Oro Gold Resources Ltd.
TSX VENTURE : OGR

Oro Gold Resources Ltd.

March 01, 2010 08:30 ET

Oro Gold Reports 2009 Highlights and 2010 Plans

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2010) - Oro Gold Resources Ltd. ("Oro Gold" or the "Company") (TSX VENTURE:OGR) has made significant progress in 2009 with the company's exploration properties in Mexico and looks forward to further success in 2010.

2009 Highlights:

  • Exploration drilling on the Trinidad property near Mazatlan continued to generate outstanding gold assays over long intervals. The success of this program is expected to significantly contribute to an increase in the company's gold resource base.
  • Hole 15: 5.3 g/t gold over 65.9 metres
  • Hole 16: 3.4 g/t gold over 60.6 metres
  • Hole 19: 6.3 g/t gold over 30.0 metres
  • Hole 20: 5.3 g/t gold over 13.4 metres and 4.1 g/t gold over 12.9 metres
  • Hole 22: 8.6 g/t gold over 20.9 metres
  • Hole 25: 3.6 g/t gold over 81.8 metres
  • Hole 27: 5.2 g/t gold over 18.7 metres
  • Hole 34A: 8.7 g/t gold over 34.5 metres
  • Approximately $14.4 million was raised to fund exploration in 2010 and beyond.
  • Consolidated a strategic, contiguous large property position along a northwest-trending structural corridor, which has the potential to host significant new gold discoveries. The total land package now exceeds 2,500 square kilometres, and is wholly-owned by the Company (see Property Location map below).

"We continue to deliver very encouraging results on our Trinidad gold project by proving up targets that are showing high-grade, oxide gold ounces that can potentially be mined as an open pit," stated Darren Bahrey, President and Chief Executive Officer. "In addition, we are excited about our other gold targets discovered outside and on trend with our Taunus gold deposit, indicating we are onto a multi-million ounce gold district. Our goal is to continue advancing our gold discoveries closer to production potential."

To view the map accompanying this news release please click on the following link: http://media3.marketwire.com/docs/ogr31m.JPG.

2010 Plan: Follow-up at Trinidad and Making New Gold Discoveries

Oro Gold plans to drill a minimum of 10,000 metres with the objectives of substantially increasing our gold resources, and making new gold discoveries in other areas along the 125-kilometre-long northwest trending corridor. The Trinidad district hosts multiple gold targets that are being advanced to drill stage. The San Cristobal target will be one of the first areas to be drilled this year.

The Company is anticipating a landmark year by accomplishing the following goals:

  • Increase the gold resource base to the million ounce mark at Taunus-Eldorado's historic open pit area
    • Diamond and reverse circulation drilling of 10,000 m (Q1-Q2/2010)
    • Update the NI 43-101 resource at the Taunus-Eldorado's historic open pit area (Q3/2010)
  • Make a new gold discovery outside Taunus-Eldorado's historic open pit area
  • Complete an in-house Scoping Study on Taunus gold resource (Q3/2010)
  • Discover 3 new gold targets in region: Trinidad, Rosario and Tigra Negra (2,500-square-kilometre property position) (Q4/2010)

Oro Gold's 2010 program calls for a $3 million budget in the first half of the year to get to the next decision points. Total exploration expenses in 2009 amounted to approximately $3 million, of which over $2.5 million was directed towards exploration completed on Oro Gold's flagship Trinidad gold project.

About Oro Gold

Oro Gold is a publicly-listed gold exploration company with projects located in Mexico and Panama. The Company focuses exploration in underexplored mining camps that have the potential to host multi-million ounce gold deposits. The district-scale Trinidad property continues to be the company's top priority project and main focus of exploration and resource definition efforts. Oro Gold's corporate mandate is to maintain low cost in gold resource acquisition and discovery while growing the company's gold assets to attract producing companies.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Kendrick, CFO & Director

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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