/EINPresswire.com/ -- ROUYN-NORANDA, QUEBEC--(Marketwired - Nov 17, 2016) - Orex Exploration Inc. (TSX VENTURE:OX), FFRANKFURT:O5D) ("Orex" or the "Company") has announced on October 11, 2016 that the Company has successfully completed a $1,500,000 non-brokered private placement.

The net proceeds of the private placement will be used by the Company to establish a revised mine development plan, define and undertake a supplementary exploration program on the Goldboro project for the purpose of establishing a revised Preliminary Economic Analysis (PEA), define the scope of work needed for permitting and to update the Environmental assessment and for working capital purposes.

Orex mandated Christian D'Amours, PGeo of Geopointcom for the revision of all data, block models and associated analysis related to the mine development plan and engaged Ann Lamontagne, mining engineering, Ph.D. of Lamont Inc., Expert Conseil, for necessary work related to an environmental assessment and for permitting requirements.

At the Annual and Special Meeting of Shareholders to be held in Montreal on December 15, 2016 at 10:00 am,

Delta Hotel By Marriott Montreal,

Tchaïkovsky Room,

475 Avenue President Kennedy,

Montreal (Quebec),

Orex management will review the status of work realized on the Goldboro project and will discuss additional future initiatives.

About Orex Exploration Inc.

Orex Exploration Inc. is mineral exploration company based in the Province of Quebec, Canada. Orex's principal asset is the Goldboro gold project in Nova Scotia in which it holds a 100% interest. For further details on Orex and the Goldboro project, please visit the Company's website at www.orexexploration.ca or Canadian public filings at Orex's profile at www.sedar.com.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.