Orex Exploration Inc.

Orex Exploration Inc.

April 29, 2010 15:08 ET

Orex And Joint Venture Partner Osisko Complete Phase 2 Delineation Diamond Drilling at Goldboro

Initial Results Indicate Larger Mineralized Domains Rather Than Narrow, High-Grade Gold Belts

MONTREAL, QUEBEC--(Marketwire - April 29, 2010) - OREX EXPLORATION INC. (TSX VENTURE:OX)(FRANKFURT:O5D) is pleased to provide shareholders with initial results from the Phase 2F drilling campaign at the Company's wholly-owned Goldboro Gold Property. As previously announced on January 27, 2010, Osisko Mining Corporation budgeted $2.8 million for the Phases 2D, 2E and 2F drilling campaigns and for a regional compilation and Goldboro reconnaissance program.

Osisko began with the 4,728 m / 18 holes Phase 2F drilling campaign, which is set to replace some incomplete and/or non-compliant historic drill results with compliant data primarily in the deeper portions of the Ramp Area Mineral Resources and extending westward towards West Goldbrook. Following Phase 2F, Osisko continued with the Phases 2D (5,492 m / 28 holes) and 2E (2,769 m / 13 holes) drilling campaigns, which continued westward along the remaining 1.7 km segment of the Boston Richardson Deformation Zone from the Ramp through West Goldbrook to Dolliver Mountain.

Orex is pleased to inform shareholders that all 59 holes for the Phases 2D, 2E and 2F drilling campaign, representing 12,989 metres, have been completed. All holes have been logged and sampled, and all samples have been shipped to the ALS Laboratory facilities in Sudbury, Ontario for preparation and analysis in Vancouver, British Columbia. Highlights from the first 6 holes (one of which assays are still pending) of the Phase 2F drilling campaign are presented below:

OSK-10-01 190.55 206.55 16.00 0.87
  268.25 275.10 6.85 1.42
OSK-10-02 Assays pending
OSK-10-03 47.85 48.35 0.50 16.95*
  78.00 88.00 10.00 0.62
  117.50 125.00 7.50 2.91
including 117.50 119.00 1.50 13.85
  137.00 149.00 12.00 1.19
  161.50 202.50 41.00 0.55
  230.85 264.45 33.60 0.67
including 245.08 245.50 0.42 12.50
including 245.50 246.00 0.50 10.35*
OSK-10-05 61.50 63.00 1.50 5.88
  126.50 165.85 39.35 0.61
including 137.50 138.50 1.00 5.99
including 146.70 147.35 0.65 5.01
  205.95 220.50 14.55 1.57
including 209.00 209.50 0.50 12.90*
including 209.50 210.00 0.50 12.45
OSK-10-07 163.00 260.00 97.00 0.70
including 167.75 168.25 0.50 10.75*
including 247.80 248.80 1.00 18.30
OSK-10-08 114.00 177.50 63.50 0.53
including 155.35 155.85 0.50 25.70*
  204.40 228.30 23.90 1.01
including 213.52 214.02 0.50 7.04*
including 215.35 215.85 0.50 20.80*
* Metallic Screen Assay

Mark Billings, President and CEO of Orex, commented, "These initial results from Phase 2F are very encouraging, as they will help us validate our theory that the mineralized zones at Goldboro can be interpreted as larger structural domains rather than just in narrow, high-grade belts. As we know, within the defined larger structural domains model, the main constraints to the distribution of grade were the un-sampled intervals assigned 0 g/t gold values in the historic drilling. Some 97 holes from the 254 drill hole historic database (pre-1996) were selectively assayed and contain un-sampled intervals. All 59 current diamond drill holes, as well as the 67 holes drilled between 2004 and 2009, were sampled continuously through the larger mineralized sections. As we expected, with this current infill drilling, we are seeing significant lower-grade gold mineralization, in areas where we previously assumed there was 0 g/t gold."

QA/QC Sampling and Analytical Protocols

Sample preparation and assaying are being performed by the ALS Laboratories Group using conventional Fire-Assaying with an Atomic Absorption Spectrometry finish. The NQ-sized drill core is being logged, sampled, bagged, tagged and sealed at the Goldboro site by qualified personnel. Samples were inserted in numbered pails, sealed and shipped in batches to the sample preparation laboratory in Sudbury, Ontario by commercial trucking. Sample pails were opened at the laboratory; sample bags were checked, contents dried and weighed; crushed to -10 mesh (2mm), followed by pulverizing a 250 gram sample fraction to -150 mesh size (0.125mm), from which a 50 gram sample of the pulp was fire assayed. Pulp duplicate check assays are completed in each batch of samples assayed and Total Metallic Screen assays for samples containing visible gold are included in the initial assay protocols. Field blank and certified reference standards are also routinely included to monitor the laboratories' performance.

After review of initial assay results and reconciliation with the logged zones of mineralization, specific samples will be identified for re-assaying by the MS method while other samples will have a second pulp prepared from the coarse reject and re-assayed by the AAS Method. Multiple assay determinations provide a more accurate determination of gold content in the samples.

The Goldboro Gold Property

The current Mineral Resource Estimates ("MRE") for Goldboro at a cut-off gold grade of 1.5 g/t are 2.711 million tonnes grading 4.56 g/t gold, totalling 397,200 gold ounces in the Measured+Indicated Resources categories, with an additional 3.438 million tonnes grading 3.67 g/t gold totalling 405,926 gold ounces in the Inferred Resource category. Assuming a lower 0.5 g/t cut-off, the Measured+Indicated Resources are 7.933 million tonnes grading 2.13 g/t gold totalling 542,000 gold ounces, with additional Inferred Resources of 10.389 million tonnes grading 1.78 g/t gold totalling 594,121 gold ounces (refer to Orex's news release dated August 4, 2009, and the NI 43-101 Technical Report posted on SEDAR at www.sedar.com).

Option on Goldboro Gold Property Granted to Osisko Mining Corporation

In order to acquire a 50% undivided interest in the Goldboro Gold Property on or before September 29, 2013 (the Initial Option), Osisko shall incur exploration and development expenditures in the amount of at least $1,500,000 on or before September 29, 2010; in the aggregate amount of at least $3,500,000 on or before September 29, 2011; and in the aggregate amount of at least $8,000,000 over the following two years, that is, on or before September 29, 2013. Osisko may, at its sole discretion, accelerate and apply exploration and development expenditures to future years' expenditures and, accordingly, the Initial Option may be exercised sooner. Osisko shall solely fund a prefeasibility study to earn an aggregate 60% interest (that is, an additional 10% interest) in the Property on or before September 29, 2015 (the Additional Option).

About Orex Exploration Inc.

Orex Exploration Inc. is a Canadian-based junior resource and exploration company trading under the symbol OX on the TSX Venture Exchange and O5D on the Frankfurt Stock Exchange. The Company holds a 100% interest in the Goldboro Gold Project in Nova Scotia. You are invited to browse the Company's website at www.orexexploration.ca.

The technical information contained in this news release has been prepared by Mr. Alex Horvath, B.A.Sc., P. Eng., of A. S. Horvath Engineering Inc. (Ottawa, Ontario), Technical Advisor to Orex and Qualified Person under National Instrument 43-101 regulations.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.

Contact Information