Oro Silver Resources Ltd.

Oro Silver Resources Ltd.

August 17, 2007 09:30 ET

Oro Silver Completes Non-Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2007) - Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR) has completed its previously announced non-brokered private placement in the amount of 4,947,833 common shares of Oro Silver at a price of $0.60 per share for aggregate gross proceeds of $2,968,699.80.

The securities are subject to a hold period and may not be traded before December 17th, 2007, except as permitted by Canadian securities legislation and the TSX Venture Exchange. Seven directors and/or officers of Oro Silver purchased an aggregate of 243,333 common shares in the private placement on the same terms as arm's-length investors. Security holdings of insiders in Oro Silver have increased as a result of such participation.

Finder's fees were paid to Haywood Securities Inc. in the amount of $56,117.99 and Canaccord Capital Corporation in the amount of $18,000.00.

Oro Silver intends to use the proceeds from the offering to fund exploration activities and additional acquisitions in Mexico and for general working capital.

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

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. Oro Silver disclaims any intention or obligation to revise or update such statements.

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

Contact Information

  • Oro Silver Resources Ltd.
    Matthew Chandler
    Corporate Communications
    (604) 646-1588
    (604) 642-2411 (FAX)