Orex Minerals Provides Santa Cruz Project
Update
Vancouver,
B.C. ? Orex Minerals Inc. (formerly Orex Ventures Inc.) - REX:
TSX-V wishes to provide an operational update on its Santa Cruz
Project in Durango State, Mexico a joint venture with Silverex S.A. de
C.V.
Located in the Sierra
Madre Occidental Mountains, Otaez Municipality, midway between Tayoltita
(San Dimas) and Topia mining camps, the Santa Cruz Project is in one of
the World?s most prolific mineral belts. Santa Cruz is an epithermal
gold-silver camp divided into three structural districts. The property
hosts three main gold-silver bearing districts, the Eastern, Central and
Western, as well as the previously operating Santa Cruz
Mine.
As of December
31st, 2007, almost 25 kilometres of interior roads have been
built and refurbished at the Santa Cruz Project.
In the Eastern
District, Silverex reports that all road building is complete and the area
is now fully accessible for exploration and the extraction of tennantite
is underway. Historical production records indicate that the
tennantite operation produced material grading as high as 3,000 g/t Ag, 25
g/t Au and 30% Cu. The highly lucrative tennantite operation was not milled but hand-cobbed and
sold directly to Chinese buyers. All proceeds from the
tennantite operation will be split 50/50 between Silverex and Orex
Minerals.
The Central
District, known as Santa Cruz, is now also fully operational with all
necessary roads built and refurbished with all areas open for exploration
and extraction. Existing buildings used to house approximately 20
workers are also now refurbished and being utilized. Future plans for
increasing infrastructure include the construction of additional housing,
a new laboratory and a new core storage building.
Our joint
venture partner, Silverex also reports that refurbishment and upgrading of
the 90 ton per day mill at Santa Cruz is proceeding according to schedule
with production testing scheduled to begin within 45 days. The test
milling operation will be operated and overseen by Silverex and all
proceeds from the operation to be split on 50/50 basis by the two
companies.
In the Western
District, all road construction and rehabilitation has been completed with
the exception of 1.8 km of roads. Silverex expects to complete this
work in the near future.
The Western
District, which will be a major exploration target area for Orex Minerals,
has vein structures that have been traced over 2.5 km of strike
length. All exploration at Santa Cruz will be overseen and directed
by Orex Minerals. To that end, Orex Minerals has contracted both
Aerial and Ortho Photography programs. Orex Minerals in currently
negotiating drill contracts with a goal of beginning a drill program in
the near future to follow up on the very positive results from sampling
programs conducted in 2007. The table below outlines results from
Orex Minerals? 2007 sampling program:
2007 Rock
Sampling Highlights
(see News Release 21 June 2007)
Sample |
Target |
Type (true width) |
Au (g/t) |
Ag (g/t) |
Ag-Eq (g/t) |
Cu (ppm) |
Pb
(ppm) |
Zn
(ppm) |
100003 |
Carmen |
Chip
- 1.50m |
0.370 |
197.0 |
219.2 |
24 |
918 |
1546 |
100004 |
Carmen |
Chip - 2.50m |
1.002 |
284.0 |
344.1 |
38 |
108 |
199 |
100006 |
Zambrane?a |
Rock grab |
1.233 |
433.7 |
507.7 |
29 |
52 |
99 |
100009 |
Jesus
Maria |
Chip - 1.00m |
10.060 |
817.0 |
1420.6 |
112 |
470 |
647 |
100011 |
Jesus
Maria |
Chip - 1.10m |
1.444 |
663.6 |
750.2 |
114 |
826 |
1630 |
100013 |
Christian |
Chip - 1.50m |
13.150 |
929.9 |
1718.9 |
134 |
187 |
382 |
100014 |
Christian |
Chip - 1.50m |
7.780 |
348.7 |
815.5 |
65 |
85 |
215 |
100015 |
Santa Cruz
|
Rock grab |
6.500 |
882.1 |
1272.1 |
102000 |
95 |
2208 |
Silver-equivalent is defined as silver grade plus 60 times gold
grade. Metallurgical recoveries and net smelter returns are assumed to be
100% for this purpose. Base metal values are not included in the
silver-equivalent value. Analytical testing was performed by Inspectorate
Labs, a certified analytical laboratory.
Ben Whiting, P.Geo., is
the Qualified Person and takes responsibility for the technical disclosure
in this news release.
Gary
Cope, President of Orex, adds, ?We are very pleased with the progress of
our Joint Venture partner Silverex in moving forward the Santa Cruz
Project. We believe that Santa Cruz will be an excellent combination
of near term production with significant upside exploration
potential.?
About Orex Minerals
Inc.
Orex Minerals Inc. is a junior
mineral exploration company comprised of highly qualified mining
professionals with a focus on the exploration of prospective gold and
gold-silver properties in Mexico and northern Peru.
ON BEHALF
OF THE BOARD OF DIRECTORS
Gary
Cope President
For further information, contact
Orex Minerals Inc. at (604) 684-4691
or Via email at info@orexminerals.com or visit
our website on line at www.orexminerals.com
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.
Orko relies upon litigation protection for forward-looking
statements.
The TSX Venture Exchange has not reviewed and does not
accept responsibility for this News Release.
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