Ontex Resources Limited

Ontex Resources Limited

March 20, 2007 14:16 ET

Ontex Announces Brookbank Gold Ore Deposit Results and New Diamond Drill Program for 2007

Ontex Welcomes Mr. Jason Evdoxiadis to the Board of Directors

LONDON, ONTARIO--(CCNMatthews - March 20, 2007) - Ontex Resources Limited (TSX:ONT) ("Ontex") is pleased to announce that it has received the results of preliminary gravity and cyanide leach tests on the Brookbank Gold Ore Deposit conducted by SGS Lakefield Research Ltd. The ore, with a head grade of 13 g/t Au, was processed by gravity separation before undergoing cyanide leaching on the combined gravity tails. A total of 96.5% of the contained gold was recovered at a grind of 80% passing 300 mesh (0.05 mm). A total of 28.3% of the gold was recovered in the Nelson concentrator and Mozley mineral separator table gravity circuit.

The Company is currently planning a 7 hole, 1500 meter diamond drill program commencing approximately in May 2007. Drilling last fall added new ore to the Brookbank picture by both expanding the ore zone to the east and opening up additional potential on the immediate eastern side. With the success of B-06-11 and B-06-12 in an area previous thought to contain no ore, drilling is now warranted in this eastern vicinity. While the southwest plunge of the ore zone is a viable target structurally for deeper drilling, the Company is focused on developing all areas of high potential. One such area occurs within the meta-conglomerate to the immediate northeast of the fall program and is ready for drilling. The on-strike drilling designed for the Company's spring program with 1) expand the Brookbank East ore horizon 2) join it to the main Brookbank zone and 3) continue to increase the entire deposit.


Ontex is pleased to announce the appointment of Mr. Jason Evdoxiadis to its Board of Directors. In his 10-year Real Estate career, Mr Evdoxidis has completed numerous transactions in all areas of real estate, including office leasing, investment sales, and retail leasing. Mr. Evdoxiadis has an extensive client list that includes such corporations as the CBC and Tim Hortons.

"We are extremely pleased to welcome Jason to the Board of Directors," stated Mr. Gary Conn, President & Executive Vice President of Ontex Resources Limited. "Jason's diverse experience in creating value in broker-client relationships will significantly help Ontex as we research and develop our properties."

Mr. Evdoxiadis holds an Honours degree in Business Administration (HBA) from the Richard Ivey School of Business at the University of Western Ontario where he focused his studies on Economics and Business Development.

Investors are also asked to visit the Ontex IR Hub at www.agoracom.com/IR/Ontex where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to ONT@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

About Ontex Resources Limited

Ontex Resources Ltd is a junior resource company listed on the Toronto Stock Exchange under the symbol "ONT" engaged in gold exploration principally on its Brookbank Gold property in northern Ontario. Ontex has issued 66.9 million common shares.

To find out more about Ontex Resources Limited. (TSX:ONT), visit our website at: http://www.ontexresources.com/

Forward-Looking Statements

Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". The words "expect", "will", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to a significant business, economic and competitive uncertainties and contingencies. Ontex cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Ontex to be materially different from its estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold and currencies; charges in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; adverse changes in our credit ration; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Annual Information Form on file with the Ontario Securities Commission and other provincial securities regulatory authorities (please see www.sedar.com).

Ontex disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained in this news release.

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