Orex Minerals Inc. announced the signing of a non-binding Letter of Intent with Exploraciones El Cairo S.R.L. de C.V. to acquire 100% of the Valenciana Gold-Silver Project in Zacatecas State, Mexico. The Valenciana Property hosts high-grade epithermal gold and silver veins, with base metals of lead and zinc, in Cretaceous sedimentary units and Tertiary rhyolitic and monzonitic intrusive rocks. It is located on the Mesa Central within the prolific "Silver Trend" of Mexico.

Located north of the village of Valenciana in northern Zacatecas State, approximately 30 kilometres north of the Nieves Mining District and 33 kilometres southeast of the town of Juan Aldama, the Valenciana Property consists of 277.18 hectares of mineral concessions. The central target area covers about 2.7 kilometres of the main east-southeast Valenciana vein system. There are signs of early production, with old mine shafts and adits, but no historic production documentation is available.

Multiple base and precious metal mineralized intercepts were encountered. Hole V003 yielded 1.87 m grading Au 1.05 g/t, Ag 739 g/t, Pb 1.10% and Zn 2.71%. A broader zone was encountered in hole V012 which yielded 22.25 m grading Au 0.94 g/t, Ag 99 g/t, Pb 0.93% and Zn 0.94%.

While these drill holes pre-date the introduction of National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") standards, they still serve as a good guide for potential future exploration programs. In 2003, Silver Standard Resources Inc. drilled a series of 9 shallow reverse-circulation holes. Surface lithogeochemical sample data, airborne magnetic and radiometric geophysical survey data and limited ground Induced-Polarization data are also available. While the LOI is non-binding, negotiation of a definitive agreement is underway at this time, and such definitive agreement is expected to include a four-month due diligence period, scaled option payments, an area of influence and a 2% production royalty ("NSR") on the original concessions, plus a 0.5% NSR on adjacent properties obtained from third party concession holders within the area of influence.