Rex Minerals Limited announced the results of a Scoping Study ("Study") for the Bells Project at the Hog Ranch Gold Property in Nevada, USA. Approximately 40% of the life of mine (LOM) production is in the Indicated Mineral Resource category and 60% is in the Inferred Mineral Resource category. The Company has concluded that it has reasonable grounds for disclosing a Production Target, given that the Scoping Study assumes that in the first three years of operation, 70% of the production ounces are from the Indicated Mineral Resource category. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that any further exploration work will result in the determination of further Measured or Indicated Mineral Resources or that the production target or preliminary economic assessment will be realized. The Scoping Study is based on the material assumptions outlined elsewhere in this announcement. These include assumptions about the availability of funding. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved.