| ||April 25, 2006|
Orko Silver Options Silver Standard Property
| ||VANCOUVER, British Columbia - Orko Silver Corp. -- (TSX.V - OK) is pleased to announce that it has signed an Option Agreement with Silver Standard Resources Inc. (TSX-SSO) to acquire a 75% interest in the San Juan Property located in the state of Durango, Mexico. The San Juan Property is immediately adjacent to the west of Orko Silver's 100% owned La Preciosa Project and Santa Monica Joint Venture with Goldcorp, Inc. (NYSE-GG).|
Under the terms of the Option Agreement, Orko Silver can earn a 75% interest in the San Juan Property from Silver Standard Mexico S.A. de C.V. (a wholly owned subsidiary of Silver Standard Resources Inc.) by incurring exploration expenditures of $US 750,000 over a three year period and by issuing 40,000 common shares to Silver Standard upon acceptance of filing of the Option Agreement by the TSX Venture Exchange. Orko Silver agrees to incur exploration expenditures of not less than $US 250,000 within the first year of the Option Agreement.
In addition, upon exercising its option to earn a 75% interest in the San Juan Property, Orko Silver agrees to grant Silver Standard a "Back-in Right" to increase its interest by 10%, to a 35% total interest in the Joint Venture by incurring the next $US 750,000 in expenditures on the property.
The Option Agreement is subject to the acceptance of the TSX Venture Exchange.
Gary Cope, President of Orko Silver Corp. comments that "This agreement is an important step in our efforts to consolidate our land position in order to build upon the success at our adjacent La Preciosa project. We will begin exploration at the San Juan Property in the near future while continuing our ongoing drilling program at La Preciosa."
About Orko Silver
Orko Silver Corp. is an aggressive exploration company with an increasing silver resource. Orko Silver's principal project, La Preciosa, located near the city of Durango, Mexico, is an advanced silver and gold project. An independently verified Initial Inferred Mineral Resource Estimate concluded, based on work completed, that the property contains an NI-43-101 compliant Inferred Resource of 2.72 million tonnes grading 0.463 grams of gold per tonne (g/t) and 227.2 grams of silver per tonne (g/t) for a silver-equivalent grade of 255.0 g/t. Contained metal in the Inferred Resource equals 19.9 million ounces of silver and 40,400 ounces of gold for a silver-equivalent of 22.3 million ounces of silver using a 60 to 1 silver/gold ratio with no provisions for relative anticipated recovery rates. Less than 20% of the initial target has been drilled along strike and only to a depth of 300 metres. The deposit remains open in all directions and to depth.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, contact Orko Silver Corp. at (604) 684-4691 or via email at [email protected] or visit our website on line at www.orkosilver.com
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.
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