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07-Nov-12

Orex reports 10 Metres Grading 300 g/t Silver-Equivalent on the Coneto Gold-Silver Project in Durango, Mexico

Vancouver, BC - Orex Minerals Inc. - (TSX-V: REX) ("Orex"), is pleased to announce the results of the first six holes of the 12,000 metres Phase-II diamond drilling program on the Coneto Gold-Silver Project in Durango, Mexico. A technical committee, with representation of Orex and its project partner Fresnillo PLC (LSE:FRES) ("Fresnillo"), is managing this Phase-II program.

Hole BCO-02 yielded a core length of 12.55 metres (true width 10.27 metres) grading gold 3.08 g/t and silver 138 g/t, for a gold-equivalent of 5.70 g/t, or silver-equivalent of 299 g/t.

According to Orex's President, Gary Cope, "These results confirm the strength of the Loma Verde Vein and agree with our earlier Phase-I drilling. Loma Verde remains partially open along strike and down dip. It is one of 10 principal structures to be tested at Coneto."

Several smaller mineralized veins and breccia zones were intercepted in the hanging wall of Loma Verde, which will be studied in the next few weeks. Hole BCO-05 yielded an unnamed vein of 2.95 metres (true width 2.42 metres) grading gold 2.86 g/t and silver 9 g/t for a gold-equivalent of 3.02 g/t, or silver-equivalent of 159 g/t.

Table 1. - Vein Intercepts

Vein From (m) To
(m)
Core Length True Width Au
(g/t)
Ag
(g/t)
Au-Eq
(g/t)
Ag-Eq
(g/t)
BCO-01
 
 
 
 
 
 
 
 
Unnamed
9.25
10.05
0.80
0.67
0.14
77
1.61
85
  Includes
9.25
9.55
0.30
0.25
0.12
99
2.01
106
Loma Verde
402.35
411.55
9.20
7.68
0.14
17
0.46
24
  Includes
402.35
403.70
1.35
1.13
0.07
50
1.11
53
  Includes
410.70
411.55
0.85
0.71
0.49
73
1.89
99
 
 
 
 
 
 
 
 
 
BCO-02
 
 
 
 
 
 
 
 
Loma Verde
268.45
281.00
12.55
10.27
3.08
138
5.70
299
  Includes
269.95
278.00
8.05
6.59
4.22
168
7.42
390
  Includes
269.95
274.80
4.85
3.97
4.84
222
9.06
476
 
 
 
 
 
 
 
 
 
BCO-03
 
 
 
 
 
 
 
 
Unnamed
15.75
17.15
1.40
1.18
0.11
278
5.41
284
Unnamed
21.40
28.65
7.25
6.13
0.29
27
0.80
42
  Includes
26.20
28.65
2.45
2.07
0.51
38
1.23
64
  Includes
27.60
28.65
1.05
0.89
1.08
35
1.74
91
Unnamed
230.10
230.50
0.40
0.34
0.49
75
1.92
101
Loma Verde
241.00
247.25
6.25
5.29
0.70
5
0.79
42
  Includes
242.00
245.40
3.40
2.88
1.00
5
1.09
57
  Includes
244.05
244.60
0.55
0.47
1.44
5
1.52
80
 
 
 
 
 
 
 
 
 
BCO-04
 
 
 
 
 
 
 
 
Loma Verde
283.40
289.75
6.35
5.39
0.26
103
2.23
117
  Includes
283.85
286.75
2.90
2.46
0.39
134
2.94
154
  Includes
283.85
284.60
0.75
0.64
0.29
290
5.81
305
 
 
 
 
 
 
 
 
 
BCO-05
 
 
 
 
 
 
 
 
Unnamed
29.10
32.05
2.95
2.42
2.86
9
3.02
159
  Includes
29.10
31.05
1.95
1.60
4.22
13
4.46
234
  Includes
29.55
31.05
1.50
1.23
4.88
1
4.91
258
Loma Verde
226.65
230.10
3.45
2.83
0.14
124
2.50
131
  Includes
227.75
230.10
2.35
1.93
0.17
174
3.49
183
  Includes
227.75
228.80
1.05
0.86
0.23
308
6.10
320
 
 
 
 
 
 
 
 
 
BCO-06
 
 
 
 
 
 
 
 
Loma Verde
200.90
205.15
4.25
3.20
0.42
10
0.62
32
  Includes
202.40
203.05
0.65
0.49
1.80
55
2.85
150
  Includes
202.85
203.05
0.20
0.15
3.97
84
5.57
292
Unnamed
345.45
349.45
4.00
2.00
0.16
52
1.15
60
  Includes
345.45
346.50
1.05
0.53
0.34
150
3.20
168
  Includes
345.45
345.75
0.30
0.15
0.55
248
5.27
277


Silver-equivalent for the purposes of this news release is defined as silver grade plus 52.5 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 52.5. The 52.5:1 ratio is based on the spot prices of silver $32/ounce and gold $1680/ounce. 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.

Coneto Mining District - Durango, Mexico

The historic Coneto Mining District is situated in the heart of the "Mexican Silver Trend", stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. The trend hosts some of the world's largest silver deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles, and Zacatecas mining camps.

Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 hectares and cover more than 50 known mineralized epithermal quartz veins. The project is located in the Mesa Central, on the eastern flank of the Sierra Madre Occidental Mountains.

Ben Whiting, P.Geo, is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.

The first six holes, all in the Loma Verde sector of Coneto, are a line of holes drilled beneath the successful Phase-I drilling program (see news releases: July 6th 2010 and August 9th 2010). A drill hole location map will be available on the Orex Minerals Inc. website at www.orexminerals.com


Table 2. - Drill Hole Locations

Hole Northing Easting Elevation Azimuth Dip Length
             
BCO-01 2,762,032.00 523,076.00 1,982.00 260 -45 443.77
BCO-02 2,762,010.00 522,970.00 1,982.00 260 -45 350.75
BCO-03 2,761,614.38 523,017.61 TBA 260 -45 350.00
BCO-04 2,761,813.00 523,016.09 TBA 260 -45 338.55
BCO-05 2,762,106.71 522,936.42 TBA 260 -45 320.25
BCO-06 2,762,350.88 522,841.70 TBA 260 -45 350.75


ABOUT OREX MINERALS INC.

Orex Minerals Inc. (TSX-V: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has two current projects: its flagship property, the Barsele Gold Project located in Sweden, and the Coneto Gold-Silver Project situated in Durango, Mexico, currently under option to Fresnillo PLC.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope
President

For further information, please contact Orex Minerals Inc. at (604) 687-8566,
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 and Orex undertakes no obligation to update such statements, except as required by law.

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: Wed Nov 21, 2012, Orex Announces 43% Increase in Indicated Mineral Resources to 547,000 Gold Ounces at its Barsele Gold Project, Sweden, Inferred Mineral Resources Updated to 627,000 Gold Ounces

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