Ontex Resources Limited

Ontex Resources Limited

October 16, 2008 16:15 ET

Ontex Resources Limited Announces Private Placement Not to Proceed Due to Market Conditions

LONDON, ONTARIO--(Marketwire - Oct. 16, 2008) - Ontex Resources Limited (TSX:ONT) announces that it is not proceeding with the previously announced offering of up to $3,900,000 of units. The Company has been advised by Primary Capital Inc., the agent for the planned best efforts offering, that it will be unable to complete the offering due to current market conditions.

As previously announced, the Company completed a non-brokered private placement last month for gross proceeds of $500,000, prior to the current market conditions. The Company also continues to review other financing proposals.

About Ontex Resources Limited

Ontex Resource Limited is a junior resource company listed on the Toronto Stock Exchange under the symbol "ONT" and is engaged in gold exploration principally on its Brookbank Gold property in northern Ontario.

For further information, investors are asked to visit the Ontex IR Hub at www.agoracom.com/IR/Ontex or email to ONT@agoracom.com.

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