Oro Silver Resources Ltd.
TSX VENTURE : OSR

Oro Silver Resources Ltd.

December 21, 2007 13:52 ET

Oro Silver Completes Non-Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2007) - Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR) has completed its previously announced non-brokered private placement in the amount of 3,538,054 units at a price of $0.90 per unit for aggregate gross proceeds of $3,184,248.60. 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 of Oro Silver at a price of $1.25 per share during the first year or $1.50 per share during the second year after the date of issuance.

The securities are subject to a hold period and may not be traded before April 21, 2008, except as permitted by Canadian securities legislation and the TSX Venture Exchange. Finder's fees totalling $89,400 were paid to Haywood Securities Inc., Canaccord Capital Corporation and Macquarie Bank Limited.

Oro Silver intends to use the proceeds of the private placement to continue property acquisitions in Zacatecas, Mexico, to accelerate exploration at its properties, and for general corporate purposes.

Oro Silver's strategy is to become a mid-tier silver producer through an aggressive acquisition and development plan focused on advanced-stage projects with known silver resources that exhibit potential for expansion. While becoming a major player in the Zacatecas silver district, Oro Silver will continue its growth through exploring and developing primary silver deposits in Mexico and North America.

On behalf of the board of directors,

Gregory M. Cox, President and CEO

Some statements in this release contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, expenditures, transactions and financings. 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 of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, risks related to actual results of exploration activities, the timing and amount of expenditures and the completion of transactions and financings.

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

Contact Information

  • Oro Silver Resources Ltd.
    Gregory M. Cox
    President and CEO
    (604) 646-1585
    (604) 642-2411 (FAX)