News from our friends at OREX:
Orex Gold Mines Corp. Finalizing Joint Venture to Commence Ore Processing; Letter of Intent Expected to Yield Equity Stake
Orex Gold Mines Corp. Finalizing Joint Venture to Commence Ore
Processing; Letter of Intent Expected to Yield Equity Stake
CORAL GABLES, Fla., Jun 7, 1999 (BUSINESS WIRE via COMTEX) -- Orex
Gold Mines Corp. announced today that the Company is in the final round
of negotiations with a privately held mining company for the purpose of
forming a joint venture to process high-grade gold ore.
Orex would provide on-site processing of rich ore concentrate and would
retain a significant percentage of the processed gold. Geological
assays have thus far shown impressive ounce per ton ratios for the ore,
which has already been mined and is now ready for the extraction
process. Due to the Company's ability to provide a quick set-up of a
low cost processing facility, revenue from completed gold processing
could be generated within the next 60 days.
Orex Gold Mines Corp. has been granted the exclusive rights for the
commercial use of the "Haber Gold Process" from Haber, Inc. (OTC
BB:HABE). This revolutionary extraction process has shown numerous
benefits over traditional cyanide leaching methods, aside from being
non-toxic and EPA approved. With the Haber Gold Process, the percentage
of gold extracted from ore increases and the extraction process occurs
in a fraction of the time needed with traditional methods. In addition,
using the Haber Process versus the slower cyanide method dramatically
reduces the cost per ton of concentrate.
Orex is currently in various stages of negotiation with several mining
companies for possible acquisition, joint venture, and processing
agreements. The Company has been overwhelmed with inquiries and
proposals from mining companies around the world and is carefully
reviewing each one in order to maximize shareholder value.
The Company also states that there has not been any news or event of
either an adverse or positive nature to account for the recent
volatility in its stock price. It is believed that this market activity
is strictly due to excessive shorting and subsequent repurchasing of
Orex shares and has no correlation to any material elements of the
Company.
This news release contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance and underlying assumptions,
and all statements which are other than statements of historical facts.
These statements are subject to uncertainties and risks including, but
not limited to, product and service demand and acceptance, changes in
technology, economic conditions, the impact of competition and pricing,
government regulation, and other risks defined in this document. These
cautionary statements expressly qualify all such forward-looking
statements made by or on behalf of the Company. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date hereof.
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