Orex Minerals acquires remaining 40% stake in Jumping Josephine, Canada

4 February 2014 (Last Updated February 4th, 2014 18:30)

Canadian junior exploration company Orex Minerals has successfully completed the acquisition of the remaining 40% of the Jumping Josephine project in British Columbia, Canada, from Kootenay Silver.

Canadian junior exploration company Orex Minerals has successfully completed the acquisition of the remaining 40% of the Jumping Josephine project in British Columbia, Canada, from Kootenay Silver.

The acquisition is pursuant to a joint venture purchase and termination agreement.

The Jumping Josephine project encompasses approximately 11,667ha in the southern region of British Columbia, 20km west of Castlegar and 25km north of the historic Rossland Gold Camp.

Through its wholly-owned subsidiary, Astral Mining, Orex Minerals now owns 100% of the project.

Orex issued one million common shares to Kootenay Silver for the remaining 40% stake in the project.

Jumping Josephine was assembled by Kootenay in 2004 and was optioned to Astral Mining the following year.

Between 2006 and 2011 exploration work was conducted on the project, which included surface mapping, geochemistry, geophysics and the completion of 140 diamond drill-holes.

Work on the JJ main showing culminated in the estimation of a 43 to 101 compliant resources, calculated by Apex Geoscience.

Apex estimates an indicated mineral resource of 363,000t averaging at 2.95g per tonne of gold for 34,000oz and inferred mineral resources of 448,000t, averaging at 2.08g per tonne of gold for 30,000oz.

Orex Minerals has several other projects, including its flagship property the Barsele Gold project in Sweden, the Los Crestones gold-silver project in Sinaloa, Mexico, the Persistence gold-copper project and Jumping Josephine gold-silver project in British Columbia.

The company's Coneto gold-silver project in Durango, Mexico, is currently under option to Fresnillo.

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