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Orex Minerals Inc.
 
06-Jul-10

Progress Report on Orex's Drilling Program at the Coneto Gold-Silver Project

Vancouver, B.C. -- Orex Minerals Inc. -- (REX: TSX-V) presents a progress report on the Phase-I diamond drilling program at the Coneto gold-silver project in Durango State, Mexico.

The first phase of diamond drilling, consisting of 5,000 metres in 21 drill holes, is designed for reconnaissance testing in several areas of the project. All of these targets have surface values for gold and silver as previously reported. There are over 40 mineralized veins within the Coneto Project area. Drilling is being carried out at Loma Verde, Durazno, Promontorio, Impulsora, Estrella-Calaveras, and Sauce-Palma. Results for the first half of the drill holes are now available.

Gary Cope, President of Orex, says; "The Loma Verde area has given us the most encouraging results to date. There are also additional areas of the Coneto Project which will warrant further examination."

In the Loma Verde area, hole CC-10-01 yielded a true thickness of 7.21 metres grading gold 0.471 g/t and silver 165.2 g/t for a silver-equivalent of 193.4 g/t. This included 3.03 metres grading gold 0.447 g/t and silver 265.0 g/t for a silver-equivalent of 291.8 g/t. Hole CC-10-02 yielded 1.89 metres grading gold 0.184 g/t and silver 117.8 g/t for a silver-equivalent of 128.8 g/t. Hole CC-10-03 yielded 3.03 metres grading gold 0.583 g/t and silver 125.1 g/t for a silver-equivalent of 160.1 g/t.

In the Durazno area, a strong, vuggy quartz vein structure is present, but the shallow testing results suggest that the silver values may have been flushed from this part of the system. Hole CC-10-06 yielded a true thickness of 11.00 metres grading gold 0.289 g/t and silver 7.0 g/t for a silver-equivalent of 24.3 g/t. Textures suggest we may be quite high in the system and deeper drilling is needed. Hole CC-10-05 has a hanging-wall intercept which yielded 1.21 metres grading gold 0.225 g/t and silver 120.0 g/t for a silver-equivalent of 133.5 g/t.

In the Promontorio area, the style of mineralization is different from the veins further north. A broad stockwork low-grade gold zone is present at Promontorio. Hole CC-10-07 yielded a true thickness of 28.88 metres grading gold 0.234 g/t and silver 9.1 g/t for a gold-equivalent of 0.386 g/t. In addition, hole CC-10-09 cut a deeper vein which yielded 0.52 metres grading gold 0.757 g/t and silver 554.0 g/t for a silver-equivalent of 599.4 g/t.


Vein From To Core
Length
True
Width
Au
(g/t)
Ag (g/t) Ag-Eq
(g/t)
Au-Eq
(g/t)
CC-10-01                
Unnamed
176.30
177.80
1.50
1.23
0.764
97.0
142.8
2.381
Loma Verde
184.10
192.90
8.80
7.21
0.471
165.2
193.4
3.224
  Includes
188.70
192.40
3.70
3.03
0.447
265.0
291.8
4.864
  Includes
192.00
192.40
0.40
0.33
0.903
772.0
826.2
13.770
CC-10-02
 
 
 
Loma Verde
299.20
302.50
3.30
1.89
0.184
117.8
128.8
2.147
  Includes
299.20
301.00
1.80
1.03
0.185
173.4
184.6
3.075
  Includes
299.70
301.00
1.30
0.75
0.237
219.0
233.2
3.887
CC-10-03
 
 
 
Loma Verde
259.30
263.00
3.70
3.03
0.583
125.1
160.1
2.668
  Includes
259.30
260.30
1.00
0.82
0.513
345.0
375.8
6.263
CC-10-04
 
 
 
Durazno
206.50
208.90
2.40
2.26
0.864
29.8
81.6
1.361
  Includes
207.40
208.10
0.70
0.66
1.000
28.0
88.0
1.467
CC-10-05
 
 
 
Unnamed
35.10
36.50
1.40
1.21
0.225
120.0
133.5
2.225
Durazno
80.70
84.20
3.50
3.03
0.788
23.5
70.7
1.180
  Includes
81.30
82.30
1.00
0.87
1.511
22.0
112.7
1.878
CC-10-06
 
 
 
Unnamed
14.30
17.10
2.80
2.42
0.598
76.2
112.1
1.868
  Includes
15.30
16.30
1.00
0.87
0.283
158.0
175.0
2.916
Durazno
164.00
167.00
3.00
2.60
0.705
11.0
53.3
0.888
  Includes
166.00
167.00
1.00
0.87
1.274
13.0
89.4
1.491
CC-10-07
 
 
 
Promontorio
145.40
183.10
37.70
28.88
0.234
9.1
23.1
0.386
  Includes
154.60
155.60
1.00
0.77
0.461
46.0
73.7
1.228
Unnamed
222.00
227.60
5.60
4.85
0.317
7.0
26.0
0.434
  Includes
224.60
225.00
0.40
0.35
0.970
11.0
69.2
1.153
CC-10-08
Promontorio
141.50
156.00
14.50
12.56
0.103
9.3
15.5
0.256
  Includes
143.40
144.20
0.80
0.69
0.139
30.0
38.3
0.639
Unnamed
192.50
195.10
2.60
2.25
0.999
35.6
95.5
1.592
  Includes
194.00
195.10
1.10
0.95
1.903
69.1
183.3
3.055
  Includes
194.60
195.10
0.50
0.43
3.485
122.0
331.1
5.518
Unnamed
425.00
429.00
4.00
3.46
0.628
37.8
75.4
1.258
  Includes
428.00
429.00
1.00
0.87
1.018
33.0
94.1
1.658
CC-10-09
 
Promon. 1
30.30
56.80
26.50
22.95
0.271
2.5
18.8
0.314
  Includes
42.30
43.80
1.50
1.30
2.747
1.0
165.8
2.764
Promon. 2
68.70
85.80
17.10
14.81
0.146
7.9
16.7
0.278
  Includes
82.30
84.40
2.10
1.82
0.182
22.0
32.9
0.549
Unnamed
167.80
168.40
0.60
0.52
0.757
554.0
599.4
9.990
Unnamed
261.50
261.90
0.40
0.35
1.328
28.0
108.7
1.811
Unnamed
342.80
362.40
3.20
2.77
0.661
12.7
52.3
0.872
  Includes
342.80
344.10
1.30
1.13
0.911
26.0
80.7
1.344


Further drilling is underway at Impulsora, Estrella-Calaveras and Sauce-Palma and the results are to be announced at the completion of Phase-I.

A table of drilling intercept results can be found on the Orex website at the following address: www.orexminerals.com

To date, over 1,200 drill core samples have been delivered to SGS Mineral Services. SGS is a certified commercial laboratory in Durango, Mexico, performing the analytical testing by fire assay with atomic absorption finish, and multi-element inductively coupled plasma analyses. A QA/QC program is in place for sample collection through to laboratory analysis. Host rock is primarily andesite of the Triassic Lower Volcanic Group.

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 the Real de Angeles, Zacatecas, Fresnillo, La Preciosa, and La Pitarrilla mining camps.

Ben Whiting, P.Geo., is the Qualified Person as defined in NI43-101 and takes responsibility for the technical disclosure in this news release.

Silver-equivalent for the purposes of this news release is defined as silver grade plus 60 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 60. The 60:1 ratio is based on the average gold:silver price ratio over 10 years on the London Metal Exchange. 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.

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

Gary Cope
President

For further information, contact Orex Minerals Inc. at (604) 687-6310,
email info@orexminerals.com or visit our website 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 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.
 
 

You can view the Next News item: Mon Aug 9, 2010, Orex Extends Gold and Silver in the Loma Verde Sector of the Coneto Project: Mineral Concessions Expanded to over 16,000 Hectares

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