Orex Confirms Grade of 3 G/T Gold at Goldboro Wednesday February 15, 10:29 am ET
MONTREAL, QUEBEC--(CCNMatthews - Feb. 15, 2006) - OREX EXPLORATION INC (TSX VENTURE:OX - News; "Orex") is pleased to announce that it has received results from the last four composite samples from the Company's Goldboro Property, Nova Scotia, processed by total extraction metallurgical testing at the SGS-Lakefield laboratory facilities in Lakefield, Ontario. The table below outlines the final metallurgical test results for the Phase 1 program along a 250 metre corridor of the 2.5 kilometre long Boston-Richardson Anticline Structure. The Structure is host to the main gold mineralization at Goldboro.
Final Metallurgical Test Results(i), Goldboro Property, Nova Scotia -------------------------------------------------------------------- Mineralized Composite Un-cut 2005 Cut Metallurgical Zone Samples / Fire-Assay 2005 Grade Individual Grade Fire-Assay (g/t Au) Samples (g/t Au) Grade (30 g/t Au) -------------------------------------------------------------------- Boston- Richardson South Limb 2 / 26 2.60 2.60 2.18 (complete) -------------------------------------------------------------------- NB1-2-3 South Limb Hinge 13 / 240 5.48 1.92 3.77 (complete) -------------------------------------------------------------------- NB1-2-3 South Limb Extension 4 / 45 1.08 1.08 0.65 (complete) -------------------------------------------------------------------- NB1-2-3 South Limb Hinge+ Extension 17 / 285 4.19 1.68 2.85 -------------------------------------------------------------------- NB4 South Limb 4 / 57 (complete) 0.81 0.81 0.81 -------------------------------------------------------------------- NB5-6 South Limb 8 / 91 1.28 1.28 1.17 (complete) -------------------------------------------------------------------- NB7-8 South Limb 4 / 50 9.12 1.42 2.60 (complete) -------------------------------------------------------------------- NB9-10 South Limb 1 / 9 0.93 0.93 1.36 (complete) --------------------------------------------------------------------(i) These results are un-weighted average grades. Results outlined in the press release dated jan. 6, 2006 were not only incomplete, but the average grades were weighted either to composite sample weights or projected rock volumes. It is possible that the statistical analyses of assay results during the resource estimation process will produce different values between the un- weighted and weighted grades. Alex S. Horvath, P. Eng., Technical Consultant in Quality Control for the Company commented "Roughly 55% of the composite samples are from the NB1-2-3 South Limb Hinge and South Limb Extension. The metallurgical test results from the NB1-2-3 zone, averaging 2.85 g/t gold, would likely be the most representative of the anticipated mill head grade at Goldboro. The remaining 45% of the metallurgical test results is divided between five other zones identified, the Boston-Richardson, NB4, NB5-6, NB7-8 and NB9-10. There are too few results in each of the zones for the averages to be representative, but ultimately they should give similar results to NB1-2-3 zone, high grades in hinges and lower grades along limbs."
The average grade of the NB1-2-3 is roughly four times that of the historical 0.78 g/t gold for the combined 13.3 million tonnes of Measured and Indicated Resources. The Measured and Indicated Resources were previously reported by Martin Bourgoin, P. Geol., in a National Instrument 43-101 document titled "Technical Report, Goldboro Property", dated aout 31, 2004 available under Orex Exploration Inc. at www.sedar.com. Clearly the data presented in the above table would more reasonably indicate that a component of the total gold resource tonnage may be at a higher grade than indicated by previously published resource estimates and may be as high as 3.77 g/t gold as observed in the NB1-2-3 South Limb Hinge zone (refer to Figure 1).
Jacques Levesque, Orex President and CEO stated "We are very excited about the results from the Phase 1 drilling program. The composite sample approach is helping us understand the nature of the gold distribution at Goldboro and will greatly influence our approach for the next phases of exploration. We look forward to Mr. Gene Puritch's resource estimate on the Phase 1 effort." The Company has already initiated a resource estimate for the 250 meter long corridor covering the Phase 1 - 2005 drill program sector. The estimate will form part of a National Instrument 43-101 technical report that will be prepared by Mr. Gene Puritch, P. Eng., of P&E Mining Consultants Inc. from Brampton, Ontario. This estimate will help guide Orex in the planned Phase 2 and 3 exploration programs at Goldboro.
Corporate Update
In sept., 2005, the Company announced that two private investors agreed to invest $US 26,944,066 in consideration of 67,360,165 common shares of the Company at a price of $US 0.40 per share. The investors would also put in place a loan facility for future working capital and development of the Goldboro Property. Parties continue to work and are confident to finalize the private placement and the loan to the satisfaction of the Company's shareholders and regulatory authorities. These transactions are conditional on obtaining final approval from the TSX Venture Exchange. Proceeds from the private placement and loan will be used by the Company for exploration leading to, and eventually including, a feasibility study on its 100% owned Goldboro Property in Nova Scotia, as well as working capital for future development.
The Press Release has been prepared and revised under the supervision of Jean Lafleur, P. Geol. (OGQ), the Company's principal consultant and Alex Horvath, P. Eng., the Company's Quality Assurance / Quality Control consultant. Both individuals are Qualified Persons under the National Instrument 43-101 standards.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
A map of the Boston-Richardson Mine Area is available at the following address:
Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. Posts: 263 | From: tanzanie | Registered: Feb 2004
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