Vantex Resources Ltd.
TSX VENTURE : VAX
FRANKFURT : UD7A
ALP : VAX

Vantex Resources Ltd.

October 02, 2012 08:30 ET

Rob McEwen Increases Stake in Vantex

LA PRAIRIE, QUEBEC--(Marketwire - Oct. 2, 2012) - Vantex Resources Ltd. (TSX VENTURE:VAX)(FRANKFURT:UD7A) is pleased to announce that well known mining executive and investor, Rob McEwen, has increased his stake in Vantex by 500,000 shares bringing his total investment to 7.8 million shares. This represents approximately 12.4% of the Company's currently issued and outstanding shares. The additional shares were purchased in the open market on September 28, 2012.

Vantex also announces the resumption of drilling on the Galloway project, located in the Rouyn-Noranda mining camp in Abitibi-Temiscamingue. The Company has developed geophysical targets from the recent airborne survey and compiled historical drill results from Kerr Addison and Silver Century between 1986 and 1996. A 2,500 meter drilling program will test some of these targets, identified by Daniel Kelly and Fred Archibald, both consulting geologists and Qualified Persons under NI 43-101.

Targets located 400 meters NNE of the GP zone will be drill tested to verify the historical data and investigate the contact between zones of high and low magnetic intensity. Some historical drill holes indicated the presence of gold, silver, lead, copper and zinc within this environment.

The Company is planning some drilling north of the Hurd showing. Previous drilling from Kerr Addison, Silver Century and Vantex showed promising gold occurrences in this area. The drilling will try to verify the existence of gold in association with the Victoria Creek Fault as well as with high intensity magnetic anomalies.

In the area of the Chalet showing located some 2 kilometres NE of the GP zone, the Company plans some drilling in order to test a conductivity anomaly.

Drilling at the Moriss zone will resume as soon as the Quebec Government grants Vantex the right to extend its claim package and issues an exploration permit. Management hopes this will occur this fall, but cannot make any assurances to that effect.

About Vantex

Vantex' primary asset is the Galloway gold project in the Abitibi-Temiscamingue region of Quebec. The property can be accessed easily by road, from Trans-Canada Highway 117 and is 30 kilometers west of Rouyn-Noranda. The company is focusing on its three main gold zones known as: GP, Hendrick and Moriss. These three gold zones, referred to as the golden triangle, are in close geographic proximity. Vantex recently drilled 59.51 g/t gold over 6.2 metres at Moriss, along the hole. For more information on the Golden Triangle visit www.vantexressources.com or view current drill holes on the on www.corebox.net.

Vantex has approximately 63 million shares issued and outstanding. As of July 31, 2012 the company has $1.7 million in cash and $410 thousand in 2011 exploration tax credits due from the Government of Quebec.

Mr. Daniel Kelly, a Qualified Person under NI 43-101, has read and approved this news release.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Guy Morissette
    Chief Executive Officer
    (514) 712-9753
    (450) 444-1776 (FAX)

    Wayne Carlon
    VP Business Development
    (902) 402-6264
    waynecarlon@eastlink.ca