LONDON, ONTARIO–(EMWNews – Aug. 13, 2008) – Ontex Resources Limited (TSX:ONT) is pleased to provide an exploration update for its properties located in the prolific Beardmore-Geraldton Greenstone Belt in northern Ontario.
Following a successful completion of drilling on its 100% owned Brookbank property, (July 23,2008 Press Release), the Company is pleased to announce the commencement of drilling on the high grade Cherbourg south zone located to the west of the Brookbank property. So far this year almost 3000 m have been drilled on the Cherbourg property.
Early next month Ontex will concentrate exploration east of the Brookbank property on a shear zone northeast of Bearskin Lake. The Company will also mobilize a drill into the large aero-magnetic structure of the Rhino zone that compares in shape to the Musselwhite deposit which contains in excess of 4 million ounces of gold.
ONTEX V.P. EXPLORATION DISCUSSES CURRENT DRILL PROGRAM
In light of the recent activity on the Brookbank deposit, Ontex is pleased to have Mr. Armen Chilian, Vice President of Exploration provide an overview and analysis on the current drill program. To listen to the interview click the following link:
About Ontex Resources Limited (www.ontexresources.com)
Ontex Resource Limited is a junior resource company listed on the Toronto Stock Exchange under the symbol “ONT”. The Company is engaged in gold exploration principally on its Brookbank Gold property in northern Ontario.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to potential mineralization and future exploration plans and their potential impact on shareholder value as well as the Ontex’s business strategy. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Ontex to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors as they effect exploration, future commodity prices, market conditions, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with mining or development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; risks involved in the exploration, development and mining business, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Ontex’s Annual Information Form for the year ended December 31, 2007, available on www.sedar.com. Although Ontex has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Ontex does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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