MONTREAL, QUEBEC--(Marketwire - Aug. 11, 2011) -OREX EXPLORATION INC. (TSX VENTURE:OX) (FRANKFURT:O5D) and OSISKOMINING CORPORATION (TSX:OSK) (FRANKFURT: EWX) would like to provideshareholders with final assay results from the diamond drilling campaignthat began in April of this year at Orex's wholly-owned Goldboro GoldProperty in Nova Scotia. A total of 10 drill holes, representing 2,375.4metres, were completed in this campaign. A total of six drill holes(OSK11-01 to OSK11-06), representing 1,610 metres of drilling, werecompleted at East Goldbrook. A total of four drill holes (OSK11-07 toOSK11-10), representing 765.4 metres of drilling, were completed in thegap area between West Goldbrook and Dolliver Mountain. All gold assaysfor this campaign have now been received. Significant gold intervalsfrom the assays from this campaign are presented in Table 1.
The six drill holes at the East Goldbrook area were completedon three sections spaced 250 metres apart extending to the eastproperty boundary. The holes were designed to cross-section anapproximate 250- metre wide corridor identified by 2010 reversecirculation (RC) drilling to contain bedrock chip samples from six RCholes yielding grades from 0.1 to 25.65 g/t Au (refer to news release ofNovember 18, 2010).
Results from the drilling at East Goldbrook indicate thepresence of narrow high-grade gold veins often with visible gold andfrequently associated with wider zones of lower-grade values extendingover the 500-metre strike length to the property boundary. Themineralization is likely plunging shallowly to the east, and additionaldrilling will be required to further delineate the zones.
The remaining four drill holes were completed on threesections spaced 200 metres apart in the West Goldbrook – DolliverMountain gap, where there is no record of previous drilling. One drillhole, OSK11-07, was abandoned prior to reaching its target depth due todrilling problems. The remaining holes each intersected occasionalnarrow high-grade veins; however, the wall rock contains littlemineralization.
Mr. Mark Billings, President and CEO of Orex, added, "Theresults from this campaign confirm the presence of important goldmineralization at the eastern section of our Goldboro Gold Property.There are over 500 metres of strike length that could potentially addsignificant upside to our current resources. In addition, we continue tofind gold mineralization along the strike length of the Goldboro GoldProperty, as evidenced by the results in the gap area between WestGoldbrook and Dolliver Mountain. Although some of the zones are narrow,the high grades may support an eventual underground exploitation."
QA/QC Sampling and Analytical Protocols
The sampling and assaying of the drillcore included QA/QCprotocols to monitor for potential contamination, precision and accuracyof results including the regular submission of field blank standards,certified reference standards and field duplicate split core samples.Samples were assayed using a 50 g fusion with AAS finish with samplepulps routinely re-assayed. Samples exceeding the AAS threshold were re-assayed with gravimetric finish. All samples identified to containvisible gold were assayed by the Total Metallic Screen method.
Option on Goldboro Gold Property Granted to Osisko Mining Corporation
In order to acquire a 50% undivided interest in the GoldboroGold Property on or before September 29, 2013 (the Initial Option),Osisko Mining Corporation shall incur exploration and developmentexpenditures in the amount of at least $1,500,000 on or before September29, 2010; in the aggregate amount of at least $3,500,000 on or beforeSeptember 29, 2011; and in the aggregate amount of at least $8,000,000over the following two years, that is, on or before September 29, 2013.Osisko Mining Corporation may, at its sole discretion, accelerate andapply exploration and development expenditures to future years'expenditures and, accordingly, the Initial Option may be exercisedsooner. Osisko Mining Corporation shall solely fund a prefeasibilitystudy to earn an aggregate 60% interest (that is, an additional 10%interest) in the Property on or before September 29, 2015 (theAdditional Option).
About Osisko Mining Corporation
Osisko Mining Corporation owns and operates the CanadianMalartic gold mine in Quebec, Canada's largest open pit gold mine.Canadian Malartic mine represents one of the biggest permitted goldreserves in Canada, and is still growing through ongoing drilling on newmineralized zones.
About Orex Exploration Inc.
Orex Exploration Inc. is a Canadian-based junior resource andexploration company trading under the symbol OX on the TSX VentureExchange and O5D on the Frankfurt Stock Exchange. The Company holds a100% interest in the Goldboro Gold Project in Nova Scotia.
The technical information contained in this news releasehas been reviewed by Mr. Bruce Mitchell, P. Geo., Senior ProjectGeologist to Orex, and a Qualified Person under National Instrument43-101 regulations.
Neither the TSX Venture Exchange nor itsregulation services provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this news release. The statements made in this news releasethat are not historical facts are "forward-looking statements" andreaders are cautioned that any such statements are not guarantees offuture performance, and that actual developments or results, may varymaterially from those in these "forward-looking" statements.