Second Option Stage On Coneto Project

VANCOUVER, BC - Orex Minerals Inc. reported that project partner Fresnillo PLC has confirmed that they have met the exploration expenditures of the First Investment Option stage and are preceding directly to the Second Investment Option stage on the Coneto Gold-Silver Project in Durango, Mexico.

Orex's President, Gary Cope said, "Coneto is a highly prospective, mining district scale project and Fresnillo's decision to continue is a positive sign."

The terms of the Association Agreement call for a Fresnillo initial work commitment of US$2 million, followed by a First Investment Option stage work commitment of US$2 million, both of which have been completed. To date, exploration expenditures have passed the US$4 million mark.

The Second Investment Option stage work commitment of a further US$2 million is now underway. Three diamond drill rigs are in operation at Coneto as part of a 10,800 metre 2014 drill program. A joint technical committee, with both Orex and Fresnillo representation, is managing the Coneto exploration program.

Upon Fresnillo spending an aggregate of US$6 million on exploration activities and if Fresnillo exercises its right to continue, Orex and Fresnillo will each contribute their respective mining concessions to a new company (NewCo) that initially would be owned 55% by Fresnillo and 45% by Orex.

Fresnillo will have the right to increase its ownership of NewCo to 70% by advancing the Coneto Project to the pre-feasibility stage, or alternatively, spending an additional US$21 million on exploration. If Fresnillo chooses to not exercise the right to increase its ownership of NewCo to 70%, the costs incurred to complete a prefeasibility study will be shared by Fresnillo and Orex in proportion to their ownership of NewCo. Any additional funding required by NewCo will be provided by Orex and Fresnillo in proportion to their respective ownership interests in NewCo at that time. Fresnillo will have a right of first refusal to acquire Orex's shares in NewCo if Orex receives a third party offer for Orex's interest in NewCo that Orex proposes to accept.