontlinewill assist Orex in opening productive and continuing dialogues withprivate investors, analysts, brokers, money managers and otherfinancial professionals and will generate awareness in the investmentcommunity as exploration work advances at Goldboro.
Under theterms of the agreement, Orex will pay Frontline $4,000 per month for a12-month term and grant 300,000 options to Frontline. Each optionenables its holder to acquire one common share of Orex at a price of
.15. As per the rules of the TSX Venture Exchange, these options vestover the course of the year, with 25% becoming exercisable in 3, 6, 9and 12 months from the date of grant.
About Orex Exploration Inc.
OrexExploration Inc. is a Canadian-based junior resource and explorationcompany trading under the symbol OX on the TSX Venture Exchange and O5Don the Frankfurt Stock Exchange. The Company holds a 100% interest inthe Goldboro Gold Project in Nova Scotia. You are invited to browse theCompany website at www.orexexploration.ca.
The technicalinformation contained in this news release has been prepared by Mr.Alex Horvath, B.A.Sc., P. Eng., of A. S. Horvath Engineering Inc.(Ottawa, Ontario), Technical Advisor to Orex and Qualified Person underNational Instrument 43-101 regulations.
Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.
Contacts:
Orex Exploration Inc.
Mark Billings
President & CEO
514-296-1641
mark@atwaterfin.com
Paradox Public Relations
1-866-460-0408
infoparadox@qc.aira.com
Frontline Communications
Leo Karabelas
905-553-7992
www.frontlineir.com
SOURCE: Orex Exploration Inc.
mailto:mark@atwaterfin.com mailto:infoparadox@qc.aira.com https://www.frontlineir.com
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