Mr. Gary Cope reports
OREX'S CONETO PROJECT YIELDS HIGH GOLD AND SILVER VALUES AT LA BUFA
OrexMinerals Inc. has released a progress report on the geological programat the Coneto gold-silver mining camp in Durango state, Mexico.
Inthis fourth instalment of rock surface sampling, the focus is on the LaBufa sector, 2.5 kilometres northwest of the Loma Verde sector and thevillage of Coneto de Comonfort. An interpretation of the phase Idrilling results at Loma Verde and Impulsora is also presented herein.
Reconnaissancesurface results include La Bufa No. 7715 with a true width of 1.5metres grading 0.051 gram per tonne gold and 632 grams per tonnesilver, for a silver-equivalent of 635 grams per tonne or goldequivalent of 10.58 grams per tonne. La Bufa No. 7817 yielded 1.2 metresgrading 5.654 grams per tonne gold and 82 grams per tonne silver, for asilver equivalent of 421 grams per tonne, or gold equivalent of 7.02grams per tonne.
Gary Cope, president of Orex, says: "La Bufarepresents another encouraging drilling target area within the largeConeto gold-silver mining camp. Phase I diamond drilling gave us goodresults in the Loma Verde and Impulsora sectors [see attached table] andthere are multiple veins yet to be tested at Coneto. A phase II diamonddrilling program is currently being planned."
The initial threesurface sampling updates of results were published in news releases inStockwatch dated Nov. 17, 2009, Jan. 11, 2010, and March 7, 2010.The highlights in the attached table are in addition to thosepreviously released. Gold and silver vary from sector to sector on theproperty, thus both silver equivalent and gold equivalent are presented.
SURFACE ROCK SAMPLING HIGHLIGHTS -- AUGUST, 2010
Sample Rock Sample True Au Ag AgEq AuEq
Sector No. type type width (m) (g/t) (g/t) (g/t) (g/t)
La Bufa 7666 Vein Channel 1.5 0.083 102.0 107.0 1.783
La Bufa 7700 Vein Channel 1.6 0.562 74.0 107.7 1.795
La Bufa 7715 Vein Channel 1.5 0.051 632.0 635.1 10.584
La Bufa 7805 STWK Channel 2.0 0.076 57.0 61.6 1.026
La Bufa 7817 ANVT Channel 1.2 5.654 82.0 421.2 7.021
La Bufa 7818 ANVT Channel 1.2 1.891 26.0 139.5 2.324
La Bufa 7821 STWK Channel 1.8 0.183 114.0 125.0 2.083
La Bufa 7825 STWK Channel 1.6 0.043 103.0 105.6 1.760
La Bufa 7830 STWK Channel 1.8 0.323 122.0 141.4 2.356
La Bufa 7833 STWK Channel 2.0 0.322 186.0 205.3 3.422
La Bufa 7836 RHVT Channel 1.0 2.366 98.0 240.0 3.999
La Bufa 7838 RHVT Channel 1.0 3.480 103.0 311.8 5.197
La Bufa 7847 STWK Channel 2.7 0.095 95.0 100.7 1.678
La Bufa 7848 STWK Channel 1.8 1.031 63.0 124.9 2.081
Inaddition, upon evaluating the results of the phase I diamond drillingprogram released in Stockwatch on July 6, 2010, and Aug. 9, 2010, twosectors stand out and are presented here for clarification.
Loma Verde vein
Inthe 2010 drilling on Loma Verde, six of the seven drill holes exceededthe minimum thickness and grade cut-offs of greater than 1.5 metresthick and greater than 100 grams per tonne silver equivalent.
LOMA VERDE VEIN RESULTS
Core True Au Ag AgEq AuEq
Hole From To length width (g/t) (g/t) (g/t) g/t)
CC-10-01 184.10 192.90 8.80 7.21 0.471 165.2 193.4 3.224
CC-10-02 299.20 302.50 3.30 1.89 0.184 117.8 128.8 2.147
CC-10-03 259.30 263.00 3.70 3.03 0.583 125.1 160.1 2.668
CC-10-18 136.40 141.20 4.80 4.16 1.577 48.8 143.4 2.390
CC-10-20 144.50 148.10 3.60 3.12 0.982 291.6 350.5 5.842
CC-10-21 121.90 128.70 6.80 5.89 0.853 118.3 169.5 2.824
Weighted average 5.17 4.22 0.797 142.4 190.2 3.170
Impulsora vein
Inthe 2010 drilling on Impulsora, three of the four drill holes exceededthe minimum thickness and grade cut-offs of greater than 1.5 metresthick and greater than 100 grams per tonne silver equivalent.
IMPUSORA VEIN RESULTS
Core True Au Ag AgEq AuEq
Hole From To length width (g/t) (g/t) (g/t) (g/t)
CC-10-11 93.00 94.70 1.70 1.54 0.658 74.0 113.5 1.892
CC-10-12 116.00 120.90 4.90 4.60 1.596 114.7 210.5 3.508
CC-10-13 78.80 80.80 2.00 1.97 1.308 102.6 181.1 3.018
Weighted average 2.87 2.70 1.348 104.0 184.9 3.082
Maps of the geochemical program can be found on the Orex website.
Thefirst four sampling reports cover 752 B-horizon soil samples, 1,256rock channel samples, 656 rock chip samples and 64 rock grab samples,totaling 2,772 samples ranging from trace to 21.20 grams per tonne goldand trace to 1,750 grams per tonne silver.
SGS Mineral Services, acertified commercial laboratory in Durango, Mexico, performed theanalytical testing by fire assay with atomic absorption finish, andmultielement inductively coupled plasma analyses. A qualityassurance/quality control program is in place for sample collectionthrough to laboratory analysis. Host rock is primarily andesite andrhyolite of the Tertiary lower volcanic group. Sample rock typeabbreviations used in this news release are ANVT andesite with quartzveinlets, RHVT rhyolite with quartz veinlets, STWK stockwork, and veinquartz vein.
Located in the Mesa Central on the eastern flank ofthe Sierra Madre Occidental Mountains, Coneto is centrally positioned inthe Mexican silver trend. This silver trend, stretching from Guanajuatoin the southeast, through the states of Zacatecas and Durango, hostssome of the world's largest silver deposits, including the Real deAngeles, Zacatecas, Fresnillo, La Preciosa and La Pitarrilla miningcamps.
Ben Whiting, PGeo, is the qualified person as defined inNI43-101 and takes responsibility for the technical disclosure in thisnews release.
Silver equivalent for the purposes of this newsrelease is defined as silver grade plus 60 times gold grade. Goldequivalent is defined as gold grade, plus silver divided by 60. The 60:1ratio is based on the average gold:silver price ratio over 10 years onthe London Metal Exchange. Metallurgical recoveries and net smelterreturns are assumed to be 100 per cent for the equivalent values.Base-metal values are not included in the equivalent values.