Orex Reports New Mineral Resource Estimate With an Average Grade of More Than 5 Grams of Gold Per Tonne for the Goldboro

Orex Reports New Mineral Resource Estimate With an Average Grade of More Than 5 
Grams of Gold Per Tonne for the Goldboro Project, Nova
Scotia 
MONTREAL, QUEBEC -- (Marketwire) -- 02/11/13 --  OREX EXPLORATION
INC. (TSX VENTURE:OX) (FRANKFURT:O5D) 


 
--  At a 2.0 g/t gold grade cut-off, the new estimate reflects: 
    --  465,000 ounces of gold in Measured and Indicated resource categories
    --  421,100 ounces of gold in Inferred resource category 
--  Project advances toward Preliminary Economic Assessment 

 
OREX EXPLORATION INC. (the "Company") is pleased to announce a new
mineral resource estimate for its 100% owned Goldboro Project in Nova
Scotia. The new mineral resource estimate was prepared by Mercator
Geological Services Limited ("Mercator") of Dartmouth, Nova Scotia in
accordance with Canadian Securities Administrators National
Instrument 43- 101 ("NI 43-101") and is based on Canadian Institute
of Mining, Metallurgy & Petroleum ("CIM") standards. It has an
effective date of February 11, 2013. 
Highlights of the 2013 Mineral Resource Estimate 
At the 2.0 g/t gold grade resource cut-off, the new estimate
reflects: 


 
--  Measured resources totaling 171,000 tonnes grading 5.39 g/t gold (29,600
    contained gold ounces); 
--  Indicated resources totaling 2,418,000 tonnes grading 5.60 g/t gold
    (435,300 contained gold ounces); 
--  Inferred resources totaling 2,543,000 tonnes grading 5.15 g/t gold
    (421,100 contained gold ounces); 
--  Combined, the Measured and Indicated categories total 2,589,000 tonnes
    grading 5.59 g/t gold (465,000 contained gold ounces); and 
--  A 32% increase in combined Measured and Indicated categories gold ounces
    and a 20% increase in Inferred category gold ounces relative to the
    previous NI 43-101-compliant estimate disclosed in 2009. 

 
Mark Billings, President and CEO of Orex, commented, "Orex is very
pleased with the new mineral resource estimate, which was focused on
definition of higher grade gold domains within the Goldboro deposit.
With the addition of assay results for the 69 drill holes completed
since the last resource estimate in 2009, the mineral resource base
has increased at each of the stated cut-off levels." 
Goldboro Gold Project Mineral Resource Statement - Effective February
11, 2013 


 
----------------------------------------------------------------------------
Gold Cut-off Resource                                                       
 g/t          Category        Boston Richardson Zone     West Goldbrook Zone
----------------------------------------------------------------------------
                               Tonnes(i)      Au g/t   Tonnes(i)      Au g/t
----------------------------------------------------------------------------
             Measured            227,000        4.43                        
             ---------------------------------------------------------------
1.50         Indicated         2,067,000        4.37     708,000        4.14
             ---------------------------------------------------------------
              Subtotal         2,294,000        4.38     708,000        4.14
             ---------------------------------------------------------------
             Inferred          1,461,000         3.9     519,000        3.50
----------------------------------------------------------------------------
             Measured            171,000        5.39                        
             ---------------------------------------------------------------
2.00         Indicated         1,472,000        5.44     473,000        5.34
             ---------------------------------------------------------------
              Subtotal         1,643,000        5.43     473,000        5.34
             ---------------------------------------------------------------
             Inferred            953,000        5.04     345,000        4.40
----------------------------------------------------------------------------
             Measured            149,000        5.83                        
             ---------------------------------------------------------------
2.50         Indicated         1,087,000        6.57     363,000        6.29
             ---------------------------------------------------------------
              Subtotal         1,236,000        6.48     363,000        6.29
             ---------------------------------------------------------------
             Inferred            696,000        6.09     255,000        5.17
----------------------------------------------------------------------------
             Measured            149,000        5.83                        
             ---------------------------------------------------------------
3.00         Indicated           846,000        7.67     295,000        7.11
             ---------------------------------------------------------------
              Subtotal           995,000        7.39     295,000        7.11
             ---------------------------------------------------------------
             Inferred            558,000        6.91     196,000        5.91
----------------------------------------------------------------------------
             Measured             64,000        9.24                        
             ---------------------------------------------------------------
3.50         Indicated           696,000        8.62     236,000        8.08
             ---------------------------------------------------------------
              Subtotal           760,000        8.67     236,000        8.08
             ---------------------------------------------------------------
             Inferred            425,000        8.06     155,000        6.62
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
Gold Cut-off Resource                                                       
 g/t          Category      East Goldbrook Zone       Total Goldboro Deposit
----------------------------------------------------------------------------
                             Tonnes(i)   Au g/t Tonnes(i)   Au g/t Ounces(i)
----------------------------------------------------------------------------
             Measured                             227,000     4.43    32,300
             ---------------------------------------------------------------
1.50         Indicated         642,000     5.15 3,417,000     4.47   491,100
             ---------------------------------------------------------------
              Subtotal         642,000     5.15 3,644,000     4.47   523,400
             ---------------------------------------------------------------
             Inferred        1,649,000     4.54 3,629,000     4.13   481,900
----------------------------------------------------------------------------
             Measured                             171,000     5.39    29,600
             ---------------------------------------------------------------
2.00         Indicated         473,000     6.37 2,418,000     5.60   435,300
             ---------------------------------------------------------------
              Subtotal         473,000     6.37 2,589,000     5.59   465,000
             ---------------------------------------------------------------
             Inferred        1,245,000     5.45 2,543,000     5.15   421,100
----------------------------------------------------------------------------
             Measured                             149,000     5.83    27,900
             ---------------------------------------------------------------
2.50         Indicated         366,000     7.58 1,816,000     6.72   392,400
             ---------------------------------------------------------------
              Subtotal         366,000     7.58 1,965,000     6.65   420,300
             ---------------------------------------------------------------
             Inferred          963,000     6.39 1,914,000     6.12   376,600
----------------------------------------------------------------------------
             Measured                             149,000     5.83    27,900
             ---------------------------------------------------------------
3.00         Indicated         295,000     8.73 1,436,000     7.77   358,700
             ---------------------------------------------------------------
              Subtotal         295,000     8.73 1,585,000     7.59   386,700
             ---------------------------------------------------------------
             Inferred          783,000     7.23 1,537,000     6.95   343,400
----------------------------------------------------------------------------
             Measured                              64,000     9.24    19,000
             ---------------------------------------------------------------
3.50         Indicated         234,000    10.19 1,166,000     8.83   331,000
             ---------------------------------------------------------------
              Subtotal         234,000    10.19 1,230,000     8.85   350,000
             ---------------------------------------------------------------
             Inferred          648,000     8.06 1,228,000     7.88   311,100
----------------------------------------------------------------------------
 
1.  Tonnages have been rounded to the nearest 1,000 tonnes; average grades
    and contained ounces may not sum due to rounding. 
2.  The resource statement gold cut-off grade is 2.0 g/t and is highlighted
    in the tabulation above. 
3.  The 2.0 g/t gold resource statement cutoff grade reflects a reasonable
    expectation of economic development by underground mining methods based
    on a three year trailing average gold price of US $1492. 
4.  Contributing 1.0 metre assay composite populations were capped at gold
    grades of 80g/t or 120g/t and separately interpolated. 
5.  A specific gravity factor of 2.7g/cm3was applied to all blocks. 
6.  Mineral resources that are not mineral reserves do not have demonstrated
    economic viability. The estimate of mineral resources may be materially
    affected by environmental permitting, legal, title, taxation,
    sociopolitical, marketing, or other relevant issues. 

 
Details of Mineral Resource Estimate 
Gold mineralization at Goldboro occurs in a tightly folded sequence
of Cambro-Ordovician greywacke and slate of the Goldenville
Formation. Quartz vein systems associated with the hinge zone of the
moderately east-plunging Upper Seal Harbour Anticline are the most
important hosts for gold in this district, but gold values are also
present in slate units adjacent to vein contacts. Mineral resources
reported above occur in three spatially contiguous zones along the
Upper Seal Harbour anticline. These comprise the total "Goldboro
Deposit" and consist of the Boston Richardson Zone, the East
Goldbrook Zone and the West Goldbrook Zone. Each zone is
characterized by stacked, gold-bearing quartz-veined stratigraphic
intervals that can be correlated both along strike and down dip. 
The Mercator mineral resource estimate is tabulated above and defined
at a gold cutoff grade of 2.0 g/t. This cutoff provides definition of
mineral resources considered to have a reasonable expectation of
economic development using underground mining methods. Sensitivity to
gold cut-off grade is presented above through comparative tabulations
at cut-off values of 1.5 g/t, 2.5 g/t, 3.0 g/t and 3.5 g/t.
Distribution of resources between the three zones of the deposit is
also shown above in the resource statement. 
Mark Billings added, "Orex is also very satisfied with the geological
model put together by Mercator, which was mandated by the Company and
created independently from previous geological models. This model
will form the foundation of future assessments and planning at
Goldboro." 
"In the opinion of the management of Orex, the resource figures
presented above reflect quality gold ounces that have potential for
economic development. The Company will take the necessary and prudent
steps to advance Goldboro through further detailed assessments
required to determine viability of commercial production. One of
these next steps will be a bulk sample at Goldboro, which will help
the Company assess resource model grades. Potential targets for a
bulk sample are currently being discussed with Mercator. In addition,
the Company will consider undertaking a Preliminary Economic
Assessment ("PEA") for the Goldboro Project, with the current
resource estimate forming the foundation of such an analysis. Orex is
also identifying other steps that can be taken to facilitate
assessment of the project's future production potential." 
In addition to further drilling to extend and upgrade existing
mineral resources, Mercator has recommended that bulk sampling target
studies be completed in the near term so that associated
environmental, engineering and permitting activities can be initiated
as soon as possible. Mercator has also recommended further assessment
of near surface open pit potential using pit optimization methodology
and completion of a PEA. 
The following table outlines the increase in gold ounces over the
previous NI 43-101-compliant mineral resource estimate that was
disclosed by the Company in its news release dated August 4, 2009: 


 
                         2013 Mineral Resource         2009 Mineral Resource
1.5 g/t cut-off                       Estimate                      Estimate
----------------------------------------------------------------------------
Category             Tonnes   Au g/t     Au oz     Tonnes   Au g/t     Au oz
----------------------------------------------------------------------------
Measured            227,000     4.43    32,300    270,000     4.99    43,300
----------------------------------------------------------------------------
Indicated         3,417,000     4.47   491,100  2,441,000     4.51   353,900
----------------------------------------------------------------------------
  Subtotal        3,644,000     4.47   523,400  2,711,000     4.56   397,200
----------------------------------------------------------------------------
Inferred          3,629,000     4.13   481,900  3,438,000     3.67   405,926
----------------------------------------------------------------------------

 
At a 1.5 g/t gold grade resource cut-off, this reflects a 32%
increase in combined Measured and Indicated categories gold ounces
and a 19% increase in Inferred category gold ounces relative to the
previous estimate disclosed in 2009. This largely reflects the
influence of 69 surface diamond drill holes completed subsequent to
the 2009 estimate. 
About Orex Exploration Inc. 
Orex Exploration Inc. is a Canadian-based junior resource and
exploration company trading under the symbol OX on the TSX Venture
Exchange. The Company holds a 100% interest in the Goldboro Gold
Project in Nova Scotia. 
Mineral Resource Estimate Methodology 
The mineral resource estimate by Mercator is based on validated
results of 272 surface drill holes, including 69 completed since the
previous resource estimate (please refer to Orex's news release of
August 4, 2009), and 119 underground drill holes, for a total of
66,743 metres of diamond drilling. 
The drilling-defined deposit was divided into three spatial domains
for modeling purposes, these being the Boston Richardson Zone, the
West Goldbrook Zone and the East Goldbrook Zone. Modeling was
performed using Gemcom Surpac(R) 6.3.1 modeling software with gold
grades estimated for Inferred and Indicated category resources using
inverse distance squared (ID2) interpolation methodology and capped,
1.0 metre down hole assay composites. Ellipsoid ranges were developed
through assessment of assay composite variography and a series of
ellipsoid orientations were applied to accommodate opposing limbs of
the anticline. Block grades for all resources were based on capped,
contributing 1 metre down-hole assay composites constrained to a
minimum of 1 and a maximum of 9, with no more than 3 composites
allowed from a single drill hole. Block size was 5m (x) by 5m (y) by
5m (z) with two units of standard sub-blocking allowed. Assay
composites capped at 120g/t were interpolated in a restricted first
pass (55m major axis range) and composites capped at 80g/t were
interpolated in the second pass (110m major axis range). A specific
gravity of 2.70 g/cm3 was applied to all resource blocks. Grade
within a "Metallurgical Bulk Composite" solid was interpolated using
Nearest Neighbour methodology and capped metallurgical testing
results from 23 HQ-size surface drill holes completed in 2005. 
Measured resources are defined as all interpolated blocks within the
Metallurgical Bulk Composite solid. Indicated resources are defined
as all other interpolated blocks with at least 7 contributing assay
composites having a maximum average distance of 50 metres from the
block centroid. Inferred resources are defined as all remaining
interpolated blocks that occur within the various wire framed belt
model solids. All blocks intersecting underground development and
stoping solid models were removed from the estimate. 
Technical information pertaining to the mineral resource estimate
contained in this news release was prepared by Michael Cullen,
P.Geo., of Mercator Geological Services Limited, who is an
independent Qualified Person as defined under National Instrument
43-101. 
The statements made in this news release that are not historical
facts are `forward-looking statements, and readers are cautioned that
any such statements are not guarantees of future performance and that
actual developments or results may vary materially from those in
these "forward- looking" statements. 
Neither the 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 news
release. 
Contacts:
Orex Exploration Inc.
Mark Billings
President and CEO
(514) 296-1641
mark@marengomgt.com
 
 
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