Oro Silver Resources Ltd.
TSX VENTURE : OSR

Oro Silver Resources Ltd.

November 17, 2008 09:30 ET

Oro Silver Discovers New Vein System & Confirms Structural Depth Extension of Vetagrande Vein System, Zacatecas, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2008) - Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR) has received all final assay results for the summer 2008 Vetagrande drilling program which was completed in August 2008. The objectives of the drilling program were to test the structural down-dip extension of the historic Vetagrande mine vein system, and to test the exploration potential for additional sub-parallel vein systems.

The drilling program consisted of 6 deep core holes for a total of 3,552 metres. The drill holes spaced between 200 to 350 metres apart along the Vetagrande vein structure, aimed at intersecting the structure between 250 and 600 metres below surface, or between 30 to 150 metres below the deepest production level of the historic mine. All holes successfully intersected the Vetagrande structure within 10 metres of where it was predicted, but due in part to the nature of the mineralized shoots, the style of mineralization, and drill hole spacing, the continuity of silver grade was not encountered although base metal values are typical of historic grade.

Of significant interest are the multiple, relatively narrow but high grade silver, veins intersected in DDH 06VGX006, the westernmost hole. These veins are in the structural hanging wall of the Vetagrande structure and appear to be open at depth and along strike. These results demonstrate the significant exploration potential at Vetagrande, a conclusion also supported by surface geological mapping and geochemical sampling completed earlier this year.

"Although the results from the first phase of drilling did not return the silver values we were anticipating, we successfully met the main objectives of the program by confirming the depth extension of the Vetagrande vein and demonstrating the exploration potential of the property with the discovery of additional, high-grade silver veins," stated Herve Thiboutot, CEO & VP Exploration.

Table 1 provides a summary of the best intercepts from the 2008 drilling program, while a complete assay results table is available on Oro Silver's website. Drill hole locations are shown on the appended figures. To view figures, please click on the following link: http://media3.marketwire.com/docs/OSRFigures.pdf



Table 1 - Summary Results: Vetagrande 2008 Drill Program

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DOWN
DRILL HOLE
HOLE VEINS/ FROM TO LENGTH GOLD SILVER LEAD ZINC COPPER
NUMBER TARGETS (M) (M) (M) (g/t) (g/t) (%) (%) (%)
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08VGX001B HW 240.81 241.09 0.28 0.06 26.1 0.91 2.35 0.04
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HW 306.83 307.00 0.17 0.08 16.1 1.12 1.90 0.06
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Vetagrande 415.21 419.52 4.31 0.14 24.6 0.28 0.33 0.07
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FW 481.32 481.87 0.55 0.02 27.7 1.24 0.70 0.13
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08VGX003 HW 369.51 369.89 0.38 0.04 2.8 0.00 1.17 0.01
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Vetagrande 445.20 450.57 5.37 0.15 54.6 0.20 0.51 0.03
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FW 470.99 472.11 1.12 0.38 25.2 0.45 1.33 0.05
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08VGX004 FW 162.34 162.67 0.33 0.71 24.1 0.20 1.49 0.02
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FW 169.70 176.49 3.85 0.23 9.9 0.61 1.12 0.03
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Vetagrande 386.65 ??? Intersected underground
working - no recovery
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08VGX005 HW 395.50 398.49 2.99 0.29 169.7 0.46 0.96 0.11
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Vetagrande 557.36 557.55 0.19 0.01 0.2 0.00 0.01 0.00
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08VGX006 HW 91.75 92.14 0.39 0.05 125.0 0.01 0.03 0.00
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HW 134.76 137.17 2.41 0.40 193.9 0.01 0.04 0.01
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HW 146.63 146.81 0.18 0.89 590.3 0.23 2.10 0.02
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HW 160.89 161.38 0.49 0.16 918.2 0.07 0.29 0.02
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HW 289.52 292.00 2.48 0.53 120.6 0.03 0.05 0.01
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HW 291.00 292.00 1.00 0.19 241.4 0.02 0.09 0.01
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HW 379.89 380.19 0.30 0.83 36.0 1.23 7.10 0.10
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HW 421.61 421.91 0.30 0.42 16.8 0.54 2.30 0.02
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Vetagrande 458.85 463.98 5.13 0.13 18.1 0.62 0.44 0.07
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Including 463.10 463.98 0.88 0.23 71.3 2.51 1.70 0.24
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FW 476.50 477.23 0.73 0.03 12.8 1.38 0.26 0.06
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FW 482.00 483.50 1.50 0.01 34.2 2.53 2.26 0.17
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HW equals hanging wall to Vetagrande vein
FW equals footwall to Vetagrande vein


Oro Silver's generative and exploration programs are supervised by Mr. Herve Thiboutot, P. Eng., Chief Executive Officer and Vice-President Exploration. Mr. Thiboutot is a qualified person as defined by National Instrument 43-101. Mr. Thiboutot has reviewed the content of this press release.

Quality control

Oro Silver maintains a strict quality control program. All samples results generated by Oro Silver were submitted directly to Inspectorate de Mexico, S.A de C.V., for preparation in Mexico, and analysis in Reno, Nevada. Analysis was conducted on 1 assay-ton samples for gold and silver, with standards and blanks inserted every 30 samples. Analysis of gold was by fire assay, with a gravimetric finish on samples exceeding 3 g/t gold. Analysis of silver was by atomic absorption, with a gravimetric finish on samples exceeding 200 g/t silver. Samples exceeding 10,000 part per million for copper, lead, or zinc were analyzed by a gravimetric finish. Triple acid digestion was used on all samples.

About Oro Silver

Oro Silver is a silver exploration company pursuing early and advanced stage silver-based opportunities primarily in Mexico. Oro Silver's strategy is to develop properties towards silver production through strategic business arrangements and development plans focused on advanced-stage projects with known silver resources that exhibit potential for expansion.

ON BEHALF OF THE BOARD OF DIRECTORS,

Herve Thiboutot, Chief Executive Officer

Some statements in this release may contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, resource estimation, 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 Silver Resources Ltd.
    Herve Thiboutot
    Chief Executive Officer
    (604) 646-1588
    (604) 642-2411 (FAX)
    Website: www.orosilver.com