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01-Nov-10

Orex's Coneto Project Yields High Gold and Silver Values at La Bufa

Vancouver, B.C. -- Orex Minerals Inc. -- (REX: TSX-V) is pleased to present a progress report on the geological program at the Coneto gold-silver mining camp in Durango State, Mexico.
In this fourth installment of rock surface sampling, the focus is on the La Bufa sector, 2.5 kilometres northwest of the Loma Verde sector and the village of Coneto de Comonfort. An interpretation of the Phase-I drilling results at Loma Verde and Impulsora is also presented herein.
Reconnaissance surface results include La Bufa #7715 with a true width 1.5 m grading gold 0.051 g/t and silver 632 g/t for a silver-equivalent of 635 g/t, or gold-equivalent of 10.58 g/t. La Bufa #7817 yielded 1.2 m grading gold 5.654 g/t and silver 82 g/t for a silver-equivalent of 421 g/t, or gold-equivalent of 7.02 g/t.

Gary Cope, President of Orex, says; "La Bufa represents another encouraging drilling target area within the large Coneto gold-silver mining camp. Phase-I diamond drilling gave us good results in the Loma Verde and Impulsora sectors (see below) and there are multiple veins yet to be tested at Coneto. A Phase-II diamond drilling program is currently being planned."

The initial three surface sampling updates of results were published in news releases dated 17 November 2009, 11 January and 17 March 2010. The highlights in the table below are in addition to those previously released. Gold and silver vary from sector to sector on the property, thus both silver-equivalent and gold-equivalent are presented.

Surface rock sampling highlights -- August 2010

Sector

Sample

Rock

Sample

True

Au

Ag

AgEq

AuEq

Number

Type

Type

Width (m)

(g/t)

(g/t)

(g/t)

(g/t)

La Bufa

7666

VEIN

Channel

1.5

0.083

102.0

107.0

1.783

La Bufa

7700

VEIN

Channel

1.6

0.562

74.0

107.7

1.795

La Bufa

7715

VEIN

Channel

1.5

0.051

632.0

635.1

10.584

La Bufa

7805

STWK

Channel

2.0

0.076

57.0

61.6

1.026

La Bufa

7817

ANVT

Channel

1.2

5.654

82.0

421.2

7.021

La Bufa

7818

ANVT

Channel

1.2

1.891

26.0

139.5

2.324

La Bufa

7821

STWK

Channel

1.8

0.183

114.0

125.0

2.083

La Bufa

7825

STWK

Channel

1.6

0.043

103.0

105.6

1.760

La Bufa

7830

STWK

Channel

1.8

0.323

122.0

141.4

2.356

La Bufa

7833

STWK

Channel

2.0

0.322

186.0

205.3

3.422

La Bufa

7836

RHVT

Channel

1.0

2.366

98.0

240.0

3.999

La Bufa

7838

RHVT

Channel

1.0

3.480

103.0

311.8

5.197

La Bufa

7847

STWK

Channel

2.7

0.095

95.0

100.7

1.678

La Bufa

7848

STWK

Channel

1.8

1.031

63.0

124.9

2.081


n addition, upon evaluating the results of the Phase-I diamond drilling program released on 5 July and 9 August 2010, two sectors stand out and are presented here for clarification.

LOMA VERDE VEIN

In the 2010 drilling on Loma Verde, 6 of the 7 drill holes exceeded the minimum thickness and grade cut-offs of > 1.5 m thick and > 100 g/t silver-equivalent.

Hole

From

To

Core Length

True Width

Au (g/t)

Ag (g/t)

Ag-Eq (g/t)

Au-Eq (g/t)

CC-10-01

184.10

192.90

8.80

7.21

0.471

165.2

193.4

3.224

CC-10-02

299.20

302.50

3.30

1.89

0.184

117.8

128.8

2.147

CC-10-03

259.30

263.00

3.70

3.03

0.583

125.1

160.1

2.668

CC-10-18

136.40

141.20

4.80

4.16

1.577

48.8

143.4

2.390

CC-10-20

144.50

148.10

3.60

3.12

0.982

291.6

350.5

5.842

CC-10-21

121.90

128.70

6.80

5.89

0.853

118.3

169.5

2.824

Wtd Average

5.17

4.22

0.797

142.4

190.2

3.170


IMPULSORA VEIN

In the 2010 drilling on Impulsora, 3 of the 4 drill holes exceeded the minimum thickness and grade cut-offs of > 1.5 m thick and > 100 g/t silver-equivalent.

Hole

From

To

Core Length

True Width

Au (g/t)

Ag (g/t)

Ag-Eq (g/t)

Au-Eq (g/t)

CC-10-11

93.00

94.70

1.70

1.54

0.658

74.0

113.5

1.892

CC-10-12

116.00

120.90

4.90

4.60

1.596

114.7

210.5

3.508

CC-10-13

78.80

80.80

2.00

1.97

1.308

102.6

181.1

3.018

Wtd Average

2.87

2.70

1.348

104.0

184.9

3.082


Maps of the geochemical program can be found on the Orex website at the following address: www.orexminerals.com

The first four sampling reports cover 752 B-horizon soil, 1,256 rock channel, 656 rock chip and 64 rock grab totaling 2,772 samples, ranging from trace to 21.20 g/t for gold and trace to 1,750 g/t for silver. SGS Mineral Services, a certified commercial laboratory in Durango, Mexico, performed 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 and rhyolite of the Tertiary Lower Volcanic Group. Sample rock type abbreviations used in this news release are ANVT andesite with quartz veinlets, RHVT rhyolite with quartz veinlets, STWK stockwork, and VEIN quartz vein.

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.

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 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.
 
 

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