Vancouver, BC — Orex Minerals Inc. — (TSX-V: REX) ("Orex"), has received from their project partner Fresnillo PLC (LSE: FRES) ("Fresnillo"), the first batch of drilling results of the Phase-III diamond drill program on the Coneto Gold-Silver Project in Durango, Mexico.
Three of the intercepts hit the Santo Niño vein, including BCO-37 at a vertical depth of 300 metres below surface, yielding 4.45 metres (3.40 metres true width) grading gold 1.40 g/t and silver 95 g/t, for a gold-equivalent of 2.98 g/t or silver-equivalent of 179 g/t, This hole was located 150 metres northwest of previously released BCO-11, which yielded 3.30 metres (2.70 metres true width) grading gold 4.34 g/t and silver 612 g/t, for a gold-equivalent of 14.54 g/t, or silver-equivalent of 872 g/t (N.R. 7 Jan 2013).
Phase-III Batch-1 Drilling Highlights
| Structure | From (m) | To (m) | Core Length | True Width | Au (g/t) | Ag (g/t) | Au-Eq (g/t) | Ag-Eq (g/t) |
|---|---|---|---|---|---|---|---|---|
| BCO-34 | ||||||||
| Santo Niño | 190.50 | 192.20 | 1.70 | 1.30 | 1.53 | 117 | 3.48 | 209 |
| BCO-36 | ||||||||
| Promontorio | 359.90 | 393.45 | 33.55 | 21.81 | 0.49 | 6 | 0.59 | 35 |
| Includes | 387.75 | 389.45 | 1.70 | 1.11 | 2.82 | 25 | 3.24 | 194 |
| BCO-37 | ||||||||
| Bufa-Alta | 25.05 | 28.55 | 3.50 | 2.10 | 0.73 | 53 | 1.61 | 97 |
| Includes | 26.45 | 27.45 | 1.00 | 0.60 | 2.24 | 113 | 4.12 | 247 |
| Bufa | 113.05 | 117.40 | 4.35 | 3.30 | 1.90 | 97 | 3.52 | 211 |
| Includes | 114.30 | 115.20 | 0.90 | 0.42 | 5.77 | 153 | 8.32 | 499 |
| Santo Niño | 419.95 | 424.40 | 4.45 | 3.40 | 1.40 | 95 | 2.98 | 179 |
| BCO-38 | ||||||||
| Santo Niño | 262.25 | 262.50 | 0.25 | 0.16 | 1.88 | 854 | 16.11 | 967 |
Orex's President, Gary Cope says, "We are encouraged that the gold-silver mineralization we see at surface also extends to a considerable depth on Santo Niño. It is Orex management's opinion that there will be multiple structures to contribute to an initial resource estimate. Santo Niño, La Bufa, Loma Verde and Impulsora veins all look very prospective."
The Santo Niño, Bufa and Bufa-Alta are steeply dipping, sub parallel epithermal veins in the La Bufa Zone. Promontorio is a quartz-hematite stockwork and veining structure 7 kilometres to the southeast of the La Bufa Zone.
Silver-equivalent for the purposes of this news release is defined as silver grade plus 60 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 60. The 60:1 ratio is based on the mid-term spot price projections of silver $20/ounce and gold $1200/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", on the Mesa Central, stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. This prolific trend hosts some of the world's largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles, and Zacatecas.
Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 hectares and cover multiple mineralized epithermal quartz veins. In the first two phases, Orex and Fresnillo drilled 51 holes totaling 17,000 metres. The Phase-III drilling program is planned for 10,800 metres.
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.
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: the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver-Copper Project in Sinaloa, Mexico, the Jumping Josephine Gold-Silver Project in British Columbia, 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 x227,
email [email protected] 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.
