Vancouver, B.C. - Orex Minerals Inc. - (REX: TSX-V) ("Orex")
is pleased to announce that Protek Norr AB of Skellefteå Sweden has been retained to carry out a 5000-meter diamond drill program at our Barsele Gold Project (the "Project"). In this first phase of drilling, 12 to 15 holes are planned, with a completion date estimated to be mid March, 2012. The initial goal of this drilling program is infill and expansion of the known gold resource in the Central and Avan areas of the Project. It is also planned to drill test new gold and base metal targets outlined by the recent geophysical surveys within the Project.
Gary Cope, President of Orex, says, "This drilling program is the logical follow-up to the airborne and ground geophysical surveys that Orex has recently completed within the Project area. We are looking forward to a positive working relationship with Protek Norr."
The Barsele Project is located approximately 40 kilometres southeast of the town of Storuman in Västerbottens Län, a regional district of Northern Sweden, approximately 600 km due north of Stockholm.
On February 28, 2011, Orex released a NI43-101 compliant resource estimate report for Barsele. The Central-Avan-Skiråsen gold zones, at a 0.6 grams per tonne (g/t) cut-off, have an Indicated Resource of 9.97 million tonnes grading 1.19 gold g/t or 382,000 contained ounces of gold. In addition, the report has estimated an additional Inferred Resource of 21.04 million tonnes grading 0.96 gold g/t or 648,000 contained ounces of gold. In addition, an estimate has also been prepared at the Norra volcanogenic massive sulphide (VMS) deposit, at a 0.6 gold grams per tonne (g/t) cut-off, that has outlined an Indicated Resource of 110,000 tonnes grading 3.13 gold g/t, 30.27 silver g/t, 0.53% copper and 0.72% zinc. The report has also estimated additional Inferred Resources of 310,000 tonnes grading 1.62 gold g/t, 12.69 silver g/t, 0.26% copper and 0.42% zinc.
Art Freeze, P.Geo., a director of Orex, is a Qualified Person as defined in NI43-101 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 Sweden and Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, contact Orex Minerals Inc.
at (604) 687-6310,
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.
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