VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2010) - NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") reports plans to review the potential of its GJ copper-gold project to host high grade copper-gold mineralization similar to that reported from Imperial Metals Corporation's Red Chris project located approximately 25 kilometers to the east of GJ. The GJ project is located near the proposed new powerline to be built by the BC and Federal governments along the Highway 37 corridor.
The GJ Project is a copper/gold porphyry system with a 43-101 compliant measured and indicated resource in the Donnelly Zone, at a cut-off of 0.20% copper, of 153.3 million tonnes grading 0.321% copper and 0.369 g/t gold and contains 1.09 billion pounds of copper and 1.82 million ounces of gold. An additional inferred resource, at a cut-off of 0.20% copper, is 23 million tonnes grading 0.26% copper and 0.31 g/t gold and contains 132 million pounds of copper and 0.23 million ounces of gold. This resource estimate was prepared by qualified person Mr. Gary Giroux. P.Eng. using a computer-generated block model based on approximately 42,000 metres of diamond drilling in 169 drill holes (please see news release dated October 7, 2008 for complete details).
Drilling over the last two years by Imperial Metals at Red Chris has defined a near vertical zone of mineralization extending below the East Zone of the historic resource which includes a drill hole with 1,024 meters of 1.01% copper, 1.26 grams per tonne gold and another drill hole with 152.5 meters of 4.1% copper and 8.83 grams per tonne gold (please see Imperial Metals news releases dated November 9, 2009 and October 16, 2007).
Mineralization at GJ and Red Chris is geologically similar and both deposits are believed to be associated with similar Jurassic age intrusions. Drilling to date at GJ has focused on the southwest margins of the Jurassic Groat Stock. The rest of the stock which extends for approximately 10 kilometers to the northwest and is believed to be associated with the mineralization has seen limited drilling. The Company plans to review its extensive geological, geochemical, and geophysical database on the property to try to identify areas with potential for high grade zones similar to those at Red Chris. We will also investigate the possibility of conducting a deep penetrating geophysical survey along the entire Groat Stock to try to identify possible high grade structures.
The Company also announces that, as part of a planned board reduction and restructuring, Dr. Patricio Jones, Mr. John Craig and Mr. Lee Graber have resigned as directors of NGEx effective as of January 22, 2010. The Company would like to thank them for their excellent contribution over the years. The Company's Board now comprises five members of which the majority are independent as defined by applicable securities legislation.
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,
Dr. Wojtek Wodzicki, President and CEO