Oro Gold Resources Ltd.
TSX VENTURE : OGR

Oro Gold Resources Ltd.

November 16, 2007 09:00 ET

Oro Gold Announces Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2007) - Oro Gold Resources Ltd. ("Oro Gold") (TSX VENTURE:OGR) is pleased to announce that it is arranging a non-brokered private placement of up to 2,500,000 common shares (the "Units") at a price of $0.75 per Unit for proceeds of $1,875,000, subject to regulatory approval. Each Unit consists of one common share and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase one additional common share of Oro Gold at a price of $1.00 per share for the first year and $1.25 per share for the second year after the date of issuance. The Units issued are subject to a four-month hold period from the closing date. Finder's fees may be payable in connection with certain subscriptions under the financing.

Oro Gold intends to use the proceeds of the private placement to define and expand the current gold resource at its 100% owned flagship Trinidad property located in Sinaloa, Mexico. The company is aggressively advancing the property with drilling, and has secured a reverse circulation drill rig to complete an additional 5,000 metres.

Oro Gold's President and CEO, Darren Bahrey, comments: "With this financing, we continue to develop and expand a strong shareholder base committed in supporting our future growth, and look forward to using these funds to rapidly increase our gold resource base."

About Oro Gold

Oro Gold is a gold exploration company with 13 projects located in Mexico and Panama, with five of the projects optioned to joint venture partners. The district-scale 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.

ON BEHALF OF THE BOARD OF DIRECTORS

Darren Bahrey, President and CEO

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Oro Gold Resources Ltd.
    Darren Bahrey
    President and CEO
    (604) 646-1580
    (604) 642-2411 (FAX)
    Website: www.orogoldresources.com