April 16, 2009 Orko Silver provides Clarification of Joint Venture Agreement
VANCOUVER, British Columbia - Orko Silver Corp.("Orko") - (TSX.V - OK) wishes to clarify the confusion surrounding the terms of the Joint Venture agreement announced in a joint press release with Pan American Silver Corp. dated April 14, 2009.
Pan American Silver Corp. and Orko Silver Corp. have reached an agreement for the joint development of Orko Silver's La Preciosa silver project.
Under the terms of the Joint Venture agreement:
Pan American Silver will contribute 100% of the necessary funds to develop La Preciosa to production to acquire 55% interest in the project. Orko Silver retains a 45% interest carried to production.
In addition, Pan American Silver is undertaking a private placement 4,000,000 common shares of Orko at a purchase price of CDN $1.25 per share, with certain anti-dilution and pre-emptive rights to participate in future financings of Orko.
About Orko Silver
Orko Silver Corp. is developing one of the world's largest primary silver deposits, La Preciosa, located near the city of Durango, Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, contact Orko Silver Corp. at (604) 684-4691 or
Via email at or visit our website on line at www.orkosilver.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for this News Release. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Orko relies upon litigation protection for forward-looking statements.
*Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. Mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured", "indicated", and "inferred" resources, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 000-51923, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
You can view the Next News Releases item: Tue Apr 21, 2009, Orko Silver Corp. Announces Closing of Private Placement
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