Vancouver, B.C. - Orex Minerals Inc. - (REX: TSX-V) is pleased to announce it has signed a "letter of intent" to purchase 100% of the core mineral concessions within the Coneto silver-gold mining camp in Durango State, Mexico. This agreement, with a number of private Mexican mining companies, gives Orex a strategic position in an important historic mining camp, with multiple targets for exploration.
Gary Cope, President of Orex, says; "Coneto has been on our "wish list" for the past several years. We are very excited about this pending acquisition of the key concessions and are looking forward to the commencement of exploration."
Located in the Mesa Central on the eastern flank of the Sierra Madre Occidental Mountains, Coneto is centrally positioned in the "Mexican Silver Trend". This silver trend, stretching from Guanajuato in the southeast, through the states of Zacatecas and Durango, hosts some of the world's largest silver deposits, including: Real de Angeles, Zacatecas, Fresnillo, La Preciosa, and La Pitarilla mining camps.
Orex management and technical personnel have significant experience working in the Mexican Silver Trend, particularly at La Preciosa-a major silver-gold discovery seventy kilometres southeast of Coneto, in the same geologic setting. La Preciosa is one of the world's largest undeveloped primary silver deposits.
Coneto is a mining camp, consisting of approximately 3,300 hectares of claims, with a history going back over 400 years, to the days of the Conquistadores. More than 30 epithermal silver-gold quartz veins have been documented in a window of exposed Tertiary Lower Volcanic andesites. Past underground production was achieved on three of the veins down to the water-table. Very little diamond drilling has been carried out within the property and in spite of its long history of episodic production, Coneto is a very under-tested mining camp with excellent exploration potential.
The pending purchase agreement will provide for a 100% transfer of the core mineral concessions in exchange for 11 million common shares of Orex. The property is subject to a 2.5% NSR royalty payable to the venders, such royalty reduced to 1.5% on payment of a lump sum of US$1 million.
The agreement is subject to the approval of the TSX Venture Exchange, and the issued shares will be subject to a four-month and a day resale restriction under applicable securities laws in Canada and any other resale restrictions that may be imposed by the TSX Venture Exchange.
Ben Whiting, P.Geo., is the Qualified Person and takes responsibility for the technical disclosure in this news release.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
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. Orex relies upon litigation protection for forward-looking statements.
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.
You can view the Next News item: Fri Jul 17, 2009, Orex Announces Grant Of Options
You can view the Previous News item: Thu Jun 25, 2009, Orex Completes Phase-I Diamond Drilling at Santa Cruz
You can return to the main News page, or press the Back button on your browser.