Oro Gold Resources Ltd.
TSX VENTURE : OGR

Oro Gold Resources Ltd.

December 21, 2006 09:00 ET

Oro Gold Shareholders Approve Oro Silver Transaction

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2006) - Oro Gold Resources Ltd. ("Oro Gold") (TSX VENTURE:OGR) has received 100% approval from its shareholders at a special meeting held December 20, 2006, to proceed with its previously announced statutory plan of arrangement, pursuant to which it will complete a commodity-based reorganization which will see certain assets spun out into a new company, Oro Silver Resources Ltd. ("Oro Silver").

Completion of the transaction will result in ownership of certain silver-based assets located in Mexico being transferred from Oro Gold to its wholly owned subsidiary, Oro Silver. In exchange, Oro Gold's shareholders will receive one common share and one-half of one share purchase warrant in Oro Silver for every four shares held in Oro Gold. Following completion of the arrangement, Oro Silver will seek a listing on the TSX Venture Exchange.

The effective date of the completion of the plan of arrangement is expected to occur in mid-January 2007. All shareholders of Oro Gold on the effective date will, subject to certain exceptions, qualify to receive shares and share purchase warrants in Oro Silver on the above-noted basis pursuant to the terms of the plan of arrangement. Oro Gold intends to make further announcements to update the market and its shareholders of the status of the transaction.

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.

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 future exploration, development and production activities, scheduled meetings, future applications for listing, completion of future transactions 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, the holding of meetings, the timing of applications for listing, completion of future transactions and the timing and amount of expenditures.

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

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