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Gold/Mining/Energy : Ontex Resources (ONT Alberta) -- Ignore unavailable to you. Want to Upgrade?

To: Biff who wrote (345)	7/15/1999 9:38:00 AM
From: mark warburton	Read Replies (1) \| Respond to of 519

Well, Well, Well, Thats a bit better. Extending the deposit a thousand feet east with similar grades that we already have. Got to like the news and a lot more of that will be forthcoming. Stock should be valued at about 4 dollars per million ounces so with that intersection if you infer the resource extends over then we are looking at well over half a million ounces on Brookbank alone. When the market takes notice we should be in multidollar land. News Release Disclaimer ONTEX RESOURCES EXTENDS BROOKBANK GOLD DEPOSIT WITH GOOD INTERSECTIONS FROM PHASE 1 DRILLING Thursday, July 15, 1999, 7:38 AM EDT Ontex Resources Limited is pleased to announce the results of 2 intersections on the east flank of the Brookbank Deposit in the Beardmore-Geraldton area, 180 km northeast of Thunder Bay, Ontario. Brookbank, previously was calculated to contain an inferred mineral resource of 1,381,980 tons, grading 0.263 ounces of gold per ton and remains open along strike and at depth. The resource was calculated by Placer-Dome in 1990. Hole B-99-03 was drilled to test the east strike extension of the Brookbank deposit at a vertical depth of 833 feet (254 metres) and intersected 16.44 feet, averaging 0.404 ounces of gold per ton (13.92 grams/tonne over 5.01 metres). Even higher grades were obtained within this interval, including 6.56 feet, grading 0.759 ounces of gold per ton (26.16 g/t over 2 m) and 3.28 feet, grading 0.909 ounces of gold per ton (31.34 g/t over 1 m). Three additional gold-rich intervals were intersected by this hole, the deepest of which returned 0.122 ounces of gold per ton over 6.89 feet (4.21 g/t over 2m). Hole B-99-04 was drilled 300 metres east of the Brookbank deposit and intersected 20.67 feet, averaging 0.182 ounces of gold per ton (6.27 g/t over 6.3 m) at a vertical depth of 465 feet (142 metres). The interval includes 14.11 feet, averaging 0.244 ounces of gold per ton (8.42 g/t over 4.3 m) and 3.28 feet, grading 0.434 ounces of gold per ton (14.98 g/t over 1 m). The Company is pleased that recent drilling has now extended both the east and west sides of the Brookbank deposit where it remains open for further expansion. Drilling will continue in the vicinity of the deposit and on the nearby Cherbourg and Foxear Zones. Results will be released as they are completed on each zone. Ontex owns a 100% interest in the 18 Brookbank leased claims, subject to a 1% net smelter return royalty to Metalore Resources Limited. Ontex can earn 60 to 70% interests from Metalore in an additional 637 claims along the 35km of favorable strike between the Beardmore and Geraldton gold camps. Ontex Resources Limited [signed] Robin Goad, President. Further information can be obtained from Ontex Resources Limited in London (contact Robin Goad or Gary Conn at: Tel. (519) 858-8188); and in Toronto (contact Sam Fuda or Ross McGroarty at: Tel. (416) 360-4031); by Email. info@ontexresources.com; or visit our website at www.ontexresources.com. Neither the Alberta Stock Exchange nor any securities Regulatory Authority has approved or disapproved of the contents of this news release. 148 Fullarton St. Suite 2004, London, Ontario Canada N6A 5P3 Tel: (519) 858-8188 Fax: (519) 858-8155 150 York St., Suite 1206, Toronto, Ontario Canada M5H 3S5 Tel. (416) 360-4031 Fax (416) 360-4034 ONTEX DRILL HOLE INTERSECTIONS Brookbank Zone Hole # B-99-03 Line 12 west, 646 feet south, Azimuth 341 degrees, Dip -65 degrees From To core true Gold core true Gold length width gms length width ozs/ (m) (m) /tonne (ft) (ft) ton 280.40 285.41 5.01 3.05 13.92 16.44 10.01 0.404 Incl. 280.40 283.40 3.00 1.83 20.17 9.84 6.00 0.585 Incl. 280.40 282.40 2.00 1.22 26.16 6.56 4.00 0.759 Incl. 281.40 282.40 1.00 0.61 31.34 3.28 2.00 0.909 287.41 288.41 1.00 0.61 2.15 3.28 2.00 0.062 291.00 291.79 0.79 0.48 3.90 2.59 1.57 0.113 300.20 302.30 2.10 1.29 4.21 6.89 4.23 0.122 Incl. 301.30 302.30 1.00 0.61 5.31 3.28 2.00 0.154 Hole # B-99-04 Line 3 west, 300 feet south, Azimuth 342 degrees, Dip -63 degrees 147.50 156.50 9.00 5.76 2.37 29.53 18.90 0.069 Incl. 147.50 152.50 5.00 3.20 3.07 16.40 10.50 0.089 Incl. 147.50 148.50 1.00 0.64 4.08 3.28 2.10 0.118 159.60 165.90 6.30 4.03 6.27 20.67 13.22 0.182 Incl. 159.60 163.90 4.30 2.75 8.42 14.11 9.02 0.244 Incl. 162.90 163.90 1.00 0.64 14.98 3.28 2.10 0.434 Listing: ASE, Symbol "ONT" Issued Capital: 39,036,506 Common Shares ONTEX RESOURCES LIMITED (Mining) -------------------------------------------------------------------------------- © 1999 BCE Emergis

To: Biff who wrote (345)	7/15/1999 5:47:00 PM
From: mark warburton	Read Replies (1) \| Respond to of 519

Here is a link to a map covering the Devils Walk property recently acquired by Aavdex neighboring our Cherbourg property. web.licity.com The previous commnets by E Charters sum up what is expected from the Beardmore camp. Pretty consistent easy to find gold. Hence with each drill hole so far we have intersected gold. Varying thickness and grade but consistenly there. Rob makes a very valid point in expect a lot of the same type of results. The holes reported today give Brookbank a little magnitude in size. Instead of 1500 feet of strike we could be looking at 2500 feet of strike and still open in both directions. That is the longterm objective here is to link the finds into one large mega find. Be patient Hemlo did not devleop overnight and involves 3 different companies in 3 finds side by side. The goods are being delivered with each drill hole intercept. With gold in the dumps at the moment some analyst is going to have to be damned sure before he says buy any junior. Ontex needs to keep delivering for now and when one analyst jumps they will all follow not wanting to get left out. Bianchia reccomended Bre x at 2.50 it eventually went on to hundreds. Bre X was a scam from day one. When Barrick looked the property over they left it be. Barrick wanted Brookbank along with a pile of others. Hang tight as this thing is just beginning. We all want the share price up right away, in the long term though do you really want the share price up real quick so you can get out for a buck or two or will you continue to accumulate and watch this company develop to a producer. If this stock can develop a multimillion ounce deposit the share price will be higher no doubt about it. When you get another great release and the stock doesn't move you are buying even more reserves and potential for the same amount of money. Be patient this thing is a longer term hold. If Ontex is the next Hemlo type find it will take at least another year to outline the magnitude of the mineralization. Todays release was excellent. Reasonably shallow holes showing the continuity. With depth holes below those targets we will probably see the grade higher and the width thicker. As has been the case ton the rest of the properties. The spevial AGM Robin Goad took the floor after the amalgamaions were passed. His comments was that the fault itself makes it very easy to find the gold because you know exactly where to look. You don't have to trace veins all over the place you just drill the contact and record the grade. Should be heading east with the drills for the next series. towards m7 and irwin then out to Foxear. Before deals all went through I knew Brookbank held 330,000 ounces and Cherbourg was a positive development but no reserve. I am more confident now then then that Brookbank is much more then 330,000 ounces and that all the talk about Cherbourg is panning out. Deeper thicker closer to the contact. The market is not paying any attention at the moment but when you start step outs 300 metres away and 80 metres deeper on Brookbank and Cherbourg respectively those are very impressive numbers. As infill drilling delineates the deposit within these stepouts you will see the high grade pockets. On another point the Brookbank drill hole today reported the original hit and then three subsequent hits on the same hole at lower grades. Sounds like the hanging wall formation is still intact. I ain't no geologist but if the hanging wall is intact from the original brookbank fid even more reason to believe the entire strike length of 2500 feet is all one deposit. just a thought. Mark