Ontex Resources Limited
TSX : ONT

Ontex Resources Limited

December 18, 2008 08:30 ET

Ontex Adds More High Grade Gold to Brookbank

- 85.9 gms Au/ 3.4 m (11.15 ft); -incl. 131.66 gms Au/ 1.5m (4.92 ft) - 13.82 gms Au/5.3 m (17.4 ft); -incl. 30.01 gms Au/ 1.8m (5.91 ft) - Aggressive drill program for 2009

LONDON, ONTARIO--(Marketwire - Dec. 18, 2008) - Ontex Resources Limited (TSX:ONT) is pleased to announce it has completed the third phase for 2008 of a diamond drill program on its properties in the Beardmore-Geraldton gold belt of northern Ontario. The drill program was 3,560 metres greater than the 8,000 metres originally planned for the Brookbank and Cherbourg gold properties. It was designed to both add more gold-enriched ore and advance inferred resources to the indicated category. The Brookbank Gold System is expanding with every drill program.

Management believes the results achieved this year were an overwhelming success. Drill results in 2008 have proven the Brookbank deposit, located within the sheared fault zone, has continuity to depth and to the west. The system remains wide open in all directions which demonstrates the enormous potential to locate additional gold with every future drill program. The Company anticipates that further exploration in the coming year will also prove the eastern flank.

Drilling at the Brookbank deposit added high grade gold content at depth and on the west flank. Hole B-08-10 assayed 36.67 grams gold per tonne over 9.4 m (30.8 ft) core length at 536.3 m (1759.5 ft) down the hole and included an intersection of 85.92 grams gold over 3.4 m (11.15 ft) with an individual high assay of 131.66 grams gold over 1.5 m (4.92 ft). Drill hole B-08-12, 75 metres further at depth, identified 14.7 grams gold per tonne over 2.3 m (7.5 ft) core length at 591.9 m (1941.9 ft) down the hole. On the west flank of the Brookbank drill hole B-08-09 assayed 4.22 grams gold per tonne over 2.6 m (8.53 ft) core length. Continuing 65 metres deeper, B-08-11 intercepted 13.82 grams gold per tonne over 5.3 m (17.4 ft) core length at 365.8 m (1200.1 ft) down the hole and included a composite interval of 30.01 grams gold per tonne over 1.8 m (5.91ft).

Within the Cherbourg shear zone the resource was expanded by both drill hole C-08-07, which intersected 3.20 grams gold per tonne over 2.8 m (9.2 ft) core length at 230.1 m (754.91 ft) down the hole and drill hole C-08-09 which intercepted 8.38 grams gold per tonne over 1.8 m (5.92 ft) core length at 391.0 m (1282.8 ft) down the hole. To the west, drill hole C-08-08 intersected 2.11 grams gold per tonne over 1.4 m (4.6 ft) core length at 119.6 m (392.4 ft) down the hole.

The Company is planning an aggressive 2009 drill program focused on further increasing resources at the Brookbank and Cherbourg areas to the west and the Foxear areas to the east, as well as exploring for other gold deposits on the remaining 35 km strike length of the main fault zone.

3D Modeling is advancing on the Foxear zone so that future drill programs, associated with tying this gold-enriched resource to the other known resources, are more effectively completed.

Comparatively, the potential to increase the Company's resources on its holdings remains exceptional. Although the balance of the 35 kilometer long Brookbank property has seen very little exploration, it clearly demonstrates the potential to find other gold deposits similar to or larger than Brookbank. The Ontex mining property is presently on care and maintenance with the access road being maintained in anticipation of both data compilation being completed, and an early start to the 2009 program.

Original metallurgical testing reaffirmed in 2006 by Lakefield Research that 97% of the gold at the Brookbank Deposit can be recovered by simple conventional recovery processes. The gold is fine grained and occurs as both late stage fracture-fill in pyrite and on pyrite grain boundaries. Scott Wilson Roscoe Postle Associates Inc. should have a preliminary working 3D model for presentation to Ontex in December followed by a National Instrument 43-101 (NI 43-101) compliant resource report.

Ontex is extremely pleased with the exceptional results of the exploration on the property - which has been accumulated over the past 30 years. Ontex was the first in the area and acquired what management believes to be the most prospective ground to host mineable gold deposits along the major Paint Lake Fault System.

The data herein and the contents of this news release have been reviewed by John P. Thompson, P.Eng., President of Ontex, who is a Qualified Person within the meaning of NI 43-101, with the ability and authority to verify the authenticity and validity of the data. Armen Chilian, P.Geo., Vice-President, Exploration on Ontex, is the Qualified Person who planned and is executing the exploration programs. Mr. Thompson is responsible for the current estimate of the resources as reported in the NI 43-101 compliant Technical Report of 2006.

The drill core was logged and split on site and half-core samples analyzed employing the appropriate gold fire assaying techniques at an independent laboratory, Swastika Laboratories of Swastika Ontario with check assaying at Accurassay Laboratories Ltd., Thunder Bay, Ontario. A QA/QC program developed by Scott Wilson RPA is being employed consisting of duplicate samples, insertion of known standards and check assaying.

About Ontex Resources Limited

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.

Contact Information