OREX: Update on Drilling Campaign at Goldboro
08.06.2011 | Marketwire
MONTREAL, 06/08/11 - OSISKO MINING CORPORATION ('Osisko') and OREX EXPLORATION INC. (TSX VENTURE: OX) (FRANKFURT: O5D) would like to provide shareholders with an update on the exploration drilling campaign at Orex's wholly-owned Goldboro Gold Property. As previously announced, drilling began in April 2011 on a 750-metre gap from East Goldbrook to the east property boundary, with drill holes on three sections spaced 250 metres apart. A total of six drill holes (OSK11-01 to OSK11-06), representing 1,610 metres of drilling, were recently completed at East Goldbrook.Samples from these first six drill holes have been submitted to ALS Chemex for assaying. As soon as the Company receives results from the lab, this information will be communicated to shareholders.
Drilling has begun on the 600-metre long gap between West Goldbrook and Dolliver Mountain, where three drill holes are planned spaced 200 metres apart. The Company expects that this current phase of drilling will be completed in June 2011.
Option on Goldboro Gold Property Granted to Osisko Mining Corporation
In order to acquire a 50% undivided interest in the Goldboro Gold Property on or before September 29, 2013 (the Initial Option), Osisko Mining Corporation shall incur exploration and development expenditures in the amount of at least $1,500,000 on or before September 29, 2010; in the aggregate amount of at least $3,500,000 on or before September 29, 2011; and in the aggregate amount of at least $8,000,000 over the following two years, that is, on or before September 29, 2013. Osisko Mining Corporation may, at its sole discretion, accelerate and apply exploration and development expenditures to future years' expenditures and, accordingly, the Initial Option may be exercised sooner. Osisko Mining Corporation shall solely fund a prefeasibility study to earn an aggregate 60% interest (that is, an additional 10% interest) in the Property on or before September 29, 2015 (the Additional Option).
About Osisko Mining Corporation
Osisko Mining Corporation is currently moving towards commercial production at the new Canadian Malartic gold mine in Quebec and is evaluating adjacent areas for its large-scale open pit, bulk tonnage mining operation. The Canadian Malartic deposit currently represents one of the biggest permitted gold reserves in Canada, and is still growing through ongoing drilling on new mineralized zones.
About Orex Exploration Inc.
Orex Exploration Inc. is a Canadian-based junior resource and exploration company trading under the symbol OX on the TSX Venture Exchange and O5D on the Frankfurt Stock Exchange. The Company holds a 100% interest in the Goldboro Gold Project in Nova Scotia.
The technical information contained in this news release has been prepared by Mr. Bruce Mitchell, P. Geo., Senior Project Geologist to Orex, and a Qualified Person under National Instrument 43-101 regulations.
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 news release. The statements made in this news release that are not historical facts are 'forward-looking statements' and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these 'forward-looking' statements.
Contacts:
Orex Exploration Inc.
Mark Billings, President & CEO
(514) 296-1641
mark@marengomgt.com
Leo Karabelas, Frontline Communications
(905) 553-7992
www.frontlineir.com
www.orexexploration.ca