Oro Silver Resources Ltd.
TSX VENTURE : OSR

Oro Silver Resources Ltd.

June 09, 2008 09:30 ET

Oro Silver Intersects 5.3 g/t Gold and 276 g/t Silver Over 4.7 Metres at El Compas Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2008) - Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR) reports final assay results from its first phase drill program at its El Compas Mine property in Zacatecas, Mexico. The drilling confirms two significant gold and silver mineralized vein shoots at the El Compas Adit and El Orito zones.

Drilling Program

Drill hole 08COM028 produced some of the better results to date at El Compas in terms of grade and width, confirming extensions of the El Compas Adit zone to a minimum of 150 metres below surface with substantial widths to the mineralized veins.



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Gold
Estimated Equivalent
Drill True (55:1 -
Hole From To Interval Width Gold Silver Ag:Au
Number (m) (m) (m) (m)(i) (g/t) (g/t) Ratio)(ii)
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08COM023 72.00 73.07 1.07 0.92 8.23 30.9 8.79
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08COM025 123.90 127.10 3.10 2.57 2.47 142.9 5.06
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08COM026 102.24 104.55 2.31 1.87 5.76 146.0 8.41
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08COM028 126.01 142.00 15.99 12.15 2.37 147.8 5.05
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including 126.01 132.14 6.13 4.66 5.26 276.3 10.28
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08COM029 103.30 105.71 2.41 1.08 4.60 72.9 5.92
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and 110.28 111.88 1.60 0.72 4.39 54.0 5.37
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All assay results for the El Compas drill program completed in April 2008 have now been received. The program consisted of 37 core holes in 5,373 metres. A summary table of the main intercepts is appended. The attached longitudinal section shows the location of Oro Silver's drill holes. All intervals identified on the longitudinal section are down-hole lengths. Both the summary table and longitudinal section can also be viewed in the company's web site.

To view the longitudinal section please click on the following link: http://media3.marketwire.com/docs/osr0609.jpg

The main outcome of the drill program was the successful delineation of two mineralized shoots known as the El Compas Adit and El Orito zones which have strike extensions currently defined up to 200 metres long and vertical depth continuity down to 150 metres. The width of the mineralized vein zones varies between 2 to 13 metres. Potential remains for discovery of additional mineralized shoots along strike and at depth of the recently drill-tested veins, as well as along other parallel vein structures identified on the property.

Modeling and Resource Estimation

Geological modeling is in progress. A preliminary resource estimation is planned to be completed in the summer, which will include validated historic drill hole information ("Minera Hochschild de Mexico - 2005"), underground channel sample results, and results from the latest drill hole campaign.

Once results from the preliminary resource estimation are available, economic studies will be initiated to determine the potential in-situ value of the defined mineralized vein zones.

Metallurgical Evaluation

Oro Silver also recently received the final metallurgical report for the El Compas Mine property; this report is available to view on Oro Silver's website. All testing was performed by SGS - Lakefield, Ontario, Canada. The metallurgical study demonstrates positive results in recovery of gold and silver of the mineralized vein material at the El Compas Adit zone.

The highlights of the study are:

- Metal recoveries by direct cyanidation ranged from 92 to 98% for gold and 50 to 71% for silver. Direct cyanidation tests were performed over intervals of 24hr, 48hr, 72hr, and beyond, with optimal recovery time at 72 hours.

- Metal recoveries by gravity separation average 17.5% for gold and 3.1% for silver. The gravity tests were carried out on a 10 kg charge of each composite through a Nelson MD-3 concentrator with the concentrate further upgraded through a Mozley mineral separator.

- Overall, these tests suggest that combined gravity and cyanidation processes could recover up to 93% of the gold and up to 59% of the silver.

- Metal recoveries by flotation are in the range of 66% to 78% for gold and 25% to 50% for silver.

Oro Silver's exploration program is supervised by Mr. Herve Thiboutot, P. Eng. and Chief Executive Officer & Vice-President of Exploration, a qualified person as defined by National Instrument 43-101, and by Eric Grill, Exploration Project Manager. The engineering program is supervised by Mr. Robert Gardiner, P. Eng., a qualified person as defined by National Instrument 43-101. Mr. Thiboutot and Mr. Gardiner have reviewed the content of this press release.

Quality control

Oro Silver maintains strict quality control programs. All samples were submitted directly to Inspectorate de Mexico, S.A de C.V., for preparation in Durango, Mexico, and analysis in Reno, Nevada. Analysis was conducted on 2 assay-ton samples, 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. 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 the western hemisphere. Oro Silver is focused on (i) developing resources and optimizing mining processes at its El Compas and Vetagrande Mine projects in Zacatecas, Mexico, and (ii) completing additional strategic acquisitions. 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.

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, 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.



Drill Hole Results - 2007-08

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Estimated
Drill True Gold
Hole From To Interval Width Gold Silver Equivalent
Number (m) (m) (m) (m)(i) (g/t) (g/t) (g/t)(ii)
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07COM001 No significant values
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07COM002 29.00 30.00 1.00 0.50 2.40 0.40 2.41
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07COM003 No significant values
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07COM004 No significant values
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07COM005 No significant values
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08COM006 No significant values
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08COM007 47.85 48.45 0.60 0.41 0.58 9.30 0.75
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and 91.90 94.18 2.28 1.57 5.18 49.20 6.07
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08COM008 84.50 94.40 9.90 6.83 2.60 149.00 5.31
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including 86.00 88.90 2.90 2.00 3.56 260.60 8.30
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including 91.36 94.40 3.04 2.10 4.76 196.10 8.33
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and 100.37 102.00 1.63 1.12 0.13 22.20 0.53
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08COM009 123.28 125.81 2.53 2.00 3.70 81.90 5.19
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08COM010 40.58 41.12 0.54 0.50 0.75 5.20 0.84
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and 114.00 120.03 6.03 5.07 0.28 12.00 0.50
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and 133.50 136.10 2.60 2.18 0.64 24.60 1.08
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08COM011 59.00 74.35 15.35 11.36 2.67 33.20 3.27
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including 59.51 61.95 2.44 1.81 6.47 48.20 7.35
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including 70.50 74.35 3.85 2.85 5.62 65.90 6.82
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08COM012 98.50 100.20 1.70 1.45 0.61 3.00 0.66
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and 107.45 109.00 1.55 1.32 0.60 3.30 0.66
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and 136.86 137.19 0.33 0.28 0.66 142.00 3.24
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08COM013 108.00 128.32 20.32 13.21 0.21 21.50 0.60
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including 124.00 128.32 4.32 2.81 0.30 39.40 1.02
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including 127.70 128.32 0.62 0.40 0.73 93.00 2.42
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08COM014 64.14 69.00 4.86 4.47 6.78 84.00 8.31
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including 66.59 69.00 2.41 2.22 13.36 147.50 16.04
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08COM015 92.57 100.51 7.94 5.08 0.57 25.40 1.03
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including 98.50 100.51 2.01 1.29 1.36 22.20 1.77
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08COM016 86.21 88.05 1.84 1.29 1.79 27.50 2.29
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and 95.00 95.75 0.75 0.52 1.83 35.60 2.48
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and 113.90 115.12 1.22 0.85 0.71 10.80 0.90
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08COM017 Abandoned
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08COM018 96.86 97.24 0.38 0.31 0.67 8.90 0.83
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and 98.85 100.15 1.30 1.06 0.43 6.00 0.54
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08COM019 36.00 38.55 2.55 1.58 5.35 40.50 6.08
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and 41.93 43.50 1.57 0.97 0.85 5.50 0.95
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and 46.46 65.20 18.74 11.62 6.62 44.50 7.43
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including 49.09 63.30 14.21 8.81 8.40 49.60 9.31
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including 54.50 61.13 6.63 4.11 14.78 75.90 16.16
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08COM020 No significant values
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08COM021 No significant values
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08COM022 109.60 112.36 2.76 2.10 0.39 14.70 0.66
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and 115.67 117.85 2.18 1.66 1.14 25.00 1.59
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and 121.66 124.07 2.41 1.83 0.61 34.10 1.23
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and 132.51 135.16 2.65 2.44 1.69 60.10 2.78
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including 132.51 133.09 0.58 0.53 4.80 63.00 5.95
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08COM023 19.75 21.26 1.51 1.06 1.04 2.60 1.09
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and 56.17 56.35 0.18 0.13 1.04 20.00 1.40
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and 72.00 73.07 1.07 0.92 8.23 30.90 8.79
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08COM024 No significant values
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08COM025 118.83 133.59 14.76 12.25 1.17 89.80 2.81
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including 123.90 127.00 3.10 2.57 2.47 142.90 5.06
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08COM026 94.29 94.93 0.64 0.52 0.30 30.70 0.85
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and 102.24 104.55 2.31 1.87 5.76 146.00 8.41
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08COM027 94.08 105.09 11.01 10.35 0.86 44.10 1.67
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including 95.39 98.38 2.99 2.81 1.02 63.50 2.18
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including 101.12 105.09 3.97 3.73 1.45 53.60 2.43
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08COM028 121.69 122.00 0.31 0.24 0.42 13.80 0.67
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and 124.29 142.00 17.71 13.46 2.19 135.60 4.66
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including 126.01 133.51 7.50 5.70 4.50 232.20 8.72
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including 135.98 142.00 6.02 4.58 0.53 97.70 2.30
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08COM029 33.80 34.41 0.61 0.27 0.78 34.50 1.41
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and 63.87 64.30 0.43 0.19 0.27 27.00 0.76
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and 103.30 111.88 8.58 3.86 2.13 33.60 2.75
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including 103.30 105.71 2.41 1.08 4.60 72.90 5.92
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including 110.28 111.88 1.60 0.72 4.39 54.00 5.37
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and 116.48 116.82 0.34 0.15 0.54 3.40 0.60
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and 120.00 120.68 0.68 0.31 0.29 55.00 1.29
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08COM030 65.83 68.90 3.07 1.38 0.52 8.40 0.67
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and 85.54 86.25 0.71 0.32 1.25 25.10 1.70
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and 89.41 92.18 2.77 1.25 0.80 70.80 2.08
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including 91.73 92.18 0.45 0.20 2.70 405.80 10.07
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08COM031 No significant values
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08COM032 12.40 13.24 0.84 0.78 0.80 1.00 0.82
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and 51.14 52.37 1.23 1.14 1.66 4.80 1.75
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and 87.13 87.45 0.32 0.30 2.91 23.80 3.35
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08COM033 No significant values
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08COM034 181.03 181.91 0.88 0.77 0.53 3.90 0.60
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and 184.22 184.72 0.50 0.44 1.47 9.80 1.65
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and 186.93 188.80 1.87 1.65 0.50 4.60 0.58
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and 212.80 213.98 1.18 0.99 0.52 37.50 1.20
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08COM035 No significant values
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08COM036 188.46 194.28 5.82 5.30 0.31 19.80 0.67
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08COM037 No significant values
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(i) True widths are estimated by direct measurement on the drill sections
after considering the average dip of the veins at that location; these
numbers are subject to changes after modeling and interpretation are
completed.
(ii) The gold-equivalent (AuEq) ratio is calculated using gold price of
US$950/oz for gold and US$17.25/oz for silver and is equal to 55:1
(silver:gold); it is semi-quantitative in nature and only provided as
an indication of relative added value for silver content. No
considerations were given for potential mining and milling recoveries.
These numbers are subject to changes due to fluctuation in gold and
silver market spot price.

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