Category: Uncategorized
- Published: 29 November -0001
Oro Silver Resources Ltd. (“Oro Silver”) (TSX-V: OSR) announces that it, through its 100% owned Mexican subsidiary, completed the purchase of a 51% interest in the El Compas mining property, located four kilometres south of Zacatecas, Mexico.
Oro Silver acquired an option over the El Compas mining property in June 2007 for cash payments totaling USD $2.7 million over a two-year period (see press release dated June 05, 2007). As of May 23, 2008, Oro Silver has paid USD $1.6 million, thereby gaining a 51% equity interest in the El Compas property. Oro Silver retains the exclusive right to acquire the remaining 49% interest in the property by completing additional payments totaling USD $1.1 million over the next year. Oro Silver has recently completed a 5,200-metre core drilling program. Compilation of the drill results and geological modeling are in progress. A preliminary resource estimation is expected to be completed during the summer of 2008.
Oro Silver’s exploration program is supervised by Mr. Herve Thiboutot, P. Eng. and Vice-President of Exploration and Development. Mr. Thiboutot is a qualified person as defined by National Instrument 43-101. Mr. Thiboutot has reviewed and approved the information of a scientific or technical nature contained in this press release.
About Oro Silver
Oro Silver is a silver exploration company pursuing early and advanced stage silver-based opportunities primarily in the western hemisphere. Oro Silver is focused on (i) developing resources and optimizing milling processes at its El Compas and Vetagrande Mine projects in Zacatecas, Mexico, and (ii) completing additional strategic acquisitions. Oro Silver\'s strategy is to become a mid-tier silver producer through an aggressive acquisition and development plan focused on advanced-stage projects with known silver resources that exhibit potential for expansion.
On behalf of the board of directors,
Gregory M. Cox
President & CEO
Suite 1400-625 Howe Street, Vancouver BC V6C 2T6
Telephone: 604 646-1588 Facsimile: 604 642-2411
www.orosilver.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Some statements in this release may contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, development and production activities, future acquisitions and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the time and success of future exploration, development and production activities, the timing of future acquisitions and the timing and amount of expenditures.
