ROUYN-NORANDA, QUEBEC--(Marketwired - Nov. 17, 2016) - Orex Exploration Inc. (TSX VENTURE:OX), FFRANKFURT:O5D) ("Orex" or the "Company") has announced on October 11, 2016 that the Company has successfully completed a $1,500,000 non-brokered private placement.
The net proceeds of the private placement will be used by the Company to establish a revised mine development plan, define and undertake a supplementary exploration program on the Goldboro project for the purpose of establishing a revised Preliminary Economic Analysis (PEA), define the scope of work needed for permitting and to update the Environmental assessment and for working capital purposes.
Orex mandated Christian D'Amours, PGeo of Geopointcom for the revision of all data, block models and associated analysis related to the mine development plan and engaged Ann Lamontagne, mining engineering, Ph.D. of Lamont Inc., Expert Conseil, for necessary work related to an environmental assessment and for permitting requirements.
At the Annual and Special Meeting of Shareholders to be held in Montreal on December 15, 2016 at 10:00 am,
| Delta Hotel By Marriott Montreal, |
| Tchakovsky Room, |
| 475 Avenue President Kennedy, |
| Montreal (Quebec), |
Orex management will review the status of work realized on the Goldboro project and will discuss additional future initiatives.