NGEx Announces Start of Drill Program on Josemaria Project, Argentina
November 10, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009) - NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") is pleased to announce the start of its 2009 drill program on the Josemaria copper/gold project located in San Juan Province, Argentina. The planned program will consist of five to seven diamond drill holes totaling approximately 2000 metres. The objective of the drill program is to test the potential for a significant expansion of the existing resource to the north, northeast, and southwest. The drilling will target extensions of the chargeability anomaly that is coincident with the known mineralization as well as strongly anomalous copper and gold in soils and favorable geology and alteration.
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Drilling at Josemaria is expected to take approximately six weeks after which the drill will move to the Company's nearby Los Helados Project.
Josemaria is a large porphyry copper-gold deposit with an NI 43-01 compliant inferred resource of 460 million tonnes of 0.39% copper, 0.30 grams/tonne gold at a 0.30% copper cut off. Japan Oil, Gas and Metals National Corporation ("JOGMEC") has an option to acquire a 40% interest from NGEX by making a total of $6.13 million in exploration expenditures over a period of three years.
The independent resource estimate, dated November 20, 2007 has been prepared for the Josemaria project by John Nilsson, P.Eng. of Nilsson Mine Services Ltd., and Mario Rossi, M.Sc. of Geosystems International, Inc.
Dr. Wojtek Wodzicki, P.Geo. (BC), President and CEO of NGEx, a Qualified Person as defined by National Instrument 43-101, has reviewed the technical contents of this release.
On behalf of the Board,
Wojtek Wodzicki, President and CEO
NGEx Resources Inc.
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