VANCOUVER, May 7, 2020 /CNW/ - Orex Minerals Inc. –
(TSX-V: REX – OTCQB: ORMNF) ("Orex") is pleased to
provide the following update from its President and CEO,
Gary Cope.
"Like all of our personnel at the Belcarra Group, I am at home
practicing social distancing. I am hopeful that the worst of the
Covid-19 crisis is behind us. As most countries begin the difficult
task of restarting their economies, I would like to take this
opportunity to bring you up to date on Orex Minerals Inc., with
some history and our plans for the future.
Orex has three projects in its portfolio, including two joint
ventures in Durango, Mexico and
one, 100 percent owned project in southeastern British Columbia.
Our flagship property is Sandra in Mexico. In March
2020, we announced a joint venture with Pan American Silver
Corp. ("Pan American"). The agreed terms going forward are
60 percent Pan American and 40 percent Orex. Pan American has
requested that we operate the project. Each company will be
responsible for their percentage of the pro-rata costs. As part of
the new arrangement, Pan American's contiguous claims have been
included, making this a large exploration opportunity, with many
attractive targets warranting drill testing.
On October 31, 2016, Orex released
an initial NI 43-101 Inferred Resource of 33.3 million ounces
silver from a section of the Sandra Property known as Boleras. At
the time of the successful diamond drilling and the publication of
the resource, Orex stock price climbed to a high of $1.40. Subsequently, it was discovered that there
was a metallurgical problem with Boleras mineralization and silver
recovery was compromised.
More recently, Pan American purchased the ownership of Sandra,
from our former joint venture partner Canasil Resources Inc. This
buyout was completed in June
2019.
At Sandra, we are developing plans which will include
geophysics, mapping and drilling. There are a number of targets
that need to be tested and both companies are looking forward to
investing in this exciting opportunity. Pan American also plans to
carryout in-house metallurgical testing on samples from the Boleras
Zone.
Our other Mexican asset is the Coneto Project in Durango, which
is a joint venture between Fresnillo plc (55 percent) and Orex (45
percent). When work is allowed to resume, we will be talking with
Fresnillo about our plans going
forward.
Our Canadian asset is a small gold deposit near Castlegar British Columbia named Jumping
Josephine. This deposit hosts a NI 43-101 resource of 34,000 ounces
Indicated and 30,000 ounces Inferred gold ounces. As this time, we
are not planning any work on this project and would look to sell it
to an interested party.
An additional asset that Orex owns is a 2% NSR on the entire
Barsele Project in Northern
Sweden. Agnico Eagle Mines Limited has a right to purchase
the NSR for $US5 million, which they
can exercise at any time.
Our share price suffered when the low metallurgical recovery
results were published in 2016/2017, and still further, as a result
of the time involved with the consolidation of the Sandra land
package.
Now we are prepared to advance Sandra. We will need to assemble
a small financing ($US1-2 million)
over the next few weeks. I will be participating in the financing
as will others in the Belcarra Group.
Our team believes that positive investor sentiment for Junior
Explorers like Orex Minerals Inc. is coming soon. I believe
precious metals are going much higher and projects like ours are
going to be the focus of considerable attention from new investors
to the junior mining space. Orex coupled with its two Senior
Producers, as partners, is a unique combination."
ABOUT OREX MINERALS INC.
Orex is a Canadian-based junior exploration company comprised of
highly qualified mining professionals. Orex has several current
projects: the Coneto Gold-Silver Project in Durango, Mexico, a joint venture with
Fresnillo PLC, the Jumping Josephine Gold-Silver Project in
British Columbia, Canada, and the
joint venture with Pan American with respect to the Project.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
This News Release may contain forward-looking statements
including, but not limited to, statements with respect to the
Company's plans for its projects and future financing needs.
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.
For additional information on risks and uncertainties, see
the Company's most recently filed annual management discussion and
analysis ("MD&A"), which is available on SEDAR at www.sedar.com
and on the Company's website at www.orexminerals.com. The risk
factors identified in the MD&A are not intended to represent a
complete list of factors that could affect the Company.
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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SOURCE Orex Minerals Inc.