Ontex Resources Limited to Refile Certain Financial Statements

LONDON, ONTARIO, Jul 22 (MARKET WIRE) --
Ontex Resources Limited (TSX: ONT) announced today that it intends to
refile its 2007 financial statements and its unaudited financial
statements for the period ended March 31, 2008.

The refiling of the statements is intended to reflect revised methodology
related to calculation of stock-based compensation expenses.
Specifically, Ontex intends to refile its financial statements for the
periods ended March 31, 2007, June 30, 2007 and September 30, 2007 and
its consolidated financial statements for the year ended December 31,
2007 and its unaudited financial statements for the period ended March
31, 2008.

Total general and administrative expenses for 2007 and 2008 is expected
to increase by $61,600 and $15,500, respectively, with respect to options
granted to the Company's investor relations firm and share compensation
expenses are expected to increase by $32,500 for options granted to a
director. The Company's Management's Discussion and Analysis for each
period noted above will also be revised to reflect the restatement.

About Ontex Resources Limited

Ontex Resource Limited is a junior resource company listed on the Toronto
Stock Exchange under the symbol "ONT" and is engaged in gold exploration
principally on its Brookbank Gold property in northern Ontario. Ontex has
90,016,994 common shares issued and outstanding.

For further information, investors are asked to visit the Ontex IR Hub at
www.agoracom.com/IR/Ontex or email to ONT@agoracom.com.

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
the business and affairs of Ontex and future exploration plans.
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, actual results of
current exploration activities, government regulation, environmental
risks, permitting timelines, capital expenditures, 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, 2007, 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.

Contacts:
Ontex Resources Limited
Gary Conn
President & CEO
(519) 455-8127
Email: info@ontexresources.com
Website: www.ontexresources.com

Investor Relations
AGORACOM Investor Relations
Email: ont@agoracom.com
Website: www.agoracom.com/ir/ontex

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