ORXX ... NEws After the bell...
Orex Gold Mines Corp. Completes Due Diligence for the Acquisition of World
Vanadium, LLC and Santa Maria Mining Company
Business Editors
CORAL GABLES, Fla.--(BUSINESS WIRE)--July 29, 1999--Orex Gold
Mines Corp. (OTC BB:ORXX) announced it has completed the due diligence
for World Vanadium, LLC, a Delaware limited liability company and
Santa Maria Mining Company, a California corporation.
Orex contemplates that the proposed merger will be completed on
or prior to August 15th, 1999.
With this acquisition, the estimated value of the aggregate
assets, which include two fully equipped and permitted commercial
scale mining operations located firstly on the Colorado Plateau
(drilled proven reserves by Union Carbide Corp., (NYSE:UK)) and
secondly in the Santa Maria River Valley, near Wickenburg, AZ (drilled
proven reserves by Phelps Dodge Corp., (NYSE:PD)) should qualify Orex
as a world class producer. Management anticipates that Orex will be a
fully reporting company under federal securities laws prior to year's
end.
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 that 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 Orex. In addition, Orex disclaims any obligation to
update any forward-looking statements to reflect events or
circumstances after the date hereof.
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CONTACT: Orex Gold Mines, Coral Gables
Investor Relations Contact:
Greg Finney, 888/749-OREX |
