Orex to Pursue Exploration Work on Goldboro Gold Project
September 29 2011 - 4:00PM
Marketwired
OREX EXPLORATION INC. (TSX VENTURE: OX)(FRANKFURT: O5D) and OSISKO
MINING CORPORATION (TSX: OSK)(FRANKFURT: EWX) would like to inform
shareholders that Osisko has terminated its option to acquire an
interest in the Goldboro Gold Property in Nova Scotia. As per the
terms of the agreement entered into in 2009, Osisko had to incur
exploration and development expenditures in the aggregate amount of
at least $3,500,000 on or before today, September 29, 2011. The
management of Osisko informed Orex that this threshold had not been
reached after the most recent drilling campaign earlier this year,
and that Osisko would not be continuing further exploration or
development work at Goldboro. Hence, the option granted to Osisko
has expired.
The results from the 2010 and 2011 drilling campaigns
demonstrate the presence of gold mineralization across the 2.5-km
strike length of the Goldboro Gold Property. As outlined in our
August 11, 2011 news release, these drilling results indicate the
presence of numerous, narrow high-grade gold veins along the axis
of the Goldboro anticline. Osisko's interest in the property was
for the exploration of a bulk-tonnage, open-pit mining operation at
Goldboro. While the results from the 2010 and 2011 drilling
campaigns are encouraging, they indicate the presence of a smaller
deposit potentially minable by selective underground methods
focussed on the veins, or alternatively a relatively shallow open
pit operation, both of which are outside the scope of Osisko's
exploration and acquisition strategy.
On August 4, 2009, Orex announced Mineral Resource Estimates for
Goldboro. At a 1.5 g/t gold cut-off, there are 2,711,000 tonnes
grading 4.56 g/t gold, totalling 397,200 gold ounces in the
Measured + Indicated Resources categories, with an additional
3,438,000 tonnes grading 3.67 g/t gold, totalling 405,926 gold
ounces in the Inferred Resource category. The 2010-2011 work
program has demonstrated that mineralization extends outside the
know resource envelope at Goldboro, and Orex management believes
that the gold resources can be further developed and could
potentially be economically mined. Further work by Orex will be
focussed on developing the resources and exploring various mining
scenarios. Orex will be communicating to shareholders shortly its
plans to move forward the Goldboro Gold Project.
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 reviewed 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: Osisko Mining Corporation John Burzynski
Vice-President, Corporate Development (514) 735-7131 Sylvie
Prud'homme Manager, Investor Relations (514) 735-7131 Toll-free :
1-888-674-7563 www.osisko.com Orex Exploration Inc. Mark Billings
President & CEO (514) 296-1641 mark@atwaterfin.com
www.orexexploration.ca Leo Karabelas Frontline Communications (905)
553-7992 www.frontlineir.com