|
|
OREX
EXPLORATION INC. (TSX VENTURE:OX - News; FRANKFURT:O5D - News) would like to inform
shareholders that Osisko Mining Corporation (TSX:
OSK; Deutsche Boerse: EWX) has approved a new
exploration drilling campaign at Orex's
wholly-owned Goldboro Gold Property. Osisko has advised Orex that
this drilling campaign will include 10 holes for approximately 2,500 metres of drilling on two areas of the Goldboro Gold Property. The areas to be drilled are, more
specifically: 1) a 600-metre interval between West Goldbrook
and Dolliver Mountain, where there is no record of
previous drilling due to a large bog that limits access; and 2) a 750-metre
interval from East Goldbrook to the east property
boundary. Osisko is in the process of finalizing
the budget for this campaign and negotiating with suppliers, after which it
intends to begin drilling at Goldboro in March
2011.
Four
diamond drill holes are planned on two sections spaced 200 metres (m) apart in the West GoldBrook
- Dolliver Mountain gap where there is no record of
previous drilling. At the east end of the gap, 2010 drill hole number
OSK10-09 yielded 36.5 m grading 1.07 grams per tonne
(g/t) gold (Au) and containing a 10.5 m interval grading 2.15 g/t Au at a vertical
depth between 150 m to 200 m below surface. The mineralized zone is projected
to extend up-plunge westerly towards surface in the area to be drilled (refer
to news release of June 10, 2010).
Six
drill holes are planned on 3 sections spaced 250 m apart from East Goldbrook to the east property boundary. In 2010, reverse
circulation (RC) drilling was completed along a fence of closely spaced holes
(25 to 50 metres apart) across the indicated trend
of mineralization in this area. Bedrock chip samples from 6 RC holes yielded
grades above 0.1 g/t Au, within a 250 m-wide mineralized corridor extending
eastward from East Goldbrook. Three of these RC
holes contained bedrock chip samples with grades above 1.0 g/t Au
specifically; 1.38, 10.85 and 25.65 g/t Au respectively (refer to news
release of November 18, 2010).
Mark
Billings, President and CEO of Orex, commented,
"The management of Orex is pleased that Osisko will soon begin the next drilling campaign. This
campaign will provide us with information on the previously undrilled
600-metre gap between West Goldbrook and Dolliver Mountain. In addition, the RC drilling results
of last year demonstrate that gold mineralization extends eastward from East Goldbrook, which we hope to test further with this
campaign. The two areas collectively provide nearly 1.5 km of untested strike
length."
Grant
of Stock Options
In
accordance with its stock option plan, Orex granted
on October 27, 2010:
A. to a
director, 150,000 stock options at an exercise price of $0.15 for
five years in
replacement of the 150,000 options expired on February 13,
2010.
B. to a consultant, 1,000,000
options at different prices, allocated and
vesting over a
period of 12 months per consecutive periods of three (3)
months, as follows:
a. 250,000 at an exercise price of $0.10;
b. 250,000 at an exercise price of $0.15;
c. 250,000 at an exercise price of $0.20;
and
d. 250,000 at an exercise price of $0.25.
These
options are subject to the rules of the stock option plan of Orex and to the rules and policies of the TSX Venture
Exchange.
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 developing the Canadian Malartic
gold deposit in Quebec and evaluating adjacent areas for a 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.
Alex Horvath, B.A.Sc., P. Eng., of A. S. Horvath
Engineering Inc. (Ottawa, Ontario), Technical Advisor to Orex,
who is 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.
|
|