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OX

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0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:OX TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Orex Exploration Inc.: Drilling Campaign Has Begun at Goldboro

20/04/2011 3:57pm

Marketwired Canada


OSISKO MINING CORPORATION (TSX:OSK)(FRANKFURT:EWX) and OREX EXPLORATION INC.
(TSX VENTURE:OX)(FRANKFURT:O5D) would like to inform shareholders that Osisko
Mining Corporation has recently begun a new exploration drilling campaign at
Orex's wholly-owned Goldboro Gold Property. This drilling campaign includes nine
holes for approximately 2,400 metres on two areas of the Goldboro Gold Property.
The areas to be drilled include: 1) a 600-metre long gap between West Goldbrook
and Dolliver Mountain, where there is no record of previous drilling due to a
large bog that limited access; and 2) a 750-metre long gap from East Goldbrook
to the east property boundary.


Three diamond drill holes (750 metres) are planned spaced 200 m apart in the
West GoldBrook - Dolliver Mountain gap where there is no record of previous
drilling. At the east end of the gap, 2010 drill hole number OSK10-09 yielded
36.5 metres (m) grading 1.07 grams per tonne (g/t) gold (Au) and containing a
10.5 m interval grading 2.15 g/t Au at a vertical depth between 150 m to 200 m
below surface. The mineralized zone is projected to extend up-plunge westerly
towards surface in the area to be drilled (refer to news release of June 10,
2010).


Six drill holes (1,650 metres) are planned on 3 sections spaced 250 m apart from
East Goldbrook to the east property boundary. In 2010, reverse circulation (RC)
drilling was completed along a fence of closely spaced holes (25 to 50 metres
apart) across the indicated trend of mineralization in this area. Bedrock chip
samples from 6 RC holes yielded grades above 0.1 g/t Au, within a 250 m-wide
mineralized corridor extending eastward from East Goldbrook. Three of these RC
holes contained bedrock chip samples with grades above 1.0 g/t Au specifically;
1.38, 10.85 and 25.65 g/t Au respectively (refer to news release of November 18,
2010).


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 developing the Canadian Malartic gold
deposit in Quebec and evaluating adjacent areas for a 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. Alex Horvath, B.A.Sc., P. Eng., of A. S. Horvath Engineering Inc. (Ottawa,
Ontario), Technical Advisor to Orex, who is 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.


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