Orex Minerals Inc. Closes 4,653,000 Unit Non-Brokered Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - March 4, 2011) - Orex Minerals Inc. ("Orex" or the "Company") (TSX VENTURE: REX) is pleased to announce that it has closed its non-brokered private placement of units for aggregate gross proceeds of $3,722,400. The private placement consisted of 4,653,000 units at a price of $0.80 per unit, with each unit consisting of one common share and one half share purchase warrant. Each whole warrant is exercisable for one common share at a price of $1.00 for a period of two years from closing of the private placement. The Company paid a finder's fee of 7.0%, which was composed of 151,025 units, and $14,000 in cash, in accordance with the policies of the TSX Venture Exchange. All securities issued under the private placement are subject to a hold period under securities law of four months and a day from the date of the closing of the private placement.

Orex intends to use the net proceeds of the private placement, along with in excess of $2,000,000 received in 2011 from the exercise of warrants, to advance exploration of the Barsele mineral property in Sweden, its Las Mesas project in Mexico, and also for general working capital.

As indicated it its previous press release filed February 10, 2011 on SEDAR, Orex also expects to announce the signing of the definitive Coneto project joint venture agreement to be completed shortly with Fresnillo PLC, including the closing of a separate $2,000,000 private placement agreed upon in its letter of intent.


ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope, President
Orex Minerals Inc.


About Orex Minerals Inc.

Orex Minerals Inc. is a junior mineral exploration company comprised of highly qualified mining professionals with a focus on the exploration of prospective gold and gold-silver properties in Mexico and Sweden.


The units, common shares and warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. This press release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.



FORWARD-LOOKING INFORMATION

Certain of the statements made and information contained herein, including the use of proceeds, is "forward-looking information" within the meaning of applicable Canadian securities legislation or "forward-looking statements" within the meaning the Securities Exchange Act of 1934 of the United States. Generally, these forward-looking statements or information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described under risk factors in the Company's management discussion and analysis. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. The forward-looking information contained herein is presently for the purpose of assisting investors in understanding the Company's plans and objectives and may not be appropriate.

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 release.



Contact Information

Orex Minerals Inc.
Gary Cope, President
(604) 687-6310
(604) 687-6365 (FAX)
info@orexminerals.com
www.orexminerals.com