Rex Minerals Ltd. has completed a 20-hole Reverse Circulation (RC) drill program at the Hog Ranch Gold Property, located in Nevada USA. All samples have now been submitted to the laboratory for analysis (ALS in Reno). An initial Induced Polarisation (IP) and Hyperspectral survey are underway. The program was aimed at growing the oxide resource base at the Krista Project, upgrading the Inferred Resource to Indicated Resource at Bells, and testing one high- grade target at Cameco. The first batch of results received includes two drill holes from the Bells Project and three drill holes from Cameco. The Cameco target was designed to follow up on a 1995 high-grade intersection. Whilst the company's drill holes did not intersect bonanza gold grades, extensive anomalism was reported over the entire length of each hole, approximately 150m. Combined with broad gold anomalism in each hole, this lends support to the company's view that are close to the gold rich boiling zone and that the size of the altered system the company originally considered is more likely an order of magnitude larger. Further work is underway to assess the full extent at depth and on surface of this system. Rex is currently completing 1,500m of IP over the Cameco area. In addition, within the coming week a 20 x 24km aerial Hyperspectral survey will be completed to add to the company's regional targeting data set. The first two drill holes from the Bells Project, located within the north-east portion of the current Mineral Resource estimate, have results in-line with the resource model and confirm the robust continuity of the gold mineralization at this location. Assay results for the bulk and remainder of the program are expected within the next three to six weeks. Bells Drilling Results: Seven holes for 1,056 meters were drilled at the Bells Project during this RC drill program. The drilling program was designed to upgrade Inferred Mineral Resources to Indicated Mineral Resources. Results received to date were from two holes which confirm the continuity of gold mineralization in the north- west corner of the current Inferred Mineral Resource. The drilling results closely match the most proximal historical drill holes and are in line with the existing block model which defines the current Mineral Resource estimate at the Bells deposit. All remaining assay results from the Bells drilling are anticipated within the next three to six weeks. Cameco Drilling Results: Only anomalous gold mineralization values were intersected from this initial drill test. Substantial arsenic and mercury values were intersected over large thicknesses across the geological contact between the Volcanic rocks and Lake Sediment rocks. The current interpretation that the size of the ‘hydrothermal system,’ which already extends to over 20km2 at the Krista Project is additionally extensive throughout the Cameco area. This anomalism is interpreted to extend further along a defined Gold Trend towards the Airport deposit. Three holes for 433m were drilled at the Cameco Project during this RC drill program. Rex has identified that the bulk of the higher grade gold mineralization at Cameco exists at the contact position between the Volcanic rocks and the overlying Lake Sediments. Key evidence exists throughout the Cameco area that indicate a substantial volume of hydrothermal fluids, with the potential to deposit significant gold mineralization, have passed through this contact position. More specifically, Rex is targeting locations where the gold-bearing structures have intersected this important geological contact. The first three drill holes at Cameco were designed to confirm the presence of one such interpreted structure, based on the historical drill hole 95-031. Rex is awaiting the bulk of its assay results from the recent drilling campaign at both the Bells Project and Krista Project areas. Results are anticipated within the next three to six weeks.