Ontex Resources Limited

Ontex Resources Limited

February 24, 2009 09:14 ET

Ontex 2009 Focus to Increase Gold Resources on Brookbank Gold Property

LONDON, ONTARIO--(Marketwire - Feb. 24, 2009) - In anticipation of a second consecutive successful year, Ontex Resources Limited (TSX:ONT) is pleased to provide an update on its planned 2009 activities.

Ontex continues its aggressive approach with an annual exploration budget in excess of $2.3 million for the second year in a row. Diamond drilling is expected to commence in March and is targeted to continue expansion of resources within the 7 kilometer mineralization corridor centered on the Brookbank Gold deposit.

Drill results in 2008 were exceptional. Higher gold values have never been encountered over such impressive widths in the entire history of drilling in the Beardmore-Geraldton area. This strongly emphasizes the potential for the Brookbank deposit to host extensive gold resources both along strike and at depth. The system remains wide open in all directions, demonstrating the enormous potential to locate additional gold with every future drill program.

The Company will finalize a drilling contract this month and due to the global economic decline, drilling costs in 2009 are expected to be about 65% of the costs incurred in 2008. This will allow for significantly more drilling and more gold resource delineation for the same expenditure.

The Company also welcomes legendary explorationist Kenneth Reading to its field team. Mr. Reading has over 60+ years of expertise in North and South American discoveries, and an impeccable reputation throughout the mining industry. After thoroughly investigating our Brookbank property, Mr. Reading had this to say:

"I believe that the Brookbank Gold Deposit holds the greatest known potential to become the next producer in the Beardmore-Geraldton greenstone belt. I am impressed by the evident dedication of these people and look forward to working with them in Ontex"

A research report by another well known mining analyst is now being compiled for release in March and we anticipate similarly positive views. The writer was on-site at our Brookbank camp last week and conducted due diligence by carefully analyzing drill core and reviewing collar locations. In addition, a 43-101 report by Scott Wilson Roscoe Postle is being finalized and the resource estimation is expected to be announced next month.

Buoyed by increasingly high levels of confidence in its future, the staff of Ontex continues to increase corporate communications efforts to keep our existing share holders well informed, and ensure our very positive story is more widely known in the market place. From being 'the little engine that could', Ontex is rapidly becoming 'the big engine that will', and increasing investor confidence is fully supported by impressive past results and future possibilities.

The Cambridge Show in Vancouver offered our technical staff the opportunity to provide an analysis on the Brookbank Gold deposit to significant numbers of junior and senior mining company representatives, sector analysts and individuals. We look forward to sharing more of the Ontex Brookbank success story at the PDAC as we welcome everyone to Booth # 3214 from March 1st to 4th for a personal overview of our ongoing plans.

Ontex Resources Limited is a junior resource company focused on gold exploration at its Brookbank gold property in northern Ontario spanning a strike length of 35 kilometers. To date, diamond drilling has identified a structure of over 7 kilometers extending from surface to a depth of at least 600 meters. A NI 43-101 compliant resource stands at 372,900 ounces of Indicated and 321,800 ounces of Inferred resource. (See NI 43-101 compliant technical report - "Technical Report Brookbank Gold Deposit, Beardmore - Geraldton Area, Northern Ontario" dated April 28, 2006 - filed on Sedar). The Company trades on the Toronto Stock Exchange under the symbol "ONT".

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to Ontex's future exploration plans and potential mineralization. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Ontex to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors as they effect exploration, future commodity prices, market conditions, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Ontex's Annual Information Form for the year ended December 31, 2007, available on www.sedar.com. Although Ontex has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Ontex does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Additional information is available on the Company's website at www.ontexresources.com or www.agoracom.com/IR/Ontex.

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