NGEx Intersects 0.85% Copper Equivalent Over 250 Metres At Josemaria

VANCOUVER - NGEx Resources Inc. reported final drilling results from the 2012/2013 program at the Josemaria copper-gold porphyry project located in San Juan Province, Argentina. The focus of this season's drill program was the expansion of the zone of high-grade supergene mineralization discovered at the end of the 2011/2012 field season in holes JMDH49 and JMDH50 as well as resource conversion from Inferred to Indicated classification. The high-grade zone was extended some 200 metres to the north of hole JMDH50 by holes including JMDH69 with 250 metres at 0.86% CuEq (0.67% Cu and 0.28 g/t Au) and JMDH72 with 136 metres at 0.95% CuEq (0.80% Cu and 0.22 g/t Au). The zone has approximate dimensions of 350 metres north to south and at least 250 metres east to west. It remains open to the west of holes JMDH69 and JMDH72 towards a large area of leached capping that has not yet been drill tested.

At a 0.30% copper equivalent cutoff grade, Josemaria has a current Indicated Resource of 656 million tonnes at 0.36% copper and 0.26 g/t gold and an additional Inferred Resource of 326 million tonnes at 0.33% copper and 0.19 g/t gold. The results of this year's drilling will be incorporated into a resource update expected to be complete in the third quarter of 2013.

A total of 8,242 metres in eighteen holes was completed during the field season and all assay results have now been received.

Wojtek Wodzicki, President and CEO of NGEX said, "We are pleased with the results of this year's drilling at Josemaria. Over the last two years Josemaria has developed into an exciting project with a shallow high grade core that has the potential to significantly enhance project economics. This year's drilling further expanded this shallow high grade zone. The zone remains open to the northwest into a large area of leached capping that overlies a strong chargeability anomaly with excellent potential for additional supergene mineralization. We plan to test this potential later this year."

The majority of the holes drilled on east-west trending lines spaced 100 metres apart. At the end of the 2011/2012 program, the northernmost intersection of the high-grade zone was in hole JMDH50 located on line 5700N.

Drillholes JMDH63 and JMDH69 were drilled 100 metres north of JMDH50 on line 5800N. They both intersected the zone which remains open to the west of JMDH69 on this line, while to the east it appears to be limited by hole JMDH11 which was drilled during the 2009/2010 field season. The width of the zone, from west to east, on this section is at least 300 metres.

Drillhole JMDH72 was drilled a further 100 metres to the north, on line 5900N. Only one other hole has been drilled on this line, JMDH10 which was drilled during the 2009/2010 field season and now appears to have stopped above the mineralized zone. The zone remains open to the west and east on this section.

Drillholes JMDH64, JMDH65 and JMDH66 were drilled on line 6000N, angled to the east and collared 100 metres apart with JMDH64 to the west and JMDH65 to the east of JMDH66. JMDH64 and JMDH66 intersected wide sections of lower-grade mineralization without the high-grade supergene zone. JMDH65 intersected a narrower zone of lower-grade mineralization and appears to be close to the eastern edge of the deposit on this section. Additional drilling is required to investigate the possibility of the high-grade zone continuing to the west of JMDH64.

Drillhole JMDH70 is the only hole on line 6100N. It intersected a narrow zone of lower-grade mineralization towards the northern edge of the deposit.

Drillholes JMDH67, JMDH68 and JMDH73 were drilled 100 metres to the north, on line 6200N, spaced approximately 100 metres apart west to east with JMDH73 to the west and JMDH68 to the east of JMDH67. These holes intersected only very weak mineralization and define the northern limit of the Josemaria deposit.

Drillhole JMDH71 was drilled 200 metres to the north of these, on line 6400N, and appears to limit the deposit to the north. It is the most northerly hole drilled to date.

Drillhole JMDH74 was an infill hole drilled on line 5500N and intersected a wide zone of moderate grade mineralization along the eastern edge of the deposit. The two intersections are separated by a narrow late-mineral dyke which has been intersected at an angle which exaggerates the width of the dyke.

Drillhole JMDH75 was drilled on line 5700N across hole JMDH50 in order to better define the geometry of the high-grade zone. This hole confirmed the extent of the high-grade mineralization and helps to define its geometry.

Drillholes JMDH76 and JMDH77 were drilled to the south of the Josemaria deposit, and are located 1.8 and 1.5 kilometres respectively southwest of JMDH50. This area is characterized by a large area of intense alteration at surface, and lies along the trend of the Josemaria deposit to the southwest. Although they intersected porphyritic intrusive rocks similar to those within the deposit, these rocks showed only weak alteration and were not mineralized.

The Josemaria project is one of three contiguous copper-gold porphyry and epithermal systems which were drilled by NGEx during the 2012/2013 field season. The Company also completed 32,707 metres of drilling in 32 holes at the Los Helados project and 829 metres in 4 holes at the Filo del Sol project.