Orex Reports 10 Metres Grading 300 g/t Silver-Equivalent on the Coneto Gold-Silver Project in Durango, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/07/12 -- Orex Minerals Inc. (TSX VENTURE: REX) ("Orex") is pleased to announce the results of the first six holes of the 12,000 metres Phase-II diamond drilling program on the Coneto Gold-Silver Project in Durango, Mexico. A technical committee, with representation of Orex and its project partner Fresnillo PLC (LSE: FRES) ("Fresnillo"), is managing this Phase-II program.
Hole BCO-02 yielded a core length of 12.55 metres (true width 10.27 metres) grading gold 3.08 g/t and silver 138 g/t, for a gold-equivalent of 5.70 g/t, or silver-equivalent of 299 g/t.
According to Orex's President, Gary Cope, "These results confirm the strength of the Loma Verde Vein and agree with our earlier Phase-I drilling. Loma Verde remains partially open along strike and down dip. It is one of 10 principal structures to be tested at Coneto."
Several smaller mineralized veins and breccia zones were intercepted in the hanging wall of Loma Verde, which will be studied in the next few weeks. Hole BCO-05 yielded an unnamed vein of 2.95 metres (true width 2.42 metres) grading gold 2.86 g/t and silver 9 g/t for a gold-equivalent of 3.02 g/t, or silver-equivalent of 159 g/t.
Table 1. - Vein Intercepts
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From To Core True Au Ag Au-Eq Ag-Eq
Vein (m) (m) Length Width (g/t) (g/t) (g/t) (g/t)
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BCO-01
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Unnamed 9.25 10.05 0.80 0.67 0.14 77 1.61 85
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Includes 9.25 9.55 0.30 0.25 0.12 99 2.01 106
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Loma Verde 402.35 411.55 9.20 7.68 0.14 17 0.46 24
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Includes 402.35 403.70 1.35 1.13 0.07 50 1.11 53
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Includes 410.70 411.55 0.85 0.71 0.49 73 1.89 99
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BCO-02
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Loma Verde 268.45 281.00 12.55 10.27 3.08 138 5.70 299
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Includes 269.95 278.00 8.05 6.59 4.22 168 7.42 390
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Includes 269.95 274.80 4.85 3.97 4.84 222 9.06 476
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BCO-03
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Unnamed 15.75 17.15 1.40 1.18 0.11 278 5.41 284
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Unnamed 21.40 28.65 7.25 6.13 0.29 27 0.80 42
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Includes 26.20 28.65 2.45 2.07 0.51 38 1.23 64
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Includes 27.60 28.65 1.05 0.89 1.08 35 1.74 91
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Unnamed 230.10 230.50 0.40 0.34 0.49 75 1.92 101
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Loma Verde 241.00 247.25 6.25 5.29 0.70 5 0.79 42
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Includes 242.00 245.40 3.40 2.88 1.00 5 1.09 57
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Includes 244.05 244.60 0.55 0.47 1.44 5 1.52 80
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BCO-04
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Loma Verde 283.40 289.75 6.35 5.39 0.26 103 2.23 117
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Includes 283.85 286.75 2.90 2.46 0.39 134 2.94 154
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Includes 283.85 284.60 0.75 0.64 0.29 290 5.81 305
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BCO-05
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Unnamed 29.10 32.05 2.95 2.42 2.86 9 3.02 159
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Includes 29.10 31.05 1.95 1.60 4.22 13 4.46 234
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Includes 29.55 31.05 1.50 1.23 4.88 1 4.91 258
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Loma Verde 226.65 230.10 3.45 2.83 0.14 124 2.50 131
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Includes 227.75 230.10 2.35 1.93 0.17 174 3.49 183
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Includes 227.75 228.80 1.05 0.86 0.23 308 6.10 320
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BCO-06
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Loma Verde 200.90 205.15 4.25 3.20 0.42 10 0.62 32
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Includes 202.40 203.05 0.65 0.49 1.80 55 2.85 150
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Includes 202.85 203.05 0.20 0.15 3.97 84 5.57 292
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Unnamed 345.45 349.45 4.00 2.00 0.16 52 1.15 60
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Includes 345.45 346.50 1.05 0.53 0.34 150 3.20 168
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Includes 345.45 345.75 0.30 0.15 0.55 248 5.27 277
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Silver-equivalent for the purposes of this news release is defined as silver grade plus 52.5 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 52.5. The 52.5:1 ratio is based on the spot prices of silver $32/ounce and gold $1680/ounce. Metallurgical recoveries and net smelter returns are assumed to be 100% for the equivalent values. Base metal values are not included in the equivalent values.
Coneto Mining District - Durango, Mexico
The historic Coneto Mining District is situated in the heart of the "Mexican Silver Trend", stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. The trend hosts some of the world's largest silver deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles, and Zacatecas mining camps.
Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 hectares and cover more than 50 known mineralized epithermal quartz veins. The project is located in the Mesa Central, on the eastern flank of the Sierra Madre Occidental Mountains.
Ben Whiting, P.Geo, is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.
The first six holes, all in the Loma Verde sector of Coneto, are a line of holes drilled beneath the successful Phase-I drilling program (see news releases: July 6th 2010 and August 9th 2010). A drill hole location map will be available on the Orex Minerals Inc. website at www.orexminerals.com.
Table 2. - Drill Hole Locations
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Hole Northing Easting Elevation Azimuth Dip Length
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BCO-01 2,762,032.00 523,076.00 1,982.00 260 -45 443.77
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BCO-02 2,762,010.00 522,970.00 1,982.00 260 -45 350.75
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BCO-03 2,761,614.38 523,017.61 TBA 260 -45 350.00
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BCO-04 2,761,813.00 523,016.09 TBA 260 -45 338.55
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BCO-05 2,762,106.71 522,936.42 TBA 260 -45 320.25
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BCO-06 2,762,350.88 522,841.70 TBA 260 -45 350.75
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ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX VENTURE: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has two current projects: its flagship property, the Barsele Gold Project located in Sweden, and the Coneto Gold-Silver Project situated in Durango, Mexico, currently under option to Fresnillo PLC.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope, President
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 and Orex undertakes no obligation to update such statements, except as required by law.
Neither 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.
Contacts:
Orex Minerals Inc.
Gary Cope
President
(604) 687-8566
(604) 687-6365 (FAX)
info@orexminerals.com
www.orexminerals.com
