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Gold/Mining/Energy : ORXX - Orex Gold Mines Corporation -- Ignore unavailable to you. Want to Upgrade?

To: J. Nelson who wrote (2136)	10/22/1999 10:10:00 AM
From: O'Brien	Respond to of 2392

CORAL GABLES, Fla.--(BUSINESS WIRE)--Oct. 22, 1999--Orex Gold Mines Corp. (OTCBB:ORXX) announces that the company has completed the acquisition of Arch Mining Company by way of a tax-free stock exchange of 144 restricted stock. The assets of Arch Mining consist of 10 unpatented mining claims located in Yavapai County, Arizona. The claims apex a large, deep-seated gold-quartz vein known as the "Turnbaugh Ledge." The claims apex approximately 8,000 feet of the structure with patented claims covering the other mapped portion. The former owners have conducted extensive surface and underground sampling and the assay data has been provided with the property. Orex personnel have examined the data and concluded that the property is well suited to the objectives of the company to acquire gold properties that are amenable to the HGP process and other mining strategies. Orex also issues the following up-date on the upcoming HGP demonstration at the Santa Maria Mine and mill which is still by invitation only: Work has been ongoing on the grinding circuit, as well as replacing components of the precipitation circuit on the existing mill. These modifications have been underway for several weeks and are expected to be completed shortly. Several pieces of the circuit require corrosion-resistant materials and are on order from local suppliers. Individuals from the State regulatory agencies have assured the company that all permits and requirements have been met regarding the demonstration. Orex is strongly committed to our stockholders to conduct the demonstration in a timely manner, as well as insure the validity of the demonstration through proper COC protocol. 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.