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25-Mar-13

Third Drilling Rig Added to the Coneto Gold-Silver Project in Durango, Mexico

Vancouver, BC -- Orex Minerals Inc. -- (TSX-V: REX) ("Orex"), is pleased to announce that a third diamond drilling rig has been added to 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. In addition, the results of the third batch of assays from the 12,000 metres Phase-II diamond drilling program are now available.

Reconnaissance drilling to date on the Coneto Project has yielded intercepts in six mineralized structures, including Loma Verde, Impulsora, La Bufa, Santo Niño, Sauces and Descubridora, identifying them as targets for delineation drilling.

Hole BCO-17 in the Descubridora vein yielded an intercept of core length of 6.45 metres (true width 4.84 metres) grading gold 0.71 g/t and silver 153 g/t, for a gold-equivalent of 3.49 g/t, or silver-equivalent of 192 g/t.

Hole BCO-28 in the Impulsora vein yielded an intercept of core length of 7.60 metres (true width 4.56 metres) grading gold 2.04 g/t and silver 12.3 g/t, for a gold-equivalent of 2.27 g/t, or silver-equivalent of 125 g/t.

According to Orex's President, Gary Cope, "We are very encouraged by the number of structures being identified in the reconnaissance drilling for additional follow-up. Coneto is indeed a very large mining district, with multiple targets."


Table 1. -- Key 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)
VGUA-15
 
 
 
 
Guadalupana
160.70
169.15
8.45
5.97
0.13
24
0.57
31
  includes
163.45
164.45
1.00
0.71
0.72
119
2.88
157
Unnamed
207.90
211.00
3.10
2.17
0.28
9
0.44
24
  includes
207.90
208.30
0.40
0.30
0.20
61
1.31
72
  includes
210.70
211.00
0.30
0.22
1.27
3
1.32
73
VSAU-16
 
Descubridora
153.75
170.05
16.30
11.52
0.24
27
0.73
40
  Includes
161.15
164.35
3.20
2.26
0.32
74
1.67
92
  Includes
161.15
162.45
1.30
0.92
0.40
118
2.55
140
VSAU-17
 
Descubridora
156.90
163.35
6.45
4.84
0.71
153
3.49
192
  Includes
158.45
159.65
1.20
0.90
1.53
631
13.00
715
  Includes
158.45
159.15
0.70
0.52
1.81
936
18.83
1,036
VSAU-18A
 
 
Sauces
164.85
172.80
7.95
5.68
0.32
64
1.48
82
  Includes
164.85
168.70
3.85
2.75
0.44
99
2.26
124
  Includes
164.85
165.45
0.60
0.43
0.57
323
6.44
354
BCO-21
 
Impulsora
283.90
292.95
9.05
6.79
1.52
10
1.71
94
  Includes
286.85
292.95
6.10
4.58
2.03
12
2.25
124
  Includes
289.50
292.10
2.60
1.95
2.81
15
3.09
170
BCO-23
 
Impulsora
76.05
87.60
11.55
8.66
0.76
5
0.85
47
  Includes
83.15
87.60
4.45
3.34
0.90
6
1.00
55
  Includes
86.50
87.60
1.10
0.83
1.09
7
1.22
67
La Isla
256.40
257.65
1.25
0.88
3.70
6
3.81
210
BCO-26
 
Promontorio
85.20
93.00
7.80
5.85
0.43
11
0.64
35
  Includes
91.25
93.00
1.75
1.31
1.27
38
1.96
108
  Includes
91.90
92.50
0.60
0.45
1.72
69
2.96
163
Unnamed
268.15
268.75
0.60
0.45
2.15
34
2.77
152
Unnamed
281.05
283.85
2.80
2.10
0.80
34
1.41
77
  Includes
282.75
283.85
1.10
0.83
1.20
55
2.20
121
Impulsora
337.70
362.10
24.40
18.30
0.54
5
0.63
35
  Includes
351.15
362.10
10.95
8.21
0.81
3
0.86
47
  Includes
354.45
356.25
1.80
1.35
1.90
5
1.98
109
BCO-28
 
Unnamed
120.90
129.20
8.30
4.98
0.42
10
0.61
33
  Includes
122.90
126.20
3.30
1.98
0.55
11
0.75
42
  Includes
122.90
123.90
1.00
0.60
1.00
18
1.33
73
Impulsora
137.00
144.60
7.60
4.56
2.04
12
2.27
125
  Includes
139.35
144.60
5.25
3.15
2.86
13
3.09
170
  Includes
139.35
141.80
2.45
1.47
5.07
18
5.39
296
BCO-29
 
Unnamed
67.70
68.60
0.90
0.64
0.14
73
1.48
81
Unnamed
80.10
92.80
12.70
8.98
0.58
6
0.68
37
  Includes
86.10
92.80
6.70
4.74
0.68
5
0.77
42
  Includes
86.10
86.85
0.75
0.53
2.48
15
2.75
151
Unnamed
128.10
134.60
6.50
4.60
0.17
25
0.63
34
  Includes
128.10
130.95
2.85
2.01
0.18
54
1.16
64
  Includes
130.65
130.95
0.30
0.21
0.50
278
5.55
306
                 


Silver-equivalent for the purposes of this news release is defined as silver grade plus 55 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 55. The 55:1 ratio is based on the spot prices of silver $28.90/ounce and gold $1596/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, Real de Angeles, and Zacatecas mining camps.

Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approximately 17,600 hectares and cover an extensive area of 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 drill core sampling has been conducted with a rigorous QA/QC program, incorporating analytical standards and blanks into the sample stream. Analyses were performed in the laboratories of ALS Chemex.

The first twelve holes of the current drilling program of Coneto, were reported in news releases on November 7th 2012 and January 7th 2013, following 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


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 several current projects: its flagship property, the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver Project in Sinaloa, Mexico, and the Coneto Gold-Silver Project in Durango, Mexico, which is 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.
 
 

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