Orex Exploration Inc.

Orex Exploration Inc.

July 02, 2009 10:45 ET

Orex Exploration Inc.: Progress Report on Mineral Resource Estimates

MONTREAL, CANADA--(Marketwire - July 2, 2009) - OREX EXPLORATION INC. (TSX VENTURE:OX)(FRANKFURT:O5D) would like to inform its shareholders on the current progress of the National Instrument 43-101 Technical Report incorporating new mineral resource estimates from the Company's wholly-owned Goldboro Project in Nova Scotia.

The mineral resource estimating process is taking more time to complete, as both the new geological and resource models are being constructed and customized to reflect the nature of the gold mineralization within the first 1 km segment of the Boston-Richardson Gold Structure.

Goldboro may incorporate two different styles of gold mineralization. The gold can be concordant lithologies - the classic "Slate Belt Model" of the Nova Scotia gold mineralization - and can also crosscut lithologies accompanied by a darkening of host rocks either in less competent, fine-grained argillites-shales-slates or in more competent, coarse grained and massive wackes-arenites-sandstones - the classic structural "Lode-Gold Model". The geological team believes that combining both styles of gold mineralization could potentially have an impact on estimated tonnages.

The nugget effect, as with historic and current gold assaying protocols and results, continues to create major inconsistencies in modelled gold grades. The technical team is applying and testing different statistical protocols to overcome these discrepancies on an on-going basis in parallel and independently of the current resource estimates. This information will be integrated into another technical report planned for later this year after the next round of drilling.

Mark Billings, President and CEO of Orex Exploration Inc., commented: "We are on track to prove that we are working on a world-class gold system and are encouraged by the geological advances in the modeling of Goldboro. The Company had to take a decision, either issue a technical report on what we now know was a restrictive geological model and treat the whole property with limited results; or increase the quality of the information, treat a portion of Goldboro in the current technical report to be released soon and then publish another report later this year. This more conservative approach could potentially help the Company find additional gold mineralization and may shorten the timeline towards production. This technical report would eventually incorporate results from Phases 2D and 2E of the current drilling program, as well as information from the new geological and resource models described above."

Financing discussions

Orex has received different financing proposals over the past several weeks. Interest in the Company and Goldboro is strong, and management expects to take a decision on the form of the next financing in the coming weeks. Orex believes that its choice of financial as well as strategic partners will be very important to its continued success and development. The Company will continue these discussions while we await the new mineral resource estimates. Any decisions concerning financing will, however, only be taken after the publication of the upcoming NI 43-101 Technical Report.

Phases 2D and 2E of the Drilling Campaign

The Company plans on completing the 8,000 m Phases 2D and 2E drill campaigns as quickly as possible after the publication of the new mineral resource estimates, with the objective of delineating the maximum quality gold ounces for the entire 2.5 km length of the Boston-Richardson Gold Structure. Furthermore, the Company will consider taking a bulk sample to prove up a more realistic grade at Goldboro.


Mark Billings, President and CEO, Orex Exploration Inc.

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. Jean Lafleur, M.Sc., P. Geo., Senior Technical Advisor to Orex, a Qualified Person under National Instrument 43-101 regulations.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements reflecting the Company's objectives, estimates, expectations and the impact of acquisitions on the Company's financial performance. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from the Company's projections or expectations.

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