Vancouver, B.C. - Orex Minerals Inc. (formerly Orex Ventures Inc.) - REX: TSX-V wishes to provide an operational update on its Santa Cruz Project in Durango State, Mexico a joint venture with Silverex S.A. de C.V.
Located in the Sierra Madre Occidental Mountains, Otaez Municipality, midway between Tayoltita (San Dimas) and Topia mining camps, the Santa Cruz Project is in one of the World's most prolific mineral belts. Santa Cruz is an epithermal gold-silver camp divided into three structural districts. The property hosts three main gold-silver bearing districts, the Eastern, Central and Western, as well as the previously operating Santa Cruz Mine.
As of December 31st, 2007, almost 25 kilometres of interior roads have been built and refurbished at the Santa Cruz Project.
In the Eastern District, Silverex reports that all road building is complete and the area is now fully accessible for exploration and the extraction of tennantite is underway. Historical production records indicate that the tennantite operation produced material grading as high as 3,000 g/t Ag, 25 g/t Au and 30% Cu. The highly lucrative tennantite operation was not milled but hand-cobbed and sold directly to Chinese buyers. All proceeds from the tennantite operation will be split 50/50 between Silverex and Orex Minerals.
The Central District, known as Santa Cruz, is now also fully operational with all necessary roads built and refurbished with all areas open for exploration and extraction. Existing buildings used to house approximately 20 workers are also now refurbished and being utilized. Future plans for increasing infrastructure include the construction of additional housing, a new laboratory and a new core storage building.
Our joint venture partner, Silverex also reports that refurbishment and upgrading of the 90 ton per day mill at Santa Cruz is proceeding according to schedule with production testing scheduled to begin within 45 days. The test milling operation will be operated and overseen by Silverex and all proceeds from the operation to be split on 50/50 basis by the two companies.
In the Western District, all road construction and rehabilitation has been completed with the exception of 1.8 km of roads. Silverex expects to complete this work in the near future.
The Western District, which will be a major exploration target area for Orex Minerals, has vein structures that have been traced over 2.5 km of strike length. All exploration at Santa Cruz will be overseen and directed by Orex Minerals. To that end, Orex Minerals has contracted both Aerial and Ortho Photography programs. Orex Minerals in currently negotiating drill contracts with a goal of beginning a drill program in the near future to follow up on the very positive results from sampling programs conducted in 2007. The table below outlines results from Orex Minerals' 2007 sampling program:
2007 Rock Sampling Highlights (see News Release 21 June 2007)
Type (true width)
Chip - 1.50m
Chip - 2.50m
Chip - 1.00m
Chip - 1.10m
Chip - 1.50m
Chip - 1.50m
Silver-equivalent is defined as silver grade plus 60 times gold grade. Metallurgical recoveries and net smelter returns are assumed to be 100% for this purpose. Base metal values are not included in the silver-equivalent value. Analytical testing was performed by Inspectorate Labs, a certified analytical laboratory.
Ben Whiting, P.Geo., is the Qualified Person and takes responsibility for the technical disclosure in this news release.
Gary Cope, President of Orex, adds, "We are very pleased with the progress of our Joint Venture partner Silverex in moving forward the Santa Cruz Project. We believe that Santa Cruz will be an excellent combination of near term production with significant upside exploration potential."
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 northern Peru.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope President
For further information, contact Orex Minerals Inc. at (604) 684-4691 or Via email at or visit our website on line at www.orexminerals.com
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. Orko relies upon litigation protection for forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for this News Release.
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