NEWS RELEASE
DOREX MINERALS & BELMONT RESOURCES DRILLING PROGRESS ON LUMBY/BUFO PROPERTY
Dorex Minerals Inc. (TSX.V-“DOX”) or (the “Company”) with Belmont Resources Inc. (TSX.V–“BEA”) or (“Belmont”) have completed the first three holes totaling 942 meters of the proposed eight hole -2,450 meter drilling program on 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 first drill target consisting of three holes is focused on testing an 800-meter long Max Min and VLF EM conductor under the north portion of Bufo Lake located on the west part of the property.
Hole #1 (BB-10-6) was drilled to a depth of 269 meters. The drill hole exceeded its objective of explaining the cause of the conductor and identified a wide zone of silicified pillowed volcanic rocks containing abundant quartz and quartz-calcite veining containing variable amounts of disseminated and seams of sulphides. 41 samples have been delivered to Accurassay Labs in Thunder Bay for analysis. We are analyzing for Au via fire assay + AA finish, Ag via AA, and 34 multi-elements.
Hole #2 (BB-10-7) was drilled to a depth of 376 meters, and encountered continuous mineralization beyond the 100-meter depth in similar geology to BB-10-6. 159 samples have been delivered to Accurassay Labs.
Hole #3 (BB-10-8) was drilled to a depth of 297 meters. The hole is still being logged and sampled.
Assay results will be released from these holes, once they are compiled.
The Company is now moving the drill to the second target area (2 holes) in the south part of Bufo Lake between the spring 2010 drilling of holes BB-10-01 and –04. In preparation for the drill set up for Hole #4 (BB-10-9), the site preparation work exposed a new iron (Fe) carbonate alteration zone (about 3+ meters wide). This new Fe carbonate zone appears to parallel others in the area and suggests a potentially much wider gold system than previously known. A float boulder previously located in the area contained gold bearing Fe carbonate alteration, which assayed 2.33 oz/ton.
To earn an initial 49% interest in the Property, Dorex will complete $1,500,000 in exploration expenditures by December 31, 2011 of which $500,000 must be incurred by February 28, 2011. Dorex may increase its interest to 60% by incurring further exploration and payments to Belmont (see NR –November 15, 2010). Dorex Minerals Inc. has granted a total of 1,200,000 stock options to its directors, officers and consultants pursuant to Dorex’s stock options plan. The options have an exercise price of
.30 per share and an expiry date of Dec. 9, 2015.
The Lumby-Bufo Property is contiguous with and on strike to the north-northeast with the 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 NI 43-101 compliant Inferred Resource estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8 g/t gold, using a 0.3 g/t Au cutoff).
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.
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.
Further information about Dorex can be obtained from the website www.dorex.ca