Oro Gold Resources Ltd.
TSX VENTURE : OGR

Oro Gold Resources Ltd.

May 06, 2008 09:30 ET

Oro Gold and Mazorro Confirm Gold Resource Potential at Cimarron, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2008) - Oro Gold Resources Ltd. ("Oro Gold") (TSX VENTURE:OGR) is pleased to report the results of a review by Oro Gold of drill and channel sample data obtained from Hecla Mining Company ("Hecla") on Oro Gold's 100% owned Cimarron property. The Cimarron property is located near Mazatlan in Sinaloa, Mexico, as part of the Rosario Gold Belt portfolio assembled by Oro Gold, and is currently under option to Mazorro Resources Inc.

In the fall of 2007, Mazorro funded a 4,373 sample soil geochemical survey and a magnetic survey covering 326 line-kilometres on the Cimarron property. This data is currently being interpreted in preparation for a 5,000 metre reverse circulation ("RC") drill program that is planned to commence in June 2008.

In 1999, Hecla completed 25 RC drill holes testing an area approximately 350 metres by 250 metres on the Calerita prospect, located in the central part of the 82 km2 Cimarron property. The drilling was completed prior to the implementation of National Instrument 43-101; however, the results are considered by Oro Gold to be indicative of a potential gold resource of the Calerita zone. To view the figures relating to the Calerita zone as well as the property-wide surface gold anomalies, please visit Oro Gold's website at www.orogoldresources.com.

Highlights of Hecla's 1999 program include:

- Drill hole 99MHM23 returned 0.6 g/t gold over 106.0 metres (including 1.2 g/t gold over 20.0 metres at surface)

- Channel samples from road cuts returned 0.72 g/t gold over 93.3 metres

- Surface gold anomalies suggest the Calerita zone is open to the north and east, and has km-scale potential

- Target is a high-level gold porphyry and epithermal veins with bulk-tonnage potential

The majority of holes were drilled to a depth of 50 metres. A total of 805 samples were collected at 2-metre intervals. The highest sample result was 3.39 g/t gold and 0.32% copper over 2 metres. A summary of significant drill intercepts is provided in Table 1.



Table 1. Anomalous gold intervals for 25 holes drilled by Hecla

--------------------------------------------------------
DRILL FROM TO Interval Gold
HOLE Depth (m) (m) (m) (g/t)
--------------------------------------------------------
99MHM1 52.0 0.0 46.0 46.0 0.66
--------------------------------------------------------
99MHM2 50.0 0.0 34.0 34.0 0.46
--------------------------------------------------------
99MHM3 50.0 0.0 50.0 50.0 0.84
--------------------------------------------------------
Including 0.0 20.0 20.0 1.10
--------------------------------------------------------
99MHM4 50.0 20.0 50.0 30.0 0.41
--------------------------------------------------------
99MHM5 50.0 10.0 26.0 16.0 0.66
--------------------------------------------------------
99MHM6 108.0 40.0 88.0 48.0 0.54
--------------------------------------------------------
99MHM7 50.0 6.0 30.0 24.0 0.74
--------------------------------------------------------
99MHM8 50.0 8.0 24.0 16.0 0.42
--------------------------------------------------------
99MHM9 50.0 0.0 46.0 46.0 0.71
--------------------------------------------------------
Including 28.0 44.0 16.0 1.24
--------------------------------------------------------
99MHM10 50.0 0.0 28.0 28.0 0.72
--------------------------------------------------------
99MHM11 50.0 0.0 18.0 18.0 0.89
--------------------------------------------------------
99MHM12 50.0 0.0 8.0 8.0 0.50
--------------------------------------------------------
99MHM13 50.0 NSV
--------------------------------------------------------
99MHM14 110.0 0.0 46.0 46.0 0.59
--------------------------------------------------------
99MHM15 50.0 4.0 12.0 8.0 0.38
--------------------------------------------------------
Including 46.0 48.0 2.0 0.98
--------------------------------------------------------
99MHM16 50.0 4.0 50.0 46.0 0.42
--------------------------------------------------------
99MHM17 110.0 0.0 10.0 10.0 0.58
--------------------------------------------------------
99MHM18 50.0 0.0 14.0 14.0 0.27
--------------------------------------------------------
99MHM19 50.0 0.0 12.0 12.0 0.67
--------------------------------------------------------
99MHM20 50.0 NSV
--------------------------------------------------------
99MHM21 50.0 6.0 12.0 6.0 0.41
--------------------------------------------------------
99MHM22 50.0 NSV
--------------------------------------------------------
99MHM23 110.0 0.0 106.0 106.0 0.59
--------------------------------------------------------
Including 4.0 24.0 20.0 1.20
--------------------------------------------------------
99MHM24 120.0 NSV
--------------------------------------------------------
99MHM25 100.0 18.0 34.0 16.0 0.28
--------------------------------------------------------
Including 32.0 34.0 2.0 0.66
--------------------------------------------------------

Note: NSV equals no significant values


In 2006 and 2007, Oro Gold completed systematic surface sampling, mapping and ground magnetics on the Cimarron property. This work has outlined 7 distinct gold-in-soil anomalies above 30 ppb up to 1,945 ppb gold. The anomalies appear to define a regional structure which can be traced over a distance of 12 kilometres. Over 7,000 soil samples have been collected to date. Results from the soil samples indicate individual surface anomalies having dimensions ranging from 400 m by 400 m to 3 km by 1 km. Approximately 730 rock chip samples have been collected on the property, 11% of these samples are greater than 1 g/t (81 samples), and 4.5% are greater than 5 g/t (33 samples) with 7 samples greater than 19 g/t gold. Gold mineralization in the Calerita zone appears to be hosted by quartz-epidote veinlets in a dioritic phase of a multi-phase intermediate to felsic intrusion. Oro Gold believes that there is good potential to expand the known mineralized area at Calerita.

Oro Gold recently completed the earn-in of 100% of the Cimarron property by making a one-time payment of $250,000 + IVA to the underlying vendor. The underlying vendor retains a NSR. On November 30, 2007, Oro Gold entered into a formal agreement with Mazorro Resources Inc. with respect to the Cimarron property. Under the terms of the agreement, Mazorro has the option to acquire a 60% undivided interest by having paid Oro Gold US$135,000, by spending US$2,652,500 on the property in stages by June 30, 2011, and by issuing one million common shares of Mazorro to Oro Gold in stages by June 30, 2010. The agreement schedule includes incurring an expenditure of US$1,442,500 by June 30, 2009 and the issuance of 500,000 shares of Mazorro to Oro Gold by June 30, 2008. Oro Gold is the operator on the property and is entitled to a project fee of 15% on direct project exploration expenditures.

Michelle Robinson, MASc., P.Eng, a qualified person as designated by National Instrument 43-101, supervised the sampling and quality control program at Cimarron and reviewed the technical content of this news release. Samples were analyzed at Acme Analytical Laboratories in Vancouver, Canada.

About Oro Gold

Oro Gold is a gold exploration company with 12 properties located in Mexico and Panama, with five of the properties optioned to joint venture partners. The district-scale Trinidad property continues to be Oro Gold'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. Oro Gold's mission is to build shareholder value by making discoveries and developing low-cost gold resources through early and advanced stage exploration.

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