Orex Minerals Inc.

TSX VENTURE : REX


Orex Minerals Inc.

March 24, 2014 16:30 ET

Orex Closes $2.1 Million First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 24, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Orex Minerals Inc. - (TSX VENTURE:REX) ("Orex" or the "Company") is pleased to announce that it has closed the first tranche of its private placement announced on February 27, 2014, issuing 8,658,000 units of the Company (the "Units") at a price of $0.25 per Unit for aggregate gross proceeds of $2,164,500. Each Unit consists of one common share and one half of a common share purchase warrant. Each whole warrant will be exercisable for one common share of the Company at $0.30 for a period of 24 months from closing, expiring March 24, 2016. The shares and Warrants comprising the Units and any shares issued upon the exercise of the Warrants are subject to a hold period which expires on July 25, 2014.

Orex intends to use the net proceeds for continued exploration and development of its Los Crestones Property located in Sinaloa, Mexico and for general corporate and working capital purposes.

M Partners Inc. acted as lead agent for the private placement. In consideration for its services, Orex paid M Partners Inc. $189,305 CAD, plus a broker's warrant exercisable until March 24, 2016 for 757,220 shares at a price of $0.25 per share.

A total of 81,335,199 common shares of the Company are outstanding following the closing of the first tranche of the placement. 4,120,000 of the Units sold in the first tranche of the private placement were subscribed to by insiders of the Company, representing 48% of the Units sold.

The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from registration. This press release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope, President

ABOUT OREX MINERALS INC.

Orex Minerals Inc. (TSX VENTURE:REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has several current projects: the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver Project in Sinaloa, Mexico, the Persistence Gold-Copper Project and Jumping Josephine Gold-Silver Project in British Columbia, and the Coneto Gold-Silver Project in Durango, Mexico, which is currently under option to Fresnillo PLC.

FORWARD-LOOKING INFORMATION

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Orex undertakes no obligation to update such statements, except as required by law.

Neither 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 release.

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