-- Further to the press release issued June 11, 2010, Orex Minerals Inc. -- (REX: TSX-V) ("Orex" ) would like to provide additional details regarding the agreement for services to be provided by Dr. Georg Hochwimmer also doing business as General Research GmbH to Orex pursuant to a consulting agreement dated June 1, 2010 (the "Agreement").
In accordance with the Agreement, Dr. Hochwimmer's duties will include supplying services relating to travel assistance, event co-ordination and logistical support for Orex's meetings in Europe.
The term of Dr. Hochwimmer's engagement is a period of one year from the date of execution of the Agreement and is renewable upon mutual agreement of Dr. Hochwimmer and Orex.
Dr. Hochwimmer will be reimbursed for any pre-approved travel expenses incurred by him in the rendering of his services under the Agreement. Orex has also granted incentive stock options to Dr. Hochwimmer to purchase 70,000 shares in the capital of Orex for a period of five years at a price of $0.90 per share. The options will vest quarterly over a period of 12 months, with all shares being fully vested by June 1, 2011.
Dr. Hochwimmer is the founder of the financial services firm General Research GmbH which for the past 10 years has provided Corporate Finance and Advisory services to the Mining and Metals Sector. He has extensive institutional and retail contacts throughout Europe and specializes in corporate and financial advice for emerging growth companies and in strategically placed financings. Dr. Georg Hochwimmer was born in 1968 in Pfarrkirchen, Germany. He studied chemistry, mechanical engineering and computer science at TU Munich and also economics at FU Hagen. He received his PhD in chemistry from TU Munich. In 2000, he founded General Research GmbH; a corporate finance and financial service firm specializing in the technology and natural resource sectors. Dr. Hochwimmer is managing director of Microdrop Technologies GmbH, a company specialized in micro systems technology and also CEO of SupraMAT Technologies AG, a consulting and investment firm focused on technology ventures.
Certain of the statements made and information contained herein, including the use of proceeds, is "forward-looking information" within the meaning of applicable Canadian securities legislation or "forward-looking statements" within the meaning the Securities Exchange Act of 1934 of the United States. Generally, these forward-looking statements or information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described under risk factors in Orex's management discussion and analysis. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. The forward-looking information contained herein is presently for the purpose of assisting investors in understanding Orex's plans and objectives and may not be appropriate for other purposes. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Orex Minerals Inc.
For further information, contact Orex Minerals Inc.
at (604) 687-6310 or via our website on line at www.orexminerals.com
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.