Orex President Provides Update
May 7, 2020
Orex President Provides Update
Vancouver, BC – 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 Dur ango, 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 Ameri can’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 s ection 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 Bol eras 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 plan s w hich 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
For further information, please contact Orex Minerals Inc. at (604) 687 -8566 x227, email
[email protected] or visit our website at www.orexminerals.com
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.