Dorex Minerals - Acquires Option New Gold PropertyDOREX MINERALS INC.
November 12, 2010
NEWS RELEASE
DOREX OPTIONS UP TO 60 % INTEREST IN LUMBY/BUFO GOLD PROPERTY IN ATIKOKAN, ONTARIO
Dorex Minerals Inc.- TSX.V-“DOX” Dorex Minerals Inc. (the “Company” or “Dorex”) announces that the Company has entered into an Option Agreement with Belmont Resources Inc.(TSX.V-“BEA”), whereby Dorex can earn up to a 60% interest in the Lumby/Bufo Property (the “Property”) consisting of 23 contiguous claims-(3,040 ha) located approximately 35 km northeast of the town of Atikokan, Ontario. The Property is located within the Lumby Lake Metavolcanic Belt near its southern contact with the Marmion Batholith. The Lumby-Bufo property is accessible by all-season and seasonal logging roads, 45 km north from the Sapawe junction with Highway 11. The Sapawe Junction is located approx. 170 km west from Thunder Bay, Ontario and 24 km east of Atikokan. According to Osiko’s public filings, the “Hammond Reef” deposit remains open along strike and depth and over 97% of this resource is within 300 meters of surface. A 300,000 metre drilling program, geological mapping and a baseline environment study currently underway with sixteen drill rigs actively working at a reported rate of 25,000 meters per month.
The Lumby- Bufo property is contiguous with and on strike to the north-northeast with the Osisko Mining Corp.’s (formerly Brett Resources Inc.), “Hammond Reef” deposit, where Osisko is presently focused on expanding their gold resources. A preliminary assessment (“PA”) study was completed on Hammond Reef on November 12, 2009, resulting in a 43-101 compliant Inferred Resource estimate of 6.7 million ounces of gold (259.4 million tones @ 0.8g/t, using a 0.3 g/t Au cutoff).
To earn an initial 49% interest in the Property, Dorex will pay to Belmont a non refundable $10,000 cash payment on signing this agreement, and an additional $15,000 payment upon Exchange approval. Further, Dorex will issue 400,000 restricted shares of Dorex shares and incur $1,500,000 in exploration expenditures by December 31, 2011 of which $500,000 must be incurred by February 28, 2011. Belmont will continue to be the exploration program operator until Dorex earns greater than 50% interest. Dorex may increase its interest to 60% by incurring a further $500,000 in exploration Expenditures by December 31, 2012 and delivering to Belmont a $200,000 cash payment or the equivalent of common shares.
The Lumby/Bufo claim group has potential for the discovery of high grade gold, silver and base metal deposits as shown by Belmont’s spring 2010 drilling campaign in the south Bufo Lake area and previous exploration work carried out by Atikokan Resources Inc. from 1994 to 2004.
This press release has been reviewed and approved by Raymond A. Bernatchez, P.Eng. Consulting Geologist and a qualified person as defined in NI 43-101.
Further information about Dorex can be obtained from the website www.dorex.ca
ON BEHALF OF THE BOARD OF DIRECTORS
“Julius Galik”
Julius Galik
President/ CEO
About Dorex Minerals:
Dorex Minerals Inc. is a base and precious metals exploration and development Company listed on the TSX Venture, Frankfurt Exchange under the symbol "DOX" and code "A9L". The Company is focused on discovering and advancing mineral properties by utilizing modern geological science. Managed by a team of experienced professionals, the Company's corporate philosophy is to build shareholder wealth through the acquisition and development of high quality exploration projects. Dorex's portfolio is currently focused in Canada and the Slovak Republic.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.