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Oro Silver Resources and Oro Gold Resources Report New Developments At Their Respective Exploration Projects in Mexico

Published: 01:45 23 Oct 2009 AEDT

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Oro Silver Resources Ltd. (TSX-VENTURE: OSR) reported that it has started its a 5,000m diamond drilling programme on its El Compas gold-silver property in Zacatecas, Mexico. Meanwhile associate company, Oro Gold Resources Ltd. (TSX-V: OGR) announced that it has acquired 100% interest in the 426Km₂ El Salto concession in Nayarit state, Mexico.


Oro Silver Resources


The El Compas project covers 34Km₂ across one of Mexico's primary silver belts. Five mines-Fresnillo, Francisco Madero, El Bote, Malanoche/Cozamin and Vetagrande, as well as MAG Silver's major silver-gold discovery at its Juanicipio project-are located within this belt to the north and west of El Compas. The surrounding underground mines collectively produced more than one billion ounces of silver. El Compas, which has principally been explored and mined for gold near surface, will now also be tested for deeper silver vein potential.


The drill program aims to increase the Company's gold and silver resource by testing both near-surface gold targets and deeper silver targets which are more typical to the nearby northwest-trending historic mining belts in the Zacatecas district.


The current National Instrument 43-101 resource at El Compas has been calculated as an Indicated resource of 310,000 tonnes at 5.82 grams per tonne of gold and 59.1 grams per tonne of silver. The inferred resource is estimated as 234,000 tonnes at 4.94 grams per tonne of gold and 45.7 grams per tonne of silver.


In 2008, Oro Silver completed 5,400m of core drilling at El Compas and El Orito. The program tested two of the ten known vein targets identified to date. Drilling completed to date on the first two drill targets indicate that the El Compas vein zone is open at depth to the north and east, and the El Orito vein zone is open at depth and to the south.


The initial phase of drilling will focus on the El Orito and El Compas vein targets where previous significant drill intercepts were reported. Both the El Compas and El Orito veins are located near surface and are gold-rich with elevated silver values.


Oro Silver President and CEO, Darren Bahrey commented on the prospects for the El Compas project:
"El Compas is situated in the same district trend as Fresnillo, the world's largest silver mine. The mining history in the Zacatecas district and the fact that the area is largely under-explored has us very eager to drill our priority targets and make new discoveries as well as increase our existing silver and gold resource."
Oro Gold Resources


Darren Bahrey is also the President and CEO, of associate company, Oro Gold Resources (TSX-V: OGR), who also announced it was making progress in Mexico. Oro Gold has acquired the El Salto property.


The recently staked property covers the projected strike extension of the San Cristobal gold zone located in the south-eastern portion of the Trinidad concession. San Cristobal is a 12Km₂ area consisting of hydrothermal breccias and quartz veining in four target zones.


Soil sampling has defined a northwest trending gold- in-soil anomaly which extends over 3 kilometres onto the newly acquired ground. Anomalous trench and rock chip sample results range from 0.5 grams per tonne to 62 grams per tonne. Geologic mapping and drill target definition is planned for the end of 2009 with drilling planned in early 2010.


The northern limit of this property is located approximately 13Km south of the Taunus target where Oro Gold is currently drilling a new high-grade discovery and defining a gold resource. The addition of El Salto gives Oro Gold a controlling land position having 100% ownership of over 2,600Km₂ of neighbouring concessions.


Oro Gold is a focused on gold exploration in Mexico and Panama. The Company's wholly-owned Trinidad property located in Sinaloa state, Mexico continues to be the main focus of exploration and resource definition efforts.

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