Ontex Resources Limited
TSX : ONT

Ontex Resources Limited

October 24, 2006 14:00 ET

Ontex Commences 3,000 Meter Drilling Program on Brookbank Gold Deposit

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2006) - Ontex Resources Limited (TSX:ONT) is pleased to announce that with the successful completion of its Rights offering financing for $1,337,750.00 million, it is once again commencing a 3,000 meter diamond drill program on its 100% owned Brookbank Gold Deposit in the Beardmore-Geraldton area of northern Ontario. Chibougamau Diamond Drilling Ltd is on site and is starting an 8 hole, 3,000 meter NQ diamond drill program.

Ontex's geologists have recommended that the peripheral area around the main Brookbank Gold Deposit is a viable target with potentially significant areas with grades in the 3.0 to 4.5 g/t range that should be drilled to firm up a mineral resource. This drill program will focus on an area to the east of the main Brookbank Deposit, between lines 200 m W and 100 m E to a depth of about 300 meters where previous drilling in this area returned composite values of 4.0 g/t over 2.9 meters true width (87-B56), 4.9 g/t over 1.9 meters (B-99-07) and 4.75 g/t over 1.5 meters (M-17). The main objective of the drill program is to increase resources on the Brookbank Gold Deposit.

On the west side of the main Brookbank Deposit is an area between lines 700 m W and 550 m W to a depth of 300 meters, where drill holes such as 4.8 g/t over 3.05 meters true width (B-99-10) and 4.4 g/t over 3.2 meters have not been adequately tested and additional resources can be developed. This area will be evaluated in a future drill program.

The Brookbank Gold Deposit property comprises approximately 684 mining lease and staked claims located 175 km northeast of the City of Thunder Bay. The property consists of a 35 km long continuous block of staked and leased claims extending north of the Trans Canada highway (Hwy 11) between Beardmore and Jellico in northern Ontario. Ontex believes that there is significant potential to increase gold resources on their 35 km of strike length of favourable geology and structures.

John P. Thompson and Associates (2001, 2002 & 2006) have estimated a NI 43-101 compliant Indicated and Inferred Mineral Resource for the main Brookbank Gold Deposit and the satellite mineralization at cut-off grades of 2.0 g/t, 3.0 g/t, 4.5 g/t and 6.0 g/t over a minimum true width of 1.5 meters. The report of John P. Thompson and Associates, dated April 28, 2006, is filed at www.sedar.com. The Brookbank property resources at the 2.0 and 4.5 gram gold cut-off grades are reproduced below.

For purposes of NI 43-101, John P. Thompson, P.Eng. and Armen Chilian P.Geo. are the Qualified Persons who are planning and/or supervising the exploration program for Ontex on the Brookbank gold Deposit. Ontex will employ a QA/QC program consistent with National Instrument 43-101 and industry best practices. The drill core will be logged and split on site and half-core samples analyzed employing the appropriate gold fire assaying techniques at Swastika Laboratories Ltd., 1 Cameron Avenue, Swastika ON P0K 1T0.

Ontex is of the opinion that, in light of present gold prices, that the Brookbank Gold Deposit has sufficient in situ ounces of gold outlined to consider putting it into production. Ontex has engaged Mr. Thompson's company, John P Thompson and Associates (Tel. 905-844-2008) as a consultant to identify a suitable joint venture partner for the Brookbank Gold Deposit.



------------------------------------------------------------------------
Brookbank Property Resources at 2.0 g/t gold cut-off grade
------------------------------------------------------------------------
Indicated Inferred
------------------------------------------------------------------------
Zone Tonnes Grade Contained Tonnes Grade Contained
(metric) g/t Au Oz gold (metric) g/t Oz gold
------------------------------------------------------------------------

------------------------------------------------------------------------
Brookbank 1,325,000 7.4 314,000 931,000 7.0 209,000
------------------------------------------------------------------------
Cherbourg 153,000 6.6 32,300 288,000 6.1 56,900
------------------------------------------------------------------------
Irwin Contact 45,000 5.1 7,400 53,000 4.3 7,300
------------------------------------------------------------------------
Irwin Breccia 77,000 5.1 13,000
------------------------------------------------------------------------
Foxear 143,000 4.2 19,200 273,000 4.0 35,600
------------------------------------------------------------------------

------------------------------------------------------------------------
TOTAL 1,625,000 7.1 372,900 1,622,000 6.2 321,800
------------------------------------------------------------------------


------------------------------------------------------------------------
Combined
------------------------------------------------------------------------
Zone Tonnes Grade Contained
(metric) g/t Au Oz gold
------------------------------------------------------------------------

------------------------------------------------------------------------
Brookbank 2,256,000 7.2 523,000
------------------------------------------------------------------------
Cherbourg 441,000 6.3 89,200
------------------------------------------------------------------------
Irwin Contact 98,000 4.7 14,700
------------------------------------------------------------------------
Irwin Breccia 77,000 5.1 13,000
------------------------------------------------------------------------
Foxear 416,000 4.1 54,800
------------------------------------------------------------------------

------------------------------------------------------------------------
TOTAL 3,247,000 6.6 694,700
------------------------------------------------------------------------



------------------------------------------------------------------------
Brookbank Gold Deposit Resources at 4.5 g/t gold cut-off grade
------------------------------------------------------------------------
Indicated Inferred
------------------------------------------------------------------------
Zone Tonnes Grade Contained Tonnes Grade Contained
(metric) g/t Au Oz gold (metric) g/t Oz gold
------------------------------------------------------------------------

------------------------------------------------------------------------
Brookbank 772,000 10.3 254,000 462,000 10.6 158,000
------------------------------------------------------------------------


------------------------------------------------------------------------
Combined
------------------------------------------------------------------------
Zone Tonnes Grade Contained
(metric) g/t Au Oz gold
------------------------------------------------------------------------

------------------------------------------------------------------------
Brookbank 1,234,000 10.4 413,000
------------------------------------------------------------------------


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 66,8887,527 million common shares.

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

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