Oro Gold Resources Ltd.
TSX VENTURE : OGR

Oro Gold Resources Ltd.

June 04, 2007 15:19 ET

Oro Gold Options Azuero Belt Project Portfolio to Harbour Pacific

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2007) - Oro Gold Resources Ltd. ("Oro Gold") (TSX VENTURE:OGR) has signed an agreement with Harbour Pacific Minerals Inc. ("Harbour") whereby Harbour can acquire a 65% interest in Oro Gold's Azuero Belt, Panamanian properties by spending US$2.0 million on the properties and paying Oro Gold US$250,000 in cash or shares over a three year period.

Harbour is required to incur US$500,000 in property expenditure in the first year, and advance Oro Gold US$250,000 upon initiating a first phase exploration program. The start date of the agreement will be the published date in the government gazette. Oro Gold will be the operator on the properties and will receive a 15% management fee.

The Azuero Belt project portfolio consists of 3 properties: Juan Diaz Norte (10,516 hectares), Cerro Aguilucho (16,006 hectares), and Rio Viejo (10,206 hectares). The properties are located on the Azuero Peninsula, located approximately 200 kilometres southwest of Panama City, and are within several hours drive of each other. The local infrastructure is well developed and property access is excellent.

Fieldwork is expected to commence in the summer to include prospecting, sampling and mapping, with an initial focus in areas that host gold targets identified by historical sample data. The dominant geological environments targeted are both low and high sulphidation epithermal vein systems. A high sulphidation epithermal gold deposit (Cerro Quema) is within 50 kilometres of both Juan Diaz Norte and Cerro Aguilucho in the Azuero Belt. Cerro Quema is 60% owned by Glencairn Gold Corporation, which reports proven and probable reserves of 10.5 million tones grading 1.1 g/t Au (372,500 ounces of gold - as reported in Glencairn's Annual Information Form for the year ended December 31, 2006).

Oro Gold believes the Azuero Belt to be an important geological environment with potential to host significant new gold occurrences. Oro Gold is planning to conduct an aggressive systematic exploration program on its properties with the goal being to develop drill targets.

Oro Gold is a gold exploration company with 13 active projects located in Mexico and Panama, with five of the projects optioned to joint venture partners. Approximately US$1 million in property expenditures by Oro Gold's joint venture partners has been budgeted for 2007 and 2008. Oro Gold holds title to six exploration properties in Panama covering 750 km2. The company has an in-country exploration team to advance these properties from early to advanced stage. Ongoing generative activity and a joint venture strategy will continue to be a fundamental part of Oro Gold's growth.

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