Orex Announces New Drilling Campaign at Goldboro
08 Fevereiro 2011 - 3:27PM
Marketwired
OREX EXPLORATION INC. (TSX VENTURE: OX)(FRANKFURT: O5D) 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.
Contacts: Orex Exploration Inc. Mark Billings President &
CEO 514-296-1641 mark@atwaterfin.com www.orexexploration.ca
Frontline Communications Leo Karabelas 905-553-7992
www.frontlineir.com
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