July 16, 2009
TSX
Venture Exchange
Trading Symbol: REX
Orex Signs Letter of
Intent to Purchase 100% of Core Claims in Coneto Silver-Gold Mining Camp in
Durango Mexico
Vancouver,
B.C. Orex Minerals Inc. (REX: TSX-V) is pleased to announce it has signed a letter of intent
to purchase 100% of the core mineral concessions within the Coneto silver-gold
mining camp in Durango State, Mexico. This agreement, with a number of private
Mexican mining companies, gives Orex a strategic position in an important
historic mining camp, with multiple targets for exploration.
Gary Cope, President of Orex, says; Coneto has been on
our wish list for the past several years. We are very excited about this
pending acquisition of the key concessions and are looking forward to the
commencement of exploration.
Located in the Mesa Central on the eastern flank of
the Sierra Madre Occidental Mountains, Coneto is centrally positioned in the
Mexican Silver Trend. This silver trend, stretching from Guanajuato in the
southeast, through the states of Zacatecas and Durango, hosts some of the world’s
largest silver deposits, including: Real de Angeles, Zacatecas, Fresnillo, La
Preciosa, and La Pitarilla mining camps.
Orex management and technical personnel have
significant experience working in the Mexican Silver Trend, particularly at La
Preciosa-a major silver-gold discovery seventy kilometres southeast of Coneto,
in the same geologic setting. La Preciosa is one of the worlds largest
undeveloped primary silver deposits.
Coneto is a mining camp, consisting of approximately
3,300 hectares of claims, with a history going back over 400 years, to the days
of the Conquistadores. More than 30 epithermal silver-gold quartz veins have
been documented in a window of exposed Tertiary Lower Volcanic andesites. Past
underground production was achieved on three of the veins down to the
water-table. Very little diamond drilling has been carried out
within the property and in spite of its long history of episodic production,
Coneto is a very under-tested mining camp with excellent exploration potential.
The pending purchase agreement will provide for a 100%
transfer of the core mineral concessions in exchange for 11 million common
shares of Orex. The property is subject to a 2.5% NSR royalty payable to the
venders, such royalty reduced to 1.5% on payment of a lump sum of US$1 million.
The agreement is subject to the approval of the TSX
Venture Exchange, and the issued shares will be subject to a four-month and a
day resale restriction under applicable securities laws in Canada and any other
resale restrictions that may be imposed by the TSX Venture Exchange.
Ben Whiting, P.Geo., is the Qualified Person and takes
responsibility for the technical disclosure in this news release.
About Orex
Minerals Inc.
Orex
Minerals Inc. is a junior mineral exploration company comprised of highly
qualified mining professionals with a focus on the exploration of prospective
gold and gold-silver properties in Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President