OREX: Update on Drilling Campaign at Goldboro
June 08 2011 - 9:18AM
Marketwired
OSISKO MINING CORPORATION ("Osisko") and OREX EXPLORATION INC. (TSX
VENTURE: OX)(FRANKFURT: O5D) would like to provide shareholders
with an update on the exploration drilling campaign at Orex's
wholly-owned Goldboro Gold Property. As previously announced,
drilling began in April 2011 on a 750-metre gap from East Goldbrook
to the east property boundary, with drill holes on three sections
spaced 250 metres apart. A total of six drill holes (OSK11-01 to
OSK11-06), representing 1,610 metres of drilling, were recently
completed at East Goldbrook.
Samples from these first six drill holes have been submitted to
ALS Chemex for assaying. As soon as the Company receives results
from the lab, this information will be communicated to
shareholders.
Drilling has begun on the 600-metre long gap between West
Goldbrook and Dolliver Mountain, where three drill holes are
planned spaced 200 metres apart. The Company expects that this
current phase of drilling will be completed in June 2011.
Option on Goldboro Gold Property Granted to Osisko Mining
Corporation
In order to acquire a 50% undivided interest in the Goldboro
Gold Property on or before September 29, 2013 (the Initial Option),
Osisko Mining Corporation shall incur exploration and development
expenditures in the amount of at least $1,500,000 on or before
September 29, 2010; in the aggregate amount of at least $3,500,000
on or before September 29, 2011; and in the aggregate amount of at
least $8,000,000 over the following two years, that is, on or
before September 29, 2013. Osisko Mining Corporation may, at its
sole discretion, accelerate and apply exploration and development
expenditures to future years' expenditures and, accordingly, the
Initial Option may be exercised sooner. Osisko Mining Corporation
shall solely fund a prefeasibility study to earn an aggregate 60%
interest (that is, an additional 10% interest) in the Property on
or before September 29, 2015 (the Additional Option).
About Osisko Mining Corporation
Osisko Mining Corporation is currently moving towards commercial
production at the new Canadian Malartic gold mine in Quebec and is
evaluating adjacent areas for its large-scale open pit, bulk
tonnage mining operation. The Canadian Malartic deposit currently
represents one of the biggest permitted gold reserves in Canada,
and is still growing through ongoing drilling on new mineralized
zones.
About Orex Exploration Inc.
Orex Exploration Inc. is a Canadian-based junior resource and
exploration company trading under the symbol OX on the TSX Venture
Exchange and O5D on the Frankfurt Stock Exchange. The Company holds
a 100% interest in the Goldboro Gold Project in Nova Scotia.
The technical information contained in this news release has
been prepared by Mr. Bruce Mitchell, P. Geo., Senior Project
Geologist to Orex, and a Qualified Person under National Instrument
43-101 regulations.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. The statements made in this news
release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are
not guarantees of future performance, and that actual developments
or results, may vary materially from those in these
"forward-looking" statements.
Contacts: Orex Exploration Inc. Mark Billings President &
CEO (514) 296-1641 mark@marengomgt.com Leo Karabelas Frontline
Communications (905) 553-7992 www.frontlineir.com
www.orexexploration.ca