Oro Silver Resources Ltd.
TSX VENTURE : OSR

Oro Silver Resources Ltd.

December 16, 2009 18:54 ET

Oro Silver Completes $1.48 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2009) - Oro Silver Resources Ltd. ("Oro Silver" or the "Company") (TSX VENTURE:OSR) is pleased to report that the non-brokered private placement announced on November 30 and December 4 & 11, 2009 has been completed. Pursuant to the closing, Oro Silver issued 8,683,823 units at a price of $0.17 per unit for gross proceeds of $1,476,250.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $0.25 per share for a period of one year from December 15, 2009. The hold period for all securities issued under this private placement will expire on April 16, 2010. The Company will pay $47,787 in finder's fees.

The net proceeds of the private placement will be used for exploration and resource definition on Oro Silver's El Compas property in Zacatecas, Mexico, and for working capital and general corporate purposes.

About Oro Silver

Oro Silver is a silver exploration company pursuing early and advanced stage silver-based opportunities primarily in Mexico. Oro Silver's strategy is to advance properties from the resource stage to production through strategic business arrangements. The El Compas mine continues to be the cornerstone for Oro Silver's growth strategy in the Zacatecas silver district.

ON BEHALF OF THE BOARD OF DIRECTORS,

Peter Kendrick, Chief Financial Officer

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

Contact Information

  • Oro Silver Resources Ltd.
    Peter Kendrick
    Chief Financial Officer
    604-646-1588
    604-642-2411 (FAX)
    www.orosilver.com