Company Updates From Management – Mon 3 Feb, 2014

Orex Acquires Remaining 40% of Jumping Josephine Gold Project in BC

Orex Acquires Remaining 40% of Jumping Josephine Gold Project in BC

Vancouver, BC – Orex Minerals Inc. – (TSX-V: REX) (“Orex”) announces that, pursuant to a joint venture purchase and termination agreement (the “Agreement”), it has completed the purchase of the remaining 40% of the Jumping Josephine project, located in British Columbia, Canada, from Kootenay Silver Inc. (the “Transaction”). Through its wholly owned subsidiary, Astral Mining Corp., it now owns 100% of the project.  Orex issued 1,000,000 common shares (“Shares”) to Kootenay Silver Inc. as consideration for the remaining 40% interest.

The Shares are subject to a hold period of four months and a day from the date of the closing, ending June 4, 2014.

For more information on the Transaction, see the Agreement which has been filed on Orex’s SEDAR profile.

The Jumping Josephine Project totals approximately 11,667 hectares and is located in Southern British Columbia 20 km west of Castlegar and 25 km north of the historic Rossland Gold Camp.  The project, assembled in 2004 by Kootenay, was optioned to Astral Mining in 2005.  Exploration between 2006 and 2011 included surface mapping, geochemistry, geophysics, and the completion of 140 diamond drill-holes.  Work on the JJ Main showing culminated in the estimation of a 43-101 compliant resource calculated by Apex Geoscience Ltd.

Apex estimates an Indicated mineral resource of 363,000 tonnes averaging 2.95g/t Au for 34,000 oz and Inferred mineral resource of 448,000 tonnes averaging 2.08 g/t Au for 30,000 oz.  The effective date of the resource is March 24th, 2011. The 43-101 Technical Report authored by A.J. Turner P.Geol, M. Dufresne, P.Geol and S. Nicholls, M.AIG. has been filed by Orex and is available on SEDAR.

Dale Brittliffe, P.Geo, is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release. Mr. Brittliffe oversaw the QA/QC protocols on behalf of Astral Mining during exploration activities which included the systematic insertion of analytical standards, blanks and duplicates. Analyses were performed by ALS Chemex.

Orex also announces that it has terminated its agreement with investor relations consultant Sigorex Management GmbH, effective immediately.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope
President

ABOUT OREX MINERALS INC.

Orex Minerals Inc. (TSX-V: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has several current projects: its flagship property, the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver Project in Sinaloa, Mexico, the Persistence Gold-Copper Project andJumping Josephine Gold-Silver Project in British Columbia, and the Coneto Gold-Silver Project in Durango, Mexico, which is currently under option to Fresnillo PLC.

For further information, please contact Orex Minerals Inc. at (604) 687-8566, emailinfo@orexminerals.com or visit our website at www.orexminerals.com

The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended,  or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from registration. This press release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

FORWARD-LOOKING INFORMATION 

This News Release may contain forward-looking statements including but not limited to comments regarding obtaining regulatory approval, 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 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.

View related posts on:

Comments:
  1. On February 3, 2014 at 6:42 pm,
    CFS2000 says:

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    Orex Minerals Inc. (TSX VENTURE:REX) (“Orex”) President of Orex, Gary Cope, of Suite 1130, 1055 W Hastings Street, Vancouver BC, announces that he has beneficial ownership of, and control and discretion over, directly or indirectly through 683192 B.C. Ltd., 9,975,000 common shares, or approximately 13.92% of the issued and outstanding common shares of Orex. If Mr. Cope exercises all of the 2,098,400 warrants owned, and the 1,090,000 options owned, he will have beneficial ownership of, and control and discretion over, directly or indirectly, 13,163,400 common shares (or 17.58%) in the capital of Orex.

    On November 21, 2013, 683192 B.C. Ltd. purchased 4,000,000 units in a non-brokered private placement of Orex at a cost of $1,000,000 CAD. 683192 B.C. Ltd. relied on the accredited investor exemption from securities legislation to purchase the units. Orex trades on the TSX Venture Exchange.

    Mr. Cope acquired beneficial ownership of, and control or discretion over, the common shares and warrants that are the subject of this report for investment purposes and intends to review his investment in Orex on a continuing basis. Mr. Cope may, depending on market and other conditions, increase his beneficial ownership of securities in Orex.

    AND

    Orex Grants Stock Options, Announces Changes to Directors and Officers and Ends Agreement with Investor Relations Consultant
    VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 17, 2014) – Orex Minerals Inc. (TSX VENTURE:REX) (“Orex” ) announces that it has granted 300,000 incentive stock options to investor relations firm Frontier Consulting Ltd. at an exercise price of $0.25 per share and with a five year term. The options will vest at 25% per quarter over the next twelve months and will be fully vested by January 17, 2015.

    Orex has also granted incentive stock options to directors and officers to purchase 1,100,000 shares in the capital of Orex at an exercise price of $0.25 per share and with a five year term. The options will vest immediately.

    The last time I saw this kind of action was when Kimber Resources was taken private and I was compelled to sell my shares, which I had been holding for a recovery.
    Locked in an over $30K loss.
    I do hope Mr Cope is not planning something similar.

  2. On February 3, 2014 at 6:45 pm,
    CFS2000 says:

    I like the BoD to have a piece of the action and their interests aligned with the shareholders.
    I don’t like the board to have such a big piece that they are tempted to take the company away from shareholders that have been supporting the company all the way down

    • On February 4, 2014 at 6:55 am,
      HEAVYHITTER says:

      GOT CORN