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Orex Exploration Inc.: Goldboro Drilling Program Update 10 Holes completed to date intersected gold-bearing structures Length of 123 Zone doubled to 425 metres Shares of the Company now listed on Frankfurt Stock Exchange MONTREAL, CANADA--(MARKET WIRE)--May 1, 2008 -- OREX EXPLORATION INC. (CDNX:OX.V - News) (Frankfurt:O5D.F - News) is pleased
to issue a second update on the Phase 2A drilling program
that is progressing at the Company's wholly-owned Goldboro
Gold Project in north eastern Nova Scotia. To date, 10 of
the planned 15 holes (BR-08-01 to 10) comprising 2,519 m
of the 4,250 m drill program have been completed on schedule
(refer to the appended table of diamond drill hole statistics).
Highlights from the 10 drill holes include: - All 10 drill holes intersected silicified slate belts and quartz veins, key gold-bearing rocks of the Boston-Richardson Structure; - Visible gold was observed in 6 of the 9 drill holes (BR-08-01, 03, 05, 06, 07 and 09) logged to date, including multiple visible gold grains in drill hole BR-08-07; -The 123 Zone has been recognized over a 425 m strike length, which is double the length outlined in the 2005 drilling; -The mineralized intervals are outlined in the following table - final drill hole descriptions are available for BR-08-01 to 06:
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CORE TRUE
FROM TO LENGTH WIDTHS
DDH # ZONE (m) (m) (m) (m)(i)
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BR-08-01 BR 9.5 12.2 2.7 2.4
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123 79.1 112.9 33.8 30.4
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BR-08-02 BR 9.0 11.8 2.8 2.5
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123 63.9 107.1 43.2 38.9
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4 119.6 124.9 5.3 4.8
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56 131.8 164.2 32.4 29.2
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78 172.7 190.8 18.1 16.3
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BR-08-03 BR 45.8 46.4 0.6 0.5
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A 98.8 99.3 0.5 0.4
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123 105.9 128.1 22.2 20.0
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4 130.8 137.3 6.5 5.9
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56 140.3 204.2 63.9 57.5
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BR-08-04 BR 46.5 47.0 0.5 0.4
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123 96.6 166.0 69.4 62.5
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BR 194.1 196.2 2.1 1.9
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BR-08-05 BR 47.8 48.1 0.3 0.3
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123 117.4 140.7 23.3 21.0
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4 141.9 153.0 11.1 10.0
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56 170.2 233.0 62.8 56.5
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BR-08-06 BR 25.6 26.9 1.3 1.2
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123 108.3 128.9 20.6 18.5
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4 131.3 135.1 3.8 3.4
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56 144.4 217.3 72.9 65.6
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(i) True widths are approximately 90% of the core lengths.True widths from the individual mineralized zones intersected to date are summarized as follows: - the seven intersections of the Boston-Richardson or BR Zone range from 0.3 m to 2.5 m; - the six intersections of the 123 Zone range from 18.5 m to 62.5 m; - the four intersections of the 4 Zone range from 3.4 m to 10.0 m; - the four intersections of the 56 Zone range from 29.2 m to 65.6 m; and - the single 78 Zone intersection is 16.3 m. The visual observations on the 2008 drill core, including the presence of visible gold in two-thirds of drill holes and the significant interval lengths of individual mineralized zones, are consistent with those outlined during the previous diamond drill campaign in 2005 and subsequent mineral resource estimation in 2006 (refer to Orex news releases dated in 2005 and 2006 on SEDAR at www.sedar.com). A total of 348 core samples from the first 6 drill holes (BR-08-01 to 06) are currently being processed for gold assaying by the ALS Laboratory Group (Timmins, Ontario and Val-d'Or, Quebec). Assay results are expected in June 2008. The Company will be continuing the detailed sectional drilling to the east of the Ramp Area and is now planning a number of longitudinal drill holes to test the continuity of higher grade lenses within hinge zones of the down-plunge continuity of the 123 Zone and other zones underneath, as well as possible north-south veins. BR-08-16 will be the first of such holes, part of the Phase 2B program, and will be drilled from the Ramp Area towards the east at a 45 angle to a length of 400 m. The hole is designed to enter the hinge of the 123 Zone at an approximate depth of 150 m and remain within the hinge for up to 150 m or more. Sectional drill holes are also being planned for the property to identify regional gold bearing structures similar to the Boston-Richardson Gold Structure. The 2008 Goldboro drilling campaign Drill holes are spaced on sections approximately 25 m apart over a 200 m strike length extending east from the current limits of the defined National Instrument 43-101 Mineral Resources in the Goldboro Ramp Area. The initial 4,250 m campaign is targeting the down-plunge extension of the higher grade hinge and south limb areas of the 123 Zone (as well as other zones, such as the 56 Zone and 78 Zone) as it plunges shallowly to the east beneath the historic Boston-Richardson Mine. This footage is only part of the 15,000+ m Phase 2 program outlined for 2008 along the full length of the 2.5 km long Boston-Richardson Structure. Previous drilling by the Company in 2005 along a 225 m segment of the south limb of the historically mined Boston-Richardson Structure recorded that wider mineralized and continuous intervals are present that combine several of the gold belts into specific mineralized zones below the Boston-Richardson Belt with a portion of these zones grading 4.15 g/t gold over an average width of 15.2 m and a 150 m strike length. Corporate update The Company wishes to announce that it has recently listed its shares on the Frankfurt Stock Exchange under the symbol O5D. In addition, Der GoldReport of Germany, has been hired for corporate and business development in Europe for a 6 month period, and will receive 500,000 options at a strike price of $C 0.15. About Orex Exploration Inc. Orex Exploration Inc. is a Canadian-based junior resource and exploration company trading under the symbols OX on the TSX Venture Exchange and O5D on the Frankfurt Stock Exchange. The Company holds a 100% interest in the Goldboro Gold Project in Nova Scotia. Goldboro hosts a National Instrument 43-101 compliant Mineral Resources of 13.09 million tonnes @ 1.15 g/t gold in the Measured and Indicated categories, and additional Inferred Resources of 15.6 million tonnes @ 0.63 g/t gold (refer to the technical report dated September 28, 2006, posted on SEDAR at www.sedar.com). A comparative analysis of metallurgical test results done in 2006 and historical assay results demonstrated that historical resources estimates at Goldboro using conventional drill assays would significantly underestimate the recoverable gold content and therefore understate Mineral Resources. This grade loss was demonstrated by comparing the more realistic gold grade determined by the 2006 Metallurgical Model when compared to the 187 historic drill holes in the Assay Model, and is attributable to the nugget effect brought on by conventional assaying of smaller size individual drill core samples in the Assay Model. The 2006 Metallurgical Model grade showed an increase of approximately twice that of the Assay Model grade. The Company has developed a sampling and assaying protocol to counter the nugget effect, giving more realistic gold grades of the mineralization. The objective of the Phase 2 exploration program focuses on defining higher quality Mineral Resources. The Orex team is confident in achieving this goal within the next 24 months. The information contained in this news release has been reviewed and approved by Mr. Jean Lafleur, M. Sc., Geol., Director and Technical Advisor at Orex, and a Qualified Person under National Instrument 43-101 regulations. Diamond drill hole statistics for the 2008 drilling campaign
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PROPOSED COMPLETED
DDH # EASTING NORTHING AZIMUTH/DIP LENGTH LENGTH
(m) (m)
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PHASE 2A
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BR-08-01 8775 6975 360/-50 175 171
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BR-08-02 8775 6975 360/-75 220 220
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BR-08-03 8775 6950 350/-65 220 220
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BR-08-04 8775 6950 015/-50 220 220
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BR-08-05 8800 6940 360/-65 220 237
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BR-08-06 8825 6940 360/-70 270 268
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BR-08-07 8825 6920 010/-50 280 281
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BR-08-08 8845 6900 005/-60 300 290
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BR-08-09 8845 6900 015/-50 280 280
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BR-08-10 8845 6885 015/-60 320 332
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BR-08-11 8900 6870 360/-50 300 PENDING
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BR-08-12 8900 6885 010/-55 320 PENDING
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BR-08-13 8950 6875 005/-65 350 PENDING
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BR-08-14 8950 6825 005/-50 375 PENDING
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BR-08-15 8975 6850 005/-65 400 PENDING
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TOTAL 4,250 m 2,519 m
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PHASE 2B
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BR-08-16 8810 7015 100/-45 400 PENDING
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TOTAL 4,650 m 2,519 m
-------------------------------------------------------------------------The drill campaign, core descriptions and assay sample preparations are being done under the supervision of Billy Shaw, P. Geo., of W.G. Shaw & Associates (Antigonish, Nova Scotia) and guidance of Mr. Alex Horvath, P. Eng., of A.S. Horvath Engineering Inc. (Ottawa, Ontario). Core samples are being prepared and assayed for gold by the ALS Laboratory Group (Val-d'Or, Quebec). A number of preparation and assaying protocols will be used for the Goldboro samples based on Orex's acquired analytical expertise from the 2005 drill campaign, and include the Standard Fire-Assay Method and the Total Metallic Screen Method for Visible Gold.
Contact: Contacts:
Mark Billings, President and CEO
514-296-1641
mark@atwaterfin.com
http://www.orexexploration.ca
Paradox Investor Relations
1-866-460-0408
infoparadox@qc.aira.com
Source: OREX EXPLORATION INC.
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