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Orex Amends Barsele Acquisition Agreement to Defer Cash Payment and Accelerate Share Payments
Published : May 03, 2013
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 3, 2013) - Orex Minerals Inc. ("Orex" or the "Company") (News - Market indicators) -  

Orex is pleased to announce that it has agreed with Northland Resources S.A. ("Northland") to defer payment of US$1.75 million of the US$2 million payment due to Northland on April 29, 2013 under the Barsele property acquisition agreement dated March 22, 2011 (the "Barsele Agreement").

Under its amended agreement with Northland, Orex will pay Northland US$250,000 upon receipt of TSX Venture Exchange approval for the amendment, and has until December 31, 2013 to finance the remaining US$1.75 million of the US$2 million cash payment owed to Northland.

The Barsele Agreement provided that Orex is to pay Northland two further payments of US$1 million each in 2014 and 2015, each payable in Orex common shares. In exchange for Northland's agreement to defer the majority of the cash payment due to it, Orex has agreed to accelerate these two share payments and issue 4 million common shares of Orex to Northland at a deemed price of US$0.50 per common share, satisfying these obligations which total US$2 million. 

Orex's CEO Gary Cope said "We appreciate Northland accommodating our request for an amendment to the Barsele agreement. Deferring the majority of the cash payment due to Northland gives the Company an opportunity to seek financing to complete its obligations under the Barsele Agreement on better terms than are currently available in the depressed world market conditions for financing we are experiencing."

The amendment to the Barsele Agreement is subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope, President

Orex Minerals Inc.

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 and Sweden.

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Orex relies upon litigation protection for forward-looking statements.

For further information visit our website at www.orexminerals.com

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 release.

Orex Minerals Inc.
Patrice Nazareno
604.687.8566
604.687.6365 (FAX)
info@orexminerals.com
www.orexminerals.com
Data and Statistics for these countries : Mexico | Sweden | All
Gold and Silver Prices for these countries : Mexico | Sweden | All

Orex Minerals Inc.

EXPLORATION STAGE
CODE : REX.V
ISIN : CA68616X1006
CUSIP : 68616Q
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Orex Minerals is an exploration silver and gold company based in Canada.

Orex Minerals holds various exploration projects in Mexico.

Its main exploration properties are EL TIGRE, LAS SORPRESAS and PAMEL in Peru, BARSELE in Sweden and CONETO, SANTA CRUZ and LAS MESAS DURANGO in Mexico.

Orex Minerals is listed in Canada. Its market capitalisation is CA$ 19.3 millions as of today (€ 17.2 millions).

Its stock quote reached its lowest recent point on December 19, 2008 at CA$ 0.05, and its highest recent level on August 12, 2016 at CA$ 1.38.

Orex Minerals has 113 430 000 shares outstanding.

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Financings of Orex Minerals Inc.
1/16/2015Announces Private Placement
9/25/2013Announces Non-Brokered Private Placement
9/6/2013Announces Private Placements
4/26/2013Closes Non-Brokered Private Placement
2/18/2013Announces Non-Brokered Private Placement
9/24/2012Closes Non-Brokered Private Placement
9/29/2008=?windows-1252?Q?OREX_ANNOUNCES_$1,200,000_NON-BROKERED_PRIV...
6/2/2008Announces $5,302,500 Brokered Private Placement
Option Grants of Orex Minerals Inc.
4/11/2013Engages Communications and Investor Relations Consultant
10/30/2012Ends Investor Relations Agreement
Project news of Orex Minerals Inc.
6/11/2015(Barsele)and Agnico Eagle Complete Joint Venture Transaction on Orex'...
4/22/2015(Coneto)Fresnillo Restarts Diamond Drilling on the Coneto Gold-Silve...
3/19/2015(Coneto)Fresnillo Proceeds to Phase-IV Diamond Drilling on the Conet...
2/23/2015(Barsele)and Agnico Eagle sign a Letter of Intent for a Joint Venture...
12/8/2014(Coneto)Drilling Extends Loma Verde and Promontorio Veins on the Con...
10/7/2014(Coneto)Drilling Continues at Depth on the Coneto Gold-Silver Projec...
10/21/2013(Barsele)Minerals Inc. Closes Amended Barsele Acquisition
10/3/2013(Barsele)Announces Completion of Barsele Acquisition
5/3/2013(Barsele)Amends Barsele Acquisition Agreement to Defer Cash Payment a...
3/25/2013(Coneto)Minerals Inc.: Third Drilling Rig Added to the Coneto Gold-S...
10/9/2012(Coneto)and Fresnillo Add Second Drilling Rig To Coneto Silver-Gold ...
8/27/2012(Coneto)and Fresnillo Commence Drilling at Coneto Silver-Gold Projec...
7/23/2011(Barsele)Orex Completes Airborne Geophysical Survey Over The Barsele ...
5/9/2011(Barsele)Initiates Airborne Geophysical Survey Over Barsele Gold Proj...
5/2/2011(Barsele)Minerals Completes Purchase of Barsele Gold Project
3/31/2011(Las Mesas Durango)Diamond Drilling has Started on Orex’s “Las Mesas” Gold-Silv...
3/23/2011(Barsele)Signs Final Agreement to Acquire Barsele Gold Project
8/9/2010(Coneto)Extends Gold and Silver in the Loma Verde Sector of the Cone...
7/6/2010(Coneto)Progress Report on Orex's Drilling Program at the Coneto Gol...
4/27/2010(Coneto)Diamond Drilling to Commence on Orex’s Coneto Gold-Silver Pr...
2/9/2010(Coneto)Awards Diamond Drilling Contract to Major Drilling for the C...
1/11/2010(Coneto)Expands Mineral Concessions at Coneto Project Request for Pr...
11/17/2009(Coneto)Coneto Project Yields High Gold and Silver Values
4/8/2009(Santa Cruz)hits 6 kilograms Silver per tonne over 1.1 metres on Zambran...
Corporate news of Orex Minerals Inc.
7/12/2016Orex Minerals Inc. Joins the OTCQX Market in the United Stat...
7/12/2016Orex Starts a 3,000 Metres Drilling Program on the Sandra Es...
7/12/2016OTC Markets Group Welcomes Orex Minerals Inc. to OTCQX
6/27/2016Orex Awards a Contract for Metallurgical Testing on the Sand...
6/20/2016A 5,000 Metres Diamond Drilling Program will be Conducted on...
6/13/2016Orex has Received a $US 2 Million Payment from Agnico Eagle ...
5/31/2016Orex Hits Silver in a Step-Out Hole 350 Metres West of the M...
5/24/2016Orex Continues to Hit Silver on the Sandra Escobar Project i...
5/13/2016Orex Grants Stock Options
1/30/2016Orex Grants Stock Options
1/25/2016Orex Hits 61 Metres Grading 359 g/t Silver from Surface at t...
12/10/2015Drilling initiated at the Sandra Escobar Silver Project in D...
11/24/2015Orex has awarded an initial 2,000 Metres Drilling Contract f...
11/9/2015Orex Confirms Silver Mineralization on the Sandra Escobar Si...
10/30/2015Orex Grants Stock Options and Applies to Extend Warrants
9/25/2015Orex and Barsele Announce Completion of the Spin Out of Orex...
9/24/2015Fresnillo has Completed $6 Million Investment in the Coneto ...
9/23/2015Orex Shareholders, Optionholders and Warrantholders Vote in ...
9/18/2015Orex Closes Non-Brokered Private Placement
9/15/2015Orex Options the Sandra Escobar Silver-Gold Project in Duran...
8/10/2015Multiple Structures Yield High Grade Gold-Silver in Step Out...
8/6/2015Orex Executes Definitive Agreement to Spin Out Its Interest ...
8/6/2015IIROC Trading Resumption - REX
8/6/2015IIROC Trading Halt - REX
7/24/2015Orex Applies to Extend Warrants
7/3/2015Orex Grants Stock Options
6/26/2015Orex grants stock options
6/11/2015Orex and Agnico Eagle Complete Joint Venture Transaction on ...
4/24/2015Barsele Project Update
2/23/2015Orex and Agnico Eagle sign a Letter of Intent for a Joint Ve...
2/23/2015Orex and Agnico Eagle sign a Letter of Intent for a Joint Ve...
1/19/2015Orex Closes Non-Brokered Private Placement
1/16/2015Orex Announces Private Placement
12/19/2014Orex Reports Balance of Drilling Results from 2014 Fieldwork...
12/19/2014Orex Reports Balance of Drilling Results from 2014 Fieldwork...
12/19/2014Reports Balance of Drilling Results from 2014 Fieldwork on t...
12/9/2014Orex Commences Drilling on the Los Crestones Gold-Silver-Cop...
12/9/2014Orex Commences Drilling on the Los Crestones Gold-Silver-Cop...
12/8/2014Drilling Extends Loma Verde and Promontorio Veins on the Con...
12/8/2014Drilling Extends Loma Verde and Promontorio Veins on the Con...
11/18/2014Drilling Continues to the Southeast on the Coneto Gold-Silve...
11/14/2014Orex Concludes 2014 Fieldwork on the Jumping Josephine Gold-...
11/14/2014Orex Concludes 2014 Fieldwork on the Jumping Josephine Gold-...
11/14/2014Concludes 2014 Fieldwork on the Jumping Josephine Gold-Silve...
10/15/2014Orex has awarded a 5,000 Metre Drilling Contract for the Los...
10/15/2014Orex has awarded a 5,000 Metre Drilling Contract for the Los...
10/15/2014has awarded a 5,000 Metre Drilling Contract for the Los Cres...
9/10/2014Orex Grants Stock Options
8/21/2014Fresnillo Proceeding to Second Option Stage on Coneto Projec...
9/18/2013Minerals Inc. (TSX.V:REX) Closes $2-Million Private Placemen...
8/20/2013Minerals Inc.: Additional Gold and Silver Results Received f...
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7/3/2013Options Claims Strategically Located Near Colorado Resources...
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3/18/2013Letter from the President
2/13/2013and Astral Announce Completion of Arrangement
2/1/2013Announces Proposed Spin Out
1/21/2013Astral Announces Annual General and Special Meeting
1/7/2013(Coneto)=?windows-1252?Q?Orex_reports_2.7_Metres_Grading_840_g/t_Sil...
12/10/2012and Astral Announce Signing of Arrangement Agreement
12/3/2012(Barsele)Files an Updated Resource Estimate for Barsele Gold Project,...
12/3/2012(Barsele)Files an Updated Resource Estimate for Barsele Gold Project,...
11/21/2012(Barsele)=?windows-1252?Q?Orex_Announces_43%_Increase_in_Indicated_Mi...
11/7/2012(Coneto)=?windows-1252?Q?Orex_reports_10_Metres_Grading_300_g/t_Silv...
11/7/2012(Coneto)Reports 10 Metres Grading 300 g/t Silver-Equivalent on the C...
10/15/2012and Astral Announce Merger by way of Plan of Arrangement
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7/18/2012=?windows-1252?Q?Orex_and_Fresnillo_Award_a_12,000_Metre_Dia...
4/20/2012BTV Profiles Orex Minerals Inc.
2/22/2012(Barsele)=?windows-1252?Q?Orex_Provides_Results_for_the_First_Diamond...
2/2/2012(Coneto)=?windows-1252?Q?Orex_Minerals_Inc._and_Fresnillo_Plc_Sign_A...
1/4/2012(Barsele)=?windows-1252?Q?Orex_Provides_Update_on_Drilling_at_Barsele...
11/9/2011(Barsele)=?windows-1252?Q?Orex_Initiates_Drilling_at_Barsele_Gold_Pro...
9/20/2011(Barsele)=?windows-1252?Q?Orex_Completes_First_Phase_Ground_Geophysic...
5/24/2011Engages Sigorex as New Investor Relations Consultant
4/4/2011=?windows-1252?Q?Orex_Awards_Airborne_Geophysical_Survey_Con...
3/4/2011=?windows-1252?Q?Orex_Closes_4,653,000_Unit_Non-Brokered_Pri...
3/3/2011=?windows-1252?Q?Indicated_Mineral_Resources_of_382,000_gold...
5/4/2010Commences drilling on the Coneto Gold-Silver Project
8/31/2009Geological Work Commences on Coneto Silver-Gold Project in M...
7/16/2009Signs Letter of Intent to Purchase 100% of Core Claims in Co...
9/2/2008Commencement of Production at Santa Cruz
5/12/2008Completes Mill Upgrading
1/31/2008Orex Minerals Provides Santa Cruz Project Update
11/19/2007Work Program Underway on Santa Cruz Property
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