I'm sure everyone has seen it by now, but heres todays news....
CORAL GABLES, Fla.--(BUSINESS WIRE)--Oct. 18, 1999--Orex Gold
Mines Corp. (OTC BB:ORXX) announced it has completed a binding Letter
of Intent including a tax free stock exchange agreement for a
privately held mining company, Arch Mining. The agreement is part of
the ongoing efforts by Orex to evaluate and develop properties for the
HGP technology and other mining strategies.
Under terms of the agreement, Orex will acquire all interests in
Arch Mining Company. The company holds rights to the D&H property
located in Central Arizona. The property consists of 10 unpatented BLM
claims apexing a 40 foot thick gold-quartz vein structure that has
been evaluated and mapped over 12,000 feet long and to 800 feet in
depth. The Arizona Department of Mineral Resources has evaluated and
concluded that the property has "District size potential". The
oxidized vein material contains high-grade silica (+90% purity for
mine run ) and gold values from .02 to 13 ounces per ton. The property
has several shafts in excess of 500 feet deep and several reports,
including a small exploration-drilling program, confirm nugget effect
gold values throughout the structure.
This acquisition is designed to increase the amount of reserves
that the company has acquired in the Santa Maria Mine area. The two
properties are closely related in both geographical location and
geological genesis. The potential of the property to produce low cost,
alternative feed stock to the Santa Maria mill makes the acquisition a
strategic part of the companies overall plans. Further details will be
announced, as they become available.
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.
--30--cp/mi*
CONTACT: Orex Gold Mines, Coral Gables
Investor Relations Contact:
Greg Finney, 305-444-5890
or
Don Blackburn 520-668-0460
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