Oro Silver Resources Ltd.
TSX VENTURE : OSR

Oro Silver Resources Ltd.

May 14, 2008 14:48 ET

Oro Silver Completes Non-Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2008) - Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR) has completed its previously announced non-brokered private placement (see press release dated April 25, 2008) in the amount of 6,528,057 common shares at a price of $0.66 per common share. 6% cash finder's fees aggregating $187,414 will be paid to Wellington West Capital Markets Inc., Haywood Securities Inc., CIBC World Markets Inc. and Canaccord Capital Corporation. Net proceeds of the private placement after applicable finder's fees are approximately $4,121,100. Major participants include Kinross Gold Corporation and Macquarie Bank Limited.

The securities are subject to a hold period and may not be traded before September 15, 2008, except as permitted by Canadian securities legislation and the TSX Venture Exchange. Oro Silver intends to use the proceeds of this financing for resource development and engineering at Vetagrande, Zacatecas, Mexico, for additional property acquisitions and for general corporate purposes and working capital.

Oro Silver's goal 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 intends to 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 use of proceeds. 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 use of proceeds and the completion of transactions.

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) 646-1588
    (604) 642-2411 (FAX)
    Website: www.orosilver.com