Ontex Resources Limited

Ontex Resources Limited

March 27, 2008 08:00 ET

Ontex Resources Mobilizes Drill to 629,000 Oz Brookbank Gold Property

LONDON, ONTARIO--(Marketwire - March 27, 2008) - Ontex Resources Limited (TSX:ONT) is pleased to announce the imminent start of its 8,000 meter, diamond drill program located on its 100% owned Brookbank Gold Deposit in the Beardmore-Geraldton area of northern Ontario.

The diamond drill program will concentrate on infilling portions of the Brookbank Gold Deposit and upgrading mineralization currently in a lower resource category to the Indicated and Measured categories. Secondly, the program will also focus on increasing the mineral resources between the Broookbank and Cherbourg gold deposits.

Mr. Gary Conn, President of Ontex comments that "This is the next step in advancement of the Brookbank Property that we have all been waiting for. Heavy snow fall initially delayed our drilling program, but we are now ready to take the next step. Our current initiatives will help to further increase shareholder value by evaluating, enhancing and developing the Brookbank Gold Deposit in light of the current price of gold."


The diamond drill contract has been signed with Morris Drilling Inc. of Sudbury Ontario. Initially, a heavy snow season with up to 5 - 6 feet of snow on the ground delayed the commencement of drilling. However, the road leading into the property has been ploughed and is now accessible. Furthermore, the camp is currently being prepared for the drill program.

Ontex management are seeking bids from two prominent geological/mining consulting companies in Toronto to provide technical assistance during the drill program, to undertake a new NI 43-101 report on the upgraded resource base and to provide a scoping study of the Brookbank Gold deposit upon completion of the resource study.


The Company's Brookbank Gold Deposit is supported by an NI 43-101 compliant report, with an indicated and inferred mineral resource of 2.6 million tonnes grading 7.4 g Au/t containing 629,900 Oz Au at a cut-off grade of 3.0 g Au/t. It is the only project in the Beardmore-Geraldton Gold Belt with an NI 43-101 compliant technical report. This technical report does not include results from the Company's two recent successful drilling programs. The NI 43-101 Technical Report can be viewed at:


As a result, several junior resource companies have recently staked claims contiguous to Brookbank to the North, South and West, including but not limited to Kodiak Exploration and Alto Ventures. Management is pleased with the recent activity in and around the Brookbank property, as it confirms the quality of the company's deposit.

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.

For purposes of NI 43-101, Armen Chilian P.Geo. is the Qualified Person who planned and will execute the exploration program for Ontex on the Brookbank gold deposit. John P. Thompson P.Eng. is responsible for the current estimate of the resources as reported in the "Technical Report Brookbank Gold Deposit, Beardmore - Geraldton Area, Northern Ontario" dated April 28, 2006.

ABOUT ONTEX RESOURCES LIMITED (www.ontexresources.com)

Ontex Resources Limited 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 85,416,940 million common shares.

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

Contact Information