Sep 24, 2012
Orko Changes Date of Shareholder Conference Call
Sep 21, 2012
Orko to Hold Shareholder Conference Call
Sep 20, 2012
Orko Announces a Significant Upgraded Resource at the La Preciosa Silver Project...
September 26, 2012
Orko Silver Corp. (TSX Venture Exchange: OK.V) is developing one of the world's largest primary silver deposits, La Preciosa, located near the city of Durango, in Durango State, Mexico. The La Preciosa silver project and adjacent mineral concessions cover 32,400 hectares (80,000 acres) of contiguous mining claims.
On September 20, 2012, the Company released the new resource estimate, created by Mining Plus under the supervision of AMEC Americas Ltd, which will be filed on SEDAR.
The following material changes incorporated into the updated resource estimation contributed to the significant increase in the open pit mineral resource:
Pit optimization is based on assumed silver and gold prices of US$25.90/oz, US$1,465/oz, respectively, mill recoveries of 88%, 78% respectively, mining costs of US$1.45/t, and a processing costs of US$17.25/t and G&A; cost of US$4.35/t.
Break-even cut-off grades used were 25 g/t Ag for open pit mill material and 60 g/t Ag for underground material.
Silver equivalency is based on unit values calculated from the above metal prices, and assumes 100% recovery of all metals.
Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability
The open pit mineral resources for the La Preciosa Project are 29,213,000 tonnes grading an average of 117 g/t silver equivalent classified as Indicated Mineral Resources, with an additional 40,026,000 tonnes grading an average of 98 g/t silver equivalent classified as Inferred Mineral Resources. This resource is based upon a 25 g/t silver cut-off grade and contained within two potentially economically mineable pit shells.
Underground mineral resources are 80,000 tonnes grading an average of 79 g/t silver equivalent classified as Indicated Mineral Resources, with an additional 2,900,000 tonnes grading an average of 116 g/t silver equivalent classified as Inferred Mineral Resources. The resource is based upon a 60 g/t silver cut-off grade to reflect the higher mining costs associated with underground mining methods.
On August 11, 2011, the Company released the results of a positive Preliminary Economic Assessment for La Preciosa Project, and the Company has now published the Preliminary Economic Assessment on SEDAR.
The 2011 PEA is no longer considered current and should not be relied upon.
On April 5th, Pan American Silver Corp. provided notice to Orko that it has decided not to deliver a feasibility study before April 13, 2012 for the La Preciosa project. Orko will retain 100% of the project.
Orko engaged AMEC Americas Limited ("AMEC") to complete an updated preliminary economic assessment on the project, which is expected in early 2013. Management believes the potential exists for improvement in the economics of the project relative to the preliminary economic assessment released in August 2011 (the "2011 PEA").
A number of engineering studies are done or are close to being completed including metallurgical studies, environmental impact assessments and geotechnical testwork. However, more work will be required before a feasibility study can be completed. The current data will be incorporated into the AMEC preliminary economic assessment and will also form the basis for preparing a pre-feasibility and/or feasibility study that will be completed.