Ontex Resources Ltd (ONT)

[NYBob]

LATEST NEWS RELEASE - MAY 15, 2009

For Immediate Release

NI 43-101 RESOURCE REPORT RECEIVED AND EXPLORATION UPDATE

May 15, 2009. London, Ontario – Ontex Resources Limited (TSX: ONT) is very pleased to announce that it has received the full updated independent Technical NI 43-101 Report on the mineral resources estimate on the Brookbank Gold Deposit and property from Scott Wilson Roscoe Postle Associates Inc (“Scott Wilson RPA”). The full report has been filed on SEDAR or can be accessed from the Home page of the Ontex web site at http://www.ontexresources.com/. The mineral resource estimates with tables at 2.0 gram per tonne and 3.4 gram per tonne cut-off grade were previously press released March 30, 2009 and the 2.0 gram per tonne cut-off grade summary of resources are reproduced below.
Brookbank Gold Deposit 2.0 g/t Au Cut-off Compilation
Zone Indicated Inferred
Tonnes Un-Cut
Au g/t Un-Cut
Au oz
Tonnes Un-Cut
Au g/t Un-Cut
Au oz
2009 43-101 Rpt 1 1,795,300 7.4 424,900 2,525,600 4.9 401,100
Irwin Zone 2 45,000 5.1 7,400 130,000 4.9 20,300
TOTAL 1,840,300 7.3 432,300 2,655,600 4.9 421,400

1 Brookbank, Cherbourg & Foxear Zones estimated by Scott Wilson RPA (2009)
2 Irwin Zone estimated by Thompson (2006)

Six holes, including one wedge hole, have been completed on the 2009 planned $2.3 million, 15,000 meter diamond drill program which began in late March. The initial drilling is targeting the Brookbank Gold Deposit to expand the known resource on the west flank (3 holes) of the deposit, on the east flank (1 hole) and at depth below 1000 meters (1 hole + wedge hole). All 6 holes intersected the Brookbank target structure and the samples have been split and submitted to the laboratory for assaying. The drill program has been stopped to provide for a 10 day break for the Bradley Bros. drill crew and Ontex geological personnel and will resume by the 4th week of May.
Ken Reading, a very well regarded explorationist, has headed to the property to initially oversea the linecutting and soil geochemistry program being undertaken to the east of the Brookbank Deposit to delineate a new drill target originally prospected in the 1980’s and more recently highlighted on the airborne geophysics. Mr. Reading’s primary objective in 2009 will be to understand and help locate additional local structures on the property which host gold mineralization.

The Company is planning to substantially ramp-up exploration by mobilizing a second diamond drill and has recently added two experienced geologists to its field crew. This represents the most aggressive program to date for the Company as it continues to expand resources and drill the Brookbank Gold Camp.

John P. Thompson, P.Eng. and President of Ontex, a Qualified Person within the meaning of NI 43-101 has reviewed the data and contents of this news release. Armen Chilian, P.Geo., Vice-President of Exploration, is the Qualified Person who planned and is executing the exploration programs for Ontex.

Ontex Resources Limited is a junior resource company focused on gold exploration and deposit delineation at its Brookbank gold property in northern Ontario spanning a strike length of 35 kilometers. To date, diamond drilling has identified a structure over a 7 kilometers strike length with mineralized zones extending from surface to a depth of at least 800 meters. The Company trades on the Toronto Stock Exchange under the symbol “ONT”.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to Ontex’s future exploration plans and potential mineralization. Generally, forward-looking 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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Ontex to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors as they effect exploration, future commodity prices, market conditions, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Ontex's Annual Information Form for the year ended December 31, 2008, available on www.sedar.com. Although Ontex has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Ontex does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

For further information, please contact:
John Thompson, President
Email: [e-mail]
[phone]

Gary Conn, Chairman and Chief Executive Officer
Email: [e-mail]
[phone]


Additional information is available on the Company’s website at www.ontexresources.com or www.agoracom.com/IR/Ontex.


Click here to view this article in PDF format
http://www.ontexresources.com/latest_news.shtml