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NGEx Announces Start of Josemaria and Filo del Sol Drill Programs and Completion of GJ Program
Published : December 18, 2012
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Keywords :   Argentina | Canada | Chile | Copper | Diamond | Gold | Japan | Market | Oil | Silver |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2012) - NGEx Resources Inc. (News - Market indicators) ("NGEx" or the "Company") is pleased to announce that drilling has started at the Josemaria and Filo del Sol Projects located in San Juan Province, Argentina. Drilling has started with one Diamond drill rig at each project with an additional rig scheduled to be added to each project in the next few weeks. Six drill rigs continue to work at the nearby Los Helados Project where drilling began in October. An additional rig has begun testing some promising early stage exploration targets located between Josemaria and Los Helados. Porphyry copper deposits often occur in clusters controlled by major regional structures and the targets to be tested are areas of porphyry-style alteration along the regional trend between Josemaria and Los Helados- see attached photo. The Company now has a total of 9 Diamond drill rigs working in the four project areas. See attached map for project locations. Drilling is expected to continue through the Southern Hemisphere summer until at least April, 2013.

Josemaria, Argentina

The planned drill program at Josemaria will focus on following up the previously announced intercepts of high grade copper-gold mineralization intersected on the northern boundary of the current resource. Drilling will step out in approximately 100 meter intervals from JMDH 49 which intersected 172 meters of 1.33% copper and 0.36 g/t gold and JMDH 50 which intersected 182 meters of 1.06% copper and 0.31 g/t gold - see May 23, 2012 and July 16, 2012 News Releases for details. An initial 5,000 meters has been budgeted for this step out program with a provision to expand the program contingent on results. Josemaria has a previously announced Inferred Mineral Resource(i) at a base case 0.30% copper cutoff of 460 million tonnes of 0.39% copper and 0.3 grams/tonnes gold. An updated resource estimate which will include the 19,220 meters of infill drilling completed earlier this year, is expected to be completed in the next few weeks.

Filo del Sol Project, Argentina

Drilling at Filo del Sol will focus on following up and better defining the zone of high grade copper and silver mineralization intersected in 2012 by FSDH02 (36.0 meters of 0.53% Cu, 0.38 g/t Au, and 393.7 g/t Ag) and FSDH-03 (97.6 meters of 1.45% Cu, 0.27 g/t Au, and 16.3 g/t Ag; including 24 meters of 3.41% Cu, 0.29 g/t Au, and 9.3 g/t Ag) as well as several other previous holes. This zone appears to be relatively flat lying, with a minimum strike length of 1,000 metres. Filo del Sol is a high-sulphidation copper-gold-silver target that is superimposed on a porphyry copper system at depth. Copper mineralization in the upper part of the system occurs as chalcanthite, a soluble copper sulfate mineral. This transitions at depth to disseminated and veinlet controlled sulphides including pyrite, enargite, chalcopyrite, and occasional covellite, and chalcocite. The high-sulphidation epithermal part of the system contains appreciable gold and silver. Porphyry-style copper and gold mineralization has been intersected at depth and lateral to the high-sulphidation mineralization. Filo del Sol is a very large system, with minimum dimensions of the alteration zone extending approximately 2.8 kilometres in a north-south direction and 1 kilometre in an east-west direction. Drilling to date has tested only a portion of the overall system.

Los Helados-Josemaria Trend

Drilling is also underway to test a number of early stage exploration targets located along a regional trend between Los Helados and Josemaria. Previous exploration work has identified several areas with strong porphyry-style alteration and anomalous copper and gold geochemistry that may represent additional porphyry centers.

Wojtek Wodzicki, President and CEO of the Company, commented; "We are very pleased that this season's exploration program on the Company's core South American Projects is underway and progressing very well. Improvements that we made to our field camps last year paid off and allowed us to start drilling about two months earlier than we had in the past. We feel that we have excellent additional exploration potential at all three projects and we have an aggressive drill program planned to test that potential over the next six months. We are anticipating an exciting year for the Company as we work to add to our already substantial copper, gold, and silver resource base."

To view the maps accompanying this press release please click on the following link:

GJ Project, Canada

The Company has been notified by its partner and project operator Teck Resources Limited ("Teck") that final results from the 2012 exploration program on the GJ project located in northwestern British Columbia, have now been received. Work completed during the year included 4,000 metres of Diamond drilling in 8 holes, ground geophysics including magnetics and Induced Polarization (IP) and airborne (ZTEM) geophysical surveys, soil sampling and re-logging of historic drill core. The objectives of the program were to advance several outlying early stage target areas, and to re-log drill core from the Donnelly deposit.

Drill holes targeted IP chargeability anomalies in the Wolf, Seestor and Waterfall areas. Only weakly anomalous copper-gold mineralization was encountered in the drilling, however the re-logging program helped identify several target areas adjacent to and at depth beneath the current resource area that are considered prospective for adding to the known resource. These areas are being considered for drill testing in 2013.

GJ is a large copper-gold porphyry system located 25 km from and in a similar geological setting to the Red Chris deposit which is currently under construction. The Donnelly deposit contains a Measured and Indicated resource at a 0.2% copper cutoff of 153 million tonnes grading 0.32% copper and 0.37 g/t gold plus an Inferred resource of 23 million tonnes grading 0.26% copper and 0.31 g/t gold(ii). Teck is earning up to a 75% interest in the GJ project under a previously announced option agreement (see news release dated August 16, 2010).

Josemaria, Filo del Sol, and Los Helados are large copper-gold (silver) systems located on a contiguous land package that the Company holds in San Juan Province, Argentina and adjacent Region III in Chile. Los Helados and Filo del Sol are part of a joint venture in which the Company holds 60% and Pan Pacific Copper Co., Ltd. holds 40%. Josemaria is part of a joint venture in which the Company holds 60% and Japan Oil, Gas and Metals National Corporation (JOGMEC) owns 40%.

(i) Technical Report: Preliminary Resource Estimate Update for the Josemaria Project, San Juan Province, Argentina dated November 20, 2007 for details on the Josemaria resource. The report is available on the Company's website or

(ii) Technical Report: Technical Report on the GJ Copper-Gold Porphyry Project dated April 30, 2007 for details on the Donnely deposit resource. The report is available on the Company's website or An update to the resource was subsequently disclosed by the Company in a news release dated October 7, 2008, also available on the Company's website.

On behalf of the board

Wojtek Wodzicki, President and CEO

Qualified Person and Assay Methods

Mr. Bob Carmichael, B.A.Sc, P.Eng., is the Qualified Person as defined by National Instrument 43-101. Mr. Carmichael is Vice President, Exploration for the Company and has reviewed and approved the technical information contained in this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of NGEx Resources Inc. Forward-looking statements include, but are not limited to, statements with respect to the estimation of commodity prices, mineral reserves and resources, the realization of mineral reserve estimates, capital expenditures, costs and timing of the development of new deposits, the success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining activities, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof. All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks and uncertainties relating to, among other things, changes in commodity prices, currency fluctuation, financing, unanticipated reserve and resource grades, infrastructure, results of exploration activities, cost overruns, availability of materials and equipment, timeliness of government approvals, taxation, political risk and related economic risk and unanticipated environmental impact on operations as well as other risks and uncertainties described under "Risks Factors" in the Company's Annual Information Form available under the Company's profile at and the Company's website.

Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking statements contained in this document are qualified by these cautionary statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and other to get a better understanding of the Company's operating environment. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

NGEx Resources Inc.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
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Ngex Resources Inc.

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Ngex is an exploration zinc and gold company based in Canada.

Ngex holds various exploration projects in Colombia.

Its main exploration properties are CERRO CUADRADO, FILO DEL SOL and JOSEMARÍA in Argentina, MOULE and NYIEME in Burkina Faso, ZYMO and GJ KINASKAN in Canada, LINQUE 1, LINQUE 2, TALADRO 1 and TALADRO 2 in Peru, LOS HELADOS in Chile, HAMBOK in Eritrea and MANDÉ and PIEDRANCHA in Colombia.

Ngex is listed in Canada. Its market capitalisation is CA$ 281.5 millions as of today (US$ 211.1 millions, € 197.6 millions).

Its stock quote reached its lowest recent point on February 06, 2009 at CA$ 0.21, and its highest recent level on September 23, 2011 at CA$ 4.00.

Ngex has 205 470 000 shares outstanding.

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Financings of Ngex Resources Inc.
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11/23/2015NGEx Announces Significant Increase in Resource at Filo Del ...
11/13/2015NGEx Reports Third Quarter 2015 Results
11/4/2015Skeena Acquires GJ Copper-Gold Project
10/13/2015NGEx Update on Los Helados and Josemaria Integrated Study an...
10/6/2015Skeena Acquires GJ Copper-Gold Project
10/5/2015NGEx Announces Sale of Its 49% Interest in the GJ Project
8/18/2015NGEx Resources, Inc. Earnings Q2*, 2015
8/7/2015NGEx Reports Second Quarter 2015 Results
5/7/2015NGEx Reports First Quarter 2015 Results
4/16/2015NGEx Drills 42 Metres of 1.13 g/t Gold and 145.6 g/t Silver ...
2/19/2015NGEx Drills 72 Metres of 339 g/t Silver at Filo Del Sol Proj...
2/19/2015NGEx 2014 Financial and Operational Highlights
12/31/2014NGEx Updated Share Capital and Voting Rights
12/19/2014NGEx Files Technical Report on Maiden Resource Estimate for ...
12/2/2014NGEx Reports Initial Filo del Sol Inferred Resource Containi...
11/28/2014Updated Share Capital and Voting Rights for NGEx
11/25/2014NGEx Files Technical Report on Los Helados
11/11/2014NGEx Reports Third Quarter 2014 Results
10/31/2014Updated Share Capital and Voting Rights for NGEx
10/23/2014NGEx Acquires 100% Interest in Filo Del Sol
10/20/2014NGEx Announces Positive Result of Preliminary Economic Asses...
8/7/2014NGEx Reports Second Quarter 2014 Results
6/30/2014NGEx Announces Updated Share Capital and Voting Rights
6/13/2014NGEx to Commence Trading on NASDAQ OMX Stockholm on June 19,...
6/12/2014NGEx Announces Election of Directors
6/4/2014NGEX Intends to Undertake CAD $30 Million Private Placement
5/6/2014NGEx Reports First Quarter 2014 Results
4/30/2014NGEx Drills 7.59% Copper Over 10 Metres and 314.5 g/t Silver...
4/24/2014NGEx Resources Inc.: Final Josemaria Drill Results
10/1/2013Announces Significant Increase in Resource at Josemaria
9/19/2013(Los Helados)Announces Updated Mineral Resource Estimate for Los Helados ...
8/19/2013MANAGEMENT UPDATE - News Release
7/17/2013(Los Helados)Intersects 0.46% Copper Equivalent Over 1,147 Metres at Los ...
7/8/2013Intersects 0.85% Copper Equivalent Over 250 Metres, Continue...
5/23/2013(Filo Del Sol)Intersects 38.1 Metres at 1.23% Copper Expanding High Grade ...
5/9/2013Announces Annual and Special Meeting and Updates By-Laws
4/23/2013(Los Helados)Intersects 1.06% Copper Equivalent Over 304 Metres at Los He...
3/25/2013Intersects 0.78% Copper Equivalent Over 230 Metres and Expan...
1/10/2013Announces Substantial Increase in Mineral Resource Estimate ...
12/18/2012(Filo Del Sol)Announces Start of Josemaria and Filo del Sol Drill Programs...
11/8/2012(Los Helados)Announces Start of Los Helados Drill Program
10/15/2012(Los Helados)Announces Initial Mineral Resource Estimate and Metallurgica...
10/15/2012(Los Helados)Announces Initial Mineral Resource Estimate and Metallurgica...
10/10/2012(Hambok)Announces Closing of Hambok Sale
8/23/2012on GJ Copper Gold Project 2012 Exploration Program
8/7/2012(Filo Del Sol)Intersects 385 Metres at 0.68% Copper Equivalent at Filo del...
7/26/2012(Los Helados)Intersects 0.55% Copper Equivalent Over 1,014 Metres at Los ...
7/16/2012Intersects 1.27% Copper Equivalent Over 182 Metres and Expan...
6/19/2012(Filo Del Sol)Intersects 1.45% Copper Over 97.6 Metres and 393.7 g/t Silve...
5/23/2012Announces Josemaria Drill Results Including 172 Metres at 1....
5/2/2012on BNN today at 11:50 Toronto time
4/27/2012(Los Helados)Intersects 1,090 Metres at 0.69% Copper Equivalent at Los He...
4/12/2012Announces Divestment of Caballlo Blanco Royalty to Goldgroup...
3/28/2012Announces Initial Drill Results From Josemaria Copper-Gold P...
2/10/2012Corporate Update
1/17/2012Signs Agreement With Namibian Copper on Eritrean Base Metal ...
12/13/2011Announces 141.2 Metres of 0.38% Cu and 0.53 g/t Au From GJ C...
11/28/2011Commences 2011-2012 Drill Program on Josemaria Copper/Gold P...
10/28/2011Closes CDN$27 Million Private Placement
10/11/2011Announces $27 Million Private Placement
7/20/2011Announces Start of 2011 Exploration Program at GJ Copper Gol...
2/22/2011(Los Helados)Drills 711 Metres 0.54% Copper and 0.26 Grams/Tonnes Gold at...
2/15/2011Announces Major Exploration Programs Underway in South Ameri...
2/16/2010Granted Exploration Licenses in the Republic of Congo
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