Oro Gold Resources Ltd.

Oro Gold Resources Ltd.

January 19, 2007 15:24 ET

Oro Gold Sets Effective Date for Completion of Oro Silver Transaction

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 19, 2007) -


Oro Gold Resources Ltd. ("Oro Gold") (TSX VENTURE:OGR) has established Thursday, February 8, 2007, as the expected effective date for completion of the previously announced plan of arrangement which will see certain silver-based assets transferred to Oro Silver Resources Ltd. ("Oro Silver") in exchange for units of Oro Silver being issued to shareholders of Oro Gold. Oro Silver expects to complete a financing and has applied to have its shares listed on the TSX Venture Exchange shortly after the completion of the plan of arrangement.

Oro Silver has engaged Haywood Securities Inc. (the "Agent") to complete a private placement of up to 2,900,000 common shares of Oro Silver at a price of $0.35 per share for gross proceeds of up to $1,015,000. In consideration for their services, the Agent will receive a cash commission of 7.0% of the gross proceeds from the sale of the shares and be paid a corporate finance fee of $10,000. In addition, Oro Silver will issue to the Agent compensation options exercisable for common shares equal in number to 10% of the number of common shares sold under the private placement at an exercise price of $0.35 per common share for a period of 12 months after the closing of the private placement.

For additional information regarding the plan of arrangement and corresponding commodity-based reorganization, please refer to Oro Gold's information circular which is available on SEDAR. Anyone with questions or concerns is invited to contact Oro Gold directly at 604 646-1580.

On behalf of the board of directors,

Darren Bahrey

Some statements in this release may contain forward-looking information. These statements include, but are not limited to, statements with respect to completion of future transactions, financings, listings and 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 timing and success of future transactions, financings, listings and expenditures.

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

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