Ontex Resources Limited
TSX : ONT

Ontex Resources Limited

December 11, 2008 14:43 ET

Ontex Resources Limited Completes Non-Brokered Private Placement With MineralFields

LONDON, ONTARIO--(Marketwire - Dec. 11, 2008) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Ontex Resources Limited (TSX:ONT) is pleased to announce that it completed today a non-brokered private placement of $1,500,000 through the sale of 7,500,000 flow-through common shares at a price of $0.20 per share to the MineralFields Group.

"We are very pleased to be entering into this relationship with MineralFields Group," said Gary Conn, Chairman and Chief Executive Officer of Ontex. "This is an important milestone in the growth of Ontex and we look forward to working with MineralFields Group as we continue to develop our Beardmore-Geraldton gold projects northwest of Thunder Bay, Ontario."

Gross proceeds from the sale of the shares will be used for exploration and development. Ontex paid a finder's fees to Limited Market Dealer Inc. equal to approximately 8% of the gross proceeds of the private placement.

The technical data herein and the technical 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.

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".

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

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

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 exploration plans. 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 based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and 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 such as economic factors as they effect exploration, future commodity prices, 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.

Contact Information