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Orex Files an Updated Resource Estimate for Barsele Gold Project, Sweden

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/03/12 -- Orex Minerals Inc. (TSX VENTURE:REX) ("Orex") is pleased to report that a technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") in support of the Company's November 21, 2012 news release, which included an updated independently verified mineral resource estimate for its Barsele Gold Project near Storuman, in northern Sweden has been completed and filed today. The full report is now available on SEDAR at www.sedar.com. The study incorporates all drilling to date including the 16 diamond drill holes completed in early 2012. The updated resource estimate on the Central-Avan-Skirasen gold zones, at a 0.6 g/t cut-off, has outlined an Indicated Resource of 14.1 million tonnes grading 1.21 gold grams per tonne (g/t) or 547,000 contained ounces of gold. In addition, the study has estimated additional Inferred Resources of 20.2 million tonnes grading 0.97 gold grams per tonne (g/t) or 627,000 contained ounces of gold. This represents a 43% increase in the Indicated Resources and a 3% decrease in the Inferred Resources from the previous Feb. 11, 2011 resource estimate using the same cut-off grade.

Arthur Freeze, P.Geo., a director of Orex, is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure in this news release.

ABOUT OREX MINERALS INC.

Orex Minerals Inc. (TSX VENTURE:REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has two current projects: its flagship property, the Barsele Gold Project located in Sweden, and the Coneto Silver-Gold Project situated in Durango, Mexico, currently under option to Fresnillo PLC.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope, President

FORWARD-LOOKING INFORMATION

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Orex undertakes no obligation to update such statements, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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