Orex Exploration Inc.: Corporate Update
15.12.2011 | Marketwire
MONTREAL, 12/15/11 - Orex Exploration Inc. (TSX VENTURE: OX)(FRANKFURT: O5D) would like to provide shareholders with the following corporate update.As indicated in our news release of September 29, 2011, the results from the 2010 and 2011 drilling campaigns demonstrate the presence of gold mineralization across our Goldboro Gold Property in the form of numerous, narrow high-grade gold veins. These two drilling campaigns added drilling on 1 additional km of strike length on which no works were realized before; after these campaigns, Orex Exploration has now drilled along the entire 2.5 km strike length of the Goldboro Gold Property. Furthermore, these drilling results suggest a deposit potentially mineable by selective underground methods focussed on the veins or by a shallow open pit operation.
The following are selected highlights of the 2010 and 2011 drilling campaigns, which have been previously presented in past news releases of the Company:
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CORE GOLD
FROM TO LENGTH GRADE
HOLE # (m) (m) (m) (g/t)
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OSK-10-01 190.55 206.55 16.00 0.87
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268.25 275.10 6.85 1.42
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OSK-10-02 233.70 300.00 66.30 1.17
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Including 234.50 235.00 0.50 35.60(i)
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Including 267.50 268.00 0.50 46.40(i)
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OSK-10-03 47.85 48.35 0.50 16.95(i)
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78.00 88.00 10.00 0.62
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117.50 125.00 7.50 2.91
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Including 117.50 119.00 1.50 13.85
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137.00 149.00 12.00 1.19
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161.50 202.50 41.00 0.55
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230.85 264.45 33.60 0.67
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Including 245.08 245.50 0.42 12.50
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Including 245.50 246.00 0.50 10.35(i)
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OSK-10-04 129.50 168.55 39.05 1.15
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Including 129.50 130.00 0.50 50.80(i)
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And 138.00 139.00 1.00 9.71
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195.50 232.00 36.50 0.32
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OSK-10-05 61.50 63.00 1.50 5.88
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126.50 165.85 39.35 0.61
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Including 137.50 138.50 1.00 5.99
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Including 146.70 147.35 0.65 5.01
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205.95 220.50 14.55 1.57
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Including 209.00 209.50 0.50 12.90(i)
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Including 209.50 210.00 0.50 12.45
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OSK-10-06 110.00 110.50 0.50 4.39(i)
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OSK-10-07 163.00 260.00 97.00 0.70
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Including 167.75 168.25 0.50 10.75(i)
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Including 247.80 248.80 1.00 18.30
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OSK-10-08 114.00 177.50 63.50 0.53
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Including 155.35 155.85 0.50 25.70(i)
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204.40 228.30 23.90 1.01
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Including 213.52 214.02 0.50 7.04(i)
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Including 215.35 215.85 0.50 20.80(i)
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OSK-10-09 167.00 203.50 36.50 1.07
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Including 167.00 168.00 1.00 7.95
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And 184.25 184.75 0.50 3.39(i)
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193.00 203.50 10.50 2.15
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Including 203.00 203.50 0.50 7.81(i)
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219.00 224.00 5.00 9.81
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Including 223.00 224.00 1.00 44.10
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OSK-10-10 162.00 205.00 43.00 0.51
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245.50 248.00 2.50 3.90
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OSK-10-11 63.00 64.50 1.50 3.20(i)
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85.40 86.00 0.60 2.66(i)
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118.60 137.00 18.40 0.77
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Including 118.60 119.30 0.70 15.65
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152.95 153.50 0.55 12.20
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OSK-10-12 130.00 153.90 23.90 0.43
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229.00 240.55 11.55 0.92
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OSK-10-13 202.00 220.50 18.50 0.86
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Including 202.00 202.50 0.50 16.10(i)
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248.50 267.00 18.50 0.45
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Including 259.50 260.00 0.50 6.19(i)
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OSK-10-14 146.00 160.00 14.00 1.86
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Including 148.00 152.00 4.00 10.75
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OSK-10-16 136.50 172.00 35.50 4.07
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Including 144.50 155.00 10.50 12.97
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Including 146.00 146.50 0.50 237.00(i)
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229.00 242.50 13.50 0.90
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OSK-10-18 141.00 160.00 19.00 0.79
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Including 141.00 141.55 0.55 10.25(i)
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OSK-10-19 173.00 215.20 42.20 1.97
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Including 198.10 198.60 0.50 27.90(i)
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229.50 252.50 23.00 0.65
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Including 246.00 247.00 1.00 6.70
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OSK-10-20 117.00 118.00 1.00 2.25(i)
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OSK-10-21 57.00 70.50 13.50 4.76
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Including 70.00 70.50 0.50 117.50(i)
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152.00 165.00 13.00 0.45
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178.50 236.00 57.50 0.63
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Including 209.00 210.00 1.00 15.75
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OSK-10-22 26.00 28.00 2.00 3.36
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69.00 102.00 33.00 1.64
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Including 99.00 99.60 0.60 69.60
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137.00 161.00 24.00 0.55
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OSK-10-23 140.00 159.00 19.00 0.53
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207.00 213.70 6.70 13.40
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Including 207.00 208.50 1.50 55.70
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OSK-10-24 90.00 150.00 60.00 0.48
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Including 115.30 116.00 0.70 19.10
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OSK-10-25 36.00 83.00 47.00 0.42
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235.00 238.00 3.00 6.68
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Including 235.00 236.00 1.00 19.10
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OSK-10-27 8.80 28.00 19.20 0.36
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39.30 74.80 35.50 0.50
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OSK-10-29 16.50 36.00 19.50 0.35
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144.20 145.00 0.80 6.83
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246.50 248.00 1.50 6.73
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OSK-10-30 122.00 128.00 6.00 85.75
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Including 122.00 122.50 0.50 1,005.00(i)
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And 125.15 126.00 0.85 9.03
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OSK-10-32 153.50 160.35 6.85 4.03
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Including 159.85 160.35 0.50 49.90(i)
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OSK-10-33 101.50 113.00 11.50 0.83
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OSK-10-34 181.08 184.00 2.92 15.56
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OSK-10-35 94.70 95.20 0.50 154.50
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161.50 178.10 16.60 0.59
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OSK-10-36 149.00 149.50 0.50 11.20(i)
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OSK-10-37 88.10 100.00 11.90 10.20
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Including 88.10 89.60 1.50 74.50
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121.00 139.50 18.50 0.93
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Including 121.00 125.50 4.50 3.22
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OSK-10-38 153.70 154.20 0.50 4.37
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OSK-10-41 13.75 14.75 1.00 52.90
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63.80 109.70 45.90 0.48
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Including 105.20 105.70 0.50 8.73(i)
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OSK-10-43 199.00 247.00 48.00 0.65
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Including 234.00 234.50 0.50 4.57(i)
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And 234.50 235.00 0.50 13.85(i)
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OSK-10-44 71.70 100.75 29.05 0.40
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OSK-10-45 207.00 225.82 18.82 0.35
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OSK-10-46 22.80 33.00 10.20 0.92
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Including 32.20 33.00 0.80 10.05
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89.95 111.00 21.05 9.32
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Including 89.95 90.45 0.50 9.55(i)
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And 103.00 104.00 1.00 180.00
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OSK-10-47 6.20 18.50 12.30 0.89
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Including 14.00 15.50 1.50 5.06
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OSK-10-48 135.50 136.00 0.50 49.80(i)
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OSK-10-49 61.00 99.00 38.00 0.61
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Including 88.10 88.60 0.50 32.80(i)
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OSK-10-51 72.50 74.00 1.50 6.16
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162.00 180.00 18.00 0.75
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Including 162.00 163.35 1.35 7.89
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OSK-10-56 126.50 130.50 4.00 3.76
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Including 126.50 127.50 1.00 11.15
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OSK-10-57 38.50 41.00 2.50 4.90
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Including 40.00 40.50 0.50 15.45
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OSK-11-01 36.00 37.00 1.00 1.82
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86.00 88.00 2.00 1.80
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128.00 130.00 2.00 0.58
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OSK-11-02 117.00 117.50 0.50 412.00(i)
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117.50 128.50 11.00 0.23
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174.00 191.00 17.00 0.55
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Including 179.50 180.00 0.50 2.67(i)
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And 182.00 183.00 1.00 4.55
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191.00 205.50 14.50 0.25
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234.50 243.50 9.00 0.53
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OSK-11-03 38.00 38.95 0.95 1.28
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46.00 50.50 4.50 1.32
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88.00 91.00 3.00 0.64
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143.00 143.70 0.70 4.28
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OSK-11-04 140.00 140.50 0.50 35.10(i)
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193.85 194.35 0.50 1,570.00(i)
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194.35 197.50 3.15 0.77
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204.95 224.50 19.55 0.89
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Including 215.00 215.50 0.50 3.04(i)
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And 223.00 224.50 1.50 6.23
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OSK-11-06 40.30 42.50 2.20 0.63
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65.15 66.70 1.55 15.80
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OSK-11-08 89.00 92.00 3.00 0.45
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100.00 101.50 1.50 0.64
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113.00 113.50 0.50 31.30(i)
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OSK-11-09 68.50 70.00 1.50 1.75
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83.85 84.35 0.50 13.15(i)
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91.50 92.50 1.00 1.54
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96.50 97.50 1.00 1.28(i)
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136.50 137.70 1.20 23.60(i)
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153.50 155.50 2.00 0.40
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OSK-11-10 62.50 65.30 2.80 0.86
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99.00 103.50 4.50 1.13
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(i) Metallic Screen Assay / Visible Gold
In addition, as indicated in our news release of August 4, 2009, Orex announced Mineral Resource Estimates for Goldboro. At a 1.5 g/t gold cut-off, there are 2,711,000 tonnes grading 4.56 g/t gold, totalling 397,200 gold ounces in the Measured + Indicated Resources categories, with an additional 3,438,000 tonnes grading 3.67 g/t gold, totalling 405,926 gold ounces in the Inferred Resource category.
The 2009 Mineral Resource Estimates assumed a gold price of US$750 per ounce, whereas gold is presently trading between US$1,600 and US$1,700 per ounce.
Preparations have commenced at Orex to begin the scoping of possible mining scenarios and economic viability of the identified resources. This would also include the removal of a bulk sample of up to 10,000 tonnes (upon approval of the governmental authorities in Nova Scotia) for pilot mill and metallurgical testing, the surveying of surface infrastructure and environmental baseline studies.
The objective of the Company is to advance the Goldboro Gold Project towards a production scenario. Orex Exploration will continue to initiate other actions in 2012 that comply with this objective. The Company will provide shareholders with further updates as they become available.
Annual and Special Meeting of Shareholders
The Annual and Special Meeting of Shareholders of Orex Exploration Inc. will be held on Tuesday, December 20, 2011, beginning at 10:00 a.m. This meeting will be held in the Hochelaga 6 room of the Fairmont Queen Elizabeth Hotel, 900 Rene Levesque Boulevard West, Montreal, Quebec, Canada. Shareholders are encouraged to attend this meeting and to vote their shares by Internet, by phone or in the manner indicated in the Management Proxy Circular dated November 17, 2011.
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 reviewed by Bruce Mitchell, P. Geo., Senior Project Geologist to Orex Exploration Inc. 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
www.orexexploration.ca
Leo Karabelas
Frontline Communications
(905) 553-7992
www.frontlineir.com