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To: Due Diligence who wrote (2462)	7/29/1999 7:31:00 PM
From: Due Diligence	Read Replies (1) \| Respond to of 3514

Update ORXX: News after the bell: YESSSSSSSSS! (COMTEX) B: Orex Gold Mines Corp. Completes Due Diligence for the Acq B: Orex Gold Mines Corp. Completes Due Diligence for the Acquisition of World Vanadium, LLC and Santa Maria Mining Company CORAL GABLES, Fla., Jul 29, 1999 (BUSINESS WIRE via COMTEX) -- OrexGold 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. Copyright (C) 1999 Business Wire. All rights reserved. -0- CONTACT: Orex Gold Mines, Coral Gables Investor Relations Contact: Greg Finney, 888/749-OREX WEB PAGE: businesswire.com GEOGRAPHY: FLORIDA DELAWARE CALIFORNIA COLORADO ARIZONA INDUSTRY CODE: MINING/METALS MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. * end of story *