ORO GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Oro Gold Resources Ltd. (“Oro Gold”) (TSX-V: OGR) announces that it intends to complete a non-brokered private placement of up to 4 million units at a price of $0.25 per share for proceeds of up to $1,000,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of $0.40 per share for the first year and $0.50 for the second year from the date of closing, subject to acceleration in the event the Company’s share price is greater than $0.75 for ten or more consecutive trading days at any time after the date that is four months after the date of issuance of the warrants. The units issued will be subject to a four-month hold period from the closing date.

The net proceeds of the private placement will be used for working capital and general corporate purposes. Finder's fees may be payable in connection with the private placement in accordance with TSX Venture Exchange policy. The above transaction will be subject to regulatory approval.

Oro Gold is a gold exploration company with 12 properties located in Mexico and Panama, with 5 of the properties optioned to joint venture partners. The district scale 651 km2 Trinidad property continues to be the Company’s top priority project and the main focus of exploration and resource definition efforts. Ongoing generative activity and a joint venture strategy will continue to be a fundamental part of Oro Gold’s growth. Oro Gold’s focus is to increase shareholder value through the discovery and definition of low-cost & quality gold resource ounces on our advanced stage properties.

ON BEHALF OF THE BOARD OF DIRECTORS

Darren Bahrey
President and CEO
Suite 1400-625 Howe Street, Vancouver BC V6C 2T6
Telephone: 604 646-1580 Facsimile: 604 642-2411
www.orogoldresources.com
 

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 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 and the timing and amount of expenditures.