Orex Announces 43% Increase in Indicated Mineral Resources to

Orex Announces 43% Increase in Indicated Mineral Resources to 547,000
Gold Ounces at Its Barsele Gold Project, Sweden, Inferred Mineral
Resources Updated to 627,000 Gold Ounces 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- Orex
Minerals Inc. (TSX VENTURE:REX) ("Orex") is pleased to report that an
updated independently verified mineral resource estimate has been
completed on the Barsele Gold Project near Storuman, in northern
Sweden. The study incorporates all drilling to date including the 16
diamond drill holes completed in early 2012. The updated resource
estimate on the Central-Avan-Skirasen gold zones, at a 0.6 g/t
cut-off, has outlined an Indicated Resource of 14.1 million tonnes
grading 1.21 gold grams per tonne (g/t) or 547,000 contained ounces
of gold. In addition, the study has estimated additional Inferred
Resources of 20.2 million tonnes grading 0.97 gold grams per tonne
(g/t) or 627,000 contained ounces of gold. This represents a 43%
increase in the Indicated Resources and a slight 3% decrease in the
Inferred Resources from the previous Feb. 11, 2011 resource estimate
using the same cut-off grade. The grade of the Indicated and Inferred
resources increased slightly in this new estimate. 
Gary Cope, President of Orex, says; "We are very pleased with the
significant increase in the Indicated Resource at the
Central-Avan-Skirasen gold zones, which changed from 382,000 ounces
to 547,000 ounces in this updated 43-101 resource estimate. Based on
the substantial impact our recent 6,200 meter drilling campaign had
on the resource estimate, in 2013, we are planning an aggressive
exploration program, which will entail geophysics, diamond drilling,
bulk sampling and conceptual open pit and underground studies, along
with ongoing environmental studies." 
Orex's technical team feels there is still a good chance to expand
the known dimensions of the deposits outlined to date. The principal
drilled zones at the Central-Avan-Skirasen gold deposits, and the
Norra VMS deposit, have been converted to Exploitation Concessions.  
The mineral resources were estimated by Gary Giroux, P.Eng., MASc.
Giroux Consultants Ltd. who is a qualified person and independent of
both the Issuer and the vendor, based on the tests outlined in
National Instrument 43-101. The Norra volcanic massive sulphide (VMS)
zone and the Avan Gold zone were estimated separately, while the
Central and Skirasen zones were combined. The Avan, Central and
Skirasen zones are all considered to be structurally controlled
mesothermal gold deposits.  
When considering the sensitivity of the 2012 resource estimate to
cut-off grade, a reduction in cut-off from 0.6 g/t gold to 0.4 g/t
gold yields an increase in Indicated Resources from 547,000 ounces to
595,000 ounces (+8.8% increase) and an increase in Inferred Resources
from 627,000 ounces to 862,000 ounces (+37.5% increase). 
The current mineral resources are summarized below. 


 
 Summary of Mineral Resources in the Avan, Central and Skirasen Gold Zones 
                                                                           
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Au                                                            Au  Contained
Cut-off                       Resource                     Grade     Ounces
(g/t)       Zone              Category         Tonnes      (g/t)         Au
---------------------------------------------------------------------------
---------------------------------------------------------------------------
0.40        Central           Indicated    15,500,000       1.13    563,000
            ---------------------------------------------------------------
            Central-Skirasen  Inferred     14,390,000       0.89    413,000
            ---------------------------------------------------------------
            Avan              Indicated       830,000       0.77     21,000
                              ---------------------------------------------
                              Inferred     19,460,000       0.69    433,000
            ---------------------------------------------------------------
            TOTAL             Indicated    16,470,000       1.12    595,000
                              ---------------------------------------------
                              Inferred     34,180,000       0.78    862,000
---------------------------------------------------------------------------
---------------------------------------------------------------------------
0.50        Central           Indicated    14,740,000       1.16    552,000
            ---------------------------------------------------------------
            Central-Skirasen  Inferred     11,890,000       0.98    376,000
            ---------------------------------------------------------------
            Avan              Indicated       650,000       0.87     18,000
                              ---------------------------------------------
                              Inferred     14,650,000       0.77    363,000
            ---------------------------------------------------------------
            TOTAL             Indicated    15.390,000       1.15    570,000
                              ---------------------------------------------
                              Inferred     26,540,000       0.87    739,000
---------------------------------------------------------------------------
---------------------------------------------------------------------------
0.60        Central           Indicated    13,610,000       1.22    532,000
            ---------------------------------------------------------------
            Central-Skirasen  Inferred      9.840,000       1.08    340,000
            ---------------------------------------------------------------
            Avan              Indicated       490,000       0.97     15,000
                              ---------------------------------------------
                              Inferred     10.360,000       0.86    287,000
            ---------------------------------------------------------------
            TOTAL             Indicated    14,100,000       1.21    547,000
                              ---------------------------------------------
                              Inferred     20,200,000       0.97    627,000
---------------------------------------------------------------------------
---------------------------------------------------------------------------

 
The Norra volcanogenic massive sulphide (VMS) deposit was not drill
tested in the recent campaign, so there has been no change in the
previously released mineral resource. At a 0.6 g/t Au cut-off, Norra
hosts an Indicated Resource of 110,000 tonnes grading 3.13 g/t gold,
30.27 g/t silver, 0.53% copper and 0.72% zinc. The study has also
estimated additional Inferred Resources of 310,000 tonnes grading
1.62 g/t gold, 12.69 g/t silver, 0.26% copper and 0.42% zinc.  


 
            Summary of Mineral Resources in the Norra VMS Zone            
--------------------------------------------------------------------------
--------------------------------------------------------------------------
        Tonnes                                                            
Au     greater                                                            
Cut-     than                                                             
off    Cut-off                                            
                
(g/t) (tonnes)                 Grade greater than Cut-off                
              ------------------------------------------------------------
                  Au    Ag    Cu    Zn      Au      Ag                    
               (g/t) (g/t)   (%)   (%)      Oz      Oz    Cu lbs    Zn lbs
--------------------------------------------------------------------------
--------------------------------------------------------------------------
                                 INDICATED                                
--------------------------------------------------------------------------
0.40   140,000  2.46 27.26  0.45  0.66  11,000 123,000 1,389,000 2,037,000
--------------------------------------------------------------------------
0.50   120,000  2.76 28.38  0.48  0.68  11,000 109,000 1,270,000 1,799,000
--------------------------------------------------------------------------
0.60   110,000  3.13 30.27  0.53  0.72  11,000 107,000 1,286,000 1,746,000
--------------------------------------------------------------------------
--------------------------------------------------------------------------
                                 INFERRED                                 
--------------------------------------------------------------------------
0.40   330,000  1.55 12.44  0.26  0.41  16,000 132,000 1,892,000 2,983,000
--------------------------------------------------------------------------
0.50   320,000  1.59 12.56  0.26  0.42  16,000 129,000 1,835,000 2,964,000
--------------------------------------------------------------------------
0.60   310,000  1.62 12.69  0.26  0.42  16,000 126,000 1,777,000 2,871,000
--------------------------------------------------------------------------
--------------------------------------------------------------------------

 
For the Avan, Central and Skirasen estimates, the data-base consisted
of 316 drill holes completed between 1989 and the present, totalling
40,420 m. Gold assays from each zone were capped based on their grade
distributions. Downhole composites, 3 m in length, were formed for
each zone. The Avan zone had a geologic three-dimensional solid to
constrain the estimation. Variography was completed for gold,
indicating an anisotropic structure with longest range NW-SE. For the
Central and Skirasen zones, there was no current constraining
three-dimensional solid, so an indicator approach was used to
determine which blocks were above a gold cut-off. Semivariogram
analysis indicated the longest continuity along azimuth 150 degrees.
A block model with blocks 3 m x 3 m x 3 m was superimposed over the
three zones and gold grades were estimated by ordinary kriging. 
The Norra VMS deposit, measuring 300 m along strike and from 5 to 50
m in width, was outlined by 68 diamond drill holes completed from
1990-2006, thirty-nine of which intersected the mineralized zone.
Assays for Au, Ag, Cu and Zn were capped and formed into 3 m
composites. Semivariograms were produced for each variable and all
showed the longest range of continuity along azimuth 345 degrees.  
A 3 m x 3 m x 3 m block model was placed over the mineralized VMS
solid, and grades for each variable were estimated by ordinary
kriging. 
Golder established a specific gravity for the Central zone based on
2003 drill core. The results varied from 2.70 to 2.75. Because these
tests were completed on crushed material the lower limit of 2.70 was
used for this resource estimate. A bulk density of 3.4 for the Norra
VMS zone was derived from a 100 tonne bulk-test conducted by Boliden
in 1992. Specific gravity determinations were an integral aspect of
the recent Orex drilling campaign. 
In general, the classification of blocks into resource categories was
made, based on the semivariogram range and the distance of samples
from estimated blocks. Blocks within Avan, Central and Norra were
classified as Indicated if estimated in search ellipses with
dimensions up to 1/2 the semivariogram range. All others were
classified as Inferred. All estimated blocks at Skirasen, which was
drilled on wider spaced lines, were classified as Inferred.  
The Barsele Project is favourably located some 40 kilometres
southeast of the town of Storuman in Vasterbottens Lan, a regional
district of northern Sweden, approximately 600 kilometres due north
of Stockholm. It consists of 25 permits and concessions totalling
31,709 ha. Full details of the acquisition are contained in the Orex
news release dated Oct 27, 2010. 
Exploration in the Barsele project area has been ongoing for more
than 25 years. Since 1989, 414 diamond drill holes (approx. 48,800 m)
have been drilled. Gold mineralization at Barsele is predominantly
within a granodiorite exposed at the surface, which ranges in width
from 200 to 500 metres, with a strike-extent in excess of some eight
kilometres. The Central and Skirasen Zones have a combined strike
length of 1.35 kilometres by some 250 metres in width. The Avan Zone
has a strike length of 1.4 kilometres with a width varying between
200 to 500 metres. Base metal content of the deposit is typically
low. 
Gary Giroux, P.Eng., MASc., is a Qualified Person as defined in
NI43-101 and takes responsibility for the resource estimates
contained in this news release. Arthur Freeze, P.Geo., a director of
Orex, is a Qualified Person as defined in NI43-101 and takes
responsibility for all other technical disclosure in this news
release. 
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 two current projects: its flagship
property, the Barsele Gold Project located in Sweden, and the Coneto
Silver-Gold Project situated in Durango, Mexico, currently under
option to Fresnillo PLC. 
ON BEHALF OF THE BOARD OF DIRECTORS 
Gary Cope, President 
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 the TSX Venture Exchange nor its Regulation Services Provider
(as defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 
Contacts:
Orex Minerals Inc.
Gary Cope
President
(604) 687-6310
info@orexminerals.com
www.orexminerals.com
 
 
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