Vantex Resources Ltd.

Vantex Resources Ltd.

June 06, 2012 15:08 ET

Vantex to Cut Administrative Costs

LA PRAIRIE, QUEBEC--(Marketwire - June 6, 2012) - Although Vantex Resources Ltd. (the "Company" or "Vantex")(TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) benefits from a sound financial situation, management decided to reduce the Company's administrative cost structure. These cost cutting measures will allow the Company to conserve more cash in the short and medium term and possibly benefit from potential opportunities that could arise, if difficult market conditions continue.

The Company believes it can cut close to $400,000 of administrative costs annually while maintaining development operations. The Company will keep its market awareness program in collaboration with Avenue Modelcom Capital Partners (AMCP).

Mr. André Brosseau, director of Vantex, was appointed as Chairman of the board, in replacement of Mr. Guy Morissette. Mr. Morissette remains director and will also act as President and CEO. Mr. Jean-Pierre Colin submitted his resignation as President and director of Vantex, for personal reasons.

The main objective for Vantex is to continue the development of the Galloway project. An airborne survey was recently completed by Geotech. The data interpretation and report from this survey should be available in the coming weeks. The high precision topographic airborne survey was also completed in order for SRK Consulting to complete their evaluation of the GP zone and the 43-101 technical report.

In collaboration with Mr. Fred Archibald and Daniel Kelly, consulting geologists, the Company is planning a global exploration budget for the Galloway project which will focus on the Moriss zone and with basic works on the Renault Bay and Sandborn blocks as well as the Soaker Hill and Hurd showings (North-east extension of GP).

Finally, two drill holes for a total of 2,500 metres were completed in the heart of the Golden Triangle. Assay results are pending. These holes tested the geology in the centre of the golden triangle and will verify for possible extensions of the Hendrick zone.

Assays are prepared at Laboratoire Expert of Rouyn-Noranda. The Company uses blanks and standards to confirm the accuracy of assay results.

These works took place under the supervision of Mr. Daniel Kelly, consulting geologist and Qualified Person under NI 43-101. Mr. Kelly read and approved this press release.

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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