Orex Exploration Inc.: Drilling Campaign Has Begun at Goldboro
April 20 2011 - 10:57AM
Marketwired
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.
Contacts: Osisko Mining Corporation John Burzynski
Vice-President, Corporate Development 514-735-7131 Osisko Mining
Corporation Sylvie Prud'homme Manager, Investor Relations
514-735-7131 Toll-free : 1-888-674-7563 www.osisko.com Orex
Exploration Inc. Mark Billings President & CEO 514-296-1641
mark@atwaterfin.com Frontline Communications Leo Karabelas
905-553-7992 www.frontlineir.com www.orexexploration.ca