Orko Silver Corp. ("Orko") (TSX VENTURE: OK) and Pan American
Silver Corp. ("Pan American") (TSX: PAA)(NASDAQ: PAAS) are pleased
to announce that phase one metallurgical testing conducted on
representative samples of the different veins at the La Preciosa
joint venture project in Durango, Mexico have yielded excellent
results.
Pan American has completed a first phase detailed metallurgical
program, which included: work index tests, abrasion tests,
mineralogical studies, gravity tests, floatation tests and cyanide
leach tests. The program was a follow-up to the preliminary testing
conducted in 2008 by Orko (Orko's news release April 17, 2008).
Additional flotation studies are still underway.
Simple cyanide leaching yielded average silver recoveries of
91%, although the use of selective oxidants could further enhance
these results. In addition, Pan American has been successful in
reducing cyanide consumption to 1.6 kg/t, which is materially lower
than the results from the metallurgical work previously completed
by Orko. Lastly, the current test work has shown that with the use
of oxidants, the leach cycle times can be reduced to 48 hours with
minimal impact on ultimate silver recovery.
Gary Cope, president of Orko Silver Corp., stated: "This is
excellent news. Confirming the straightforward leaching
characteristics of the ore while reducing both cyanide consumption
and leach times are clear enhancements to the La Preciosa
project."
Also commenting on the metallurgical results, Geoff Burns,
President and CEO of Pan American Silver, said: "These are very
good results and better than we expected. We are fully engaged in
all aspects of the project and still expect to produce a full
feasibility study for La Preciosa by the end of next year."
In addition to continuing delineation and exploration drilling,
as well as doing additional metallurgical testing, the project is
being actively advanced on a number of other critical path items.
Hydrogeological services have been contracted to begin determining
appropriate water sources and Pan American has been in active
dialogues with the local communities and land owners in the
project's immediate vicinity who would be affected by La Preciosa's
development.
Technical information contained in this news release has been
reviewed by Michael Steinmann, P.Geo., Executive Vice President
Geology & Exploration, and Martin Wafforn, P.Eng., VP Technical
Services, who are Pan American's Qualified Persons for the purposes
of NI 43-101. George Cavey, P. Geo. is Orko's Qualified Person for
the purposes of NI-43-101.
About Orko Silver Corp.
Orko Silver Corp. is developing one of the world's largest
primary silver deposits, La Preciosa, located near the city of
Durango, in the State of Durango, Mexico.
About Pan American Silver Corp.
Pan American Silver's mission is to be the world's largest and
lowest cost primary silver mining company, and to achieve this by
increasing its low cost silver production and its silver reserves.
The Company has eight silver mining operations in Mexico, Peru,
Argentina and Bolivia.
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN
THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND "FORWARD-LOOKING INFORMATION" WITHIN THE
MEANING OF APPLICABLE CANADIAN SECURITIES LEGISLATION. ALL
STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE
FORWARD-LOOKING STATEMENTS. WHEN USED IN THIS NEWS RELEASE, THE
WORDS "ANTICIPATE", "BELIEVE", "ESTIMATE", "EXPECT", "INTEND",
"TARGET", "PLAN", "FORECAST", "STRATEGIES", "GOALS", "OBJECTIVES",
"BUDGET", "MAY", "SCHEDULE" AND OTHER SIMILAR WORDS AND
EXPRESSIONS, IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION.
SUCH FORWARD-LOOKING STATEMENTS AND INFORMATION INCLUDE, BUT ARE
NOT LIMITED TO, STATEMENTS AS TO: PAN AMERICAN'S FUTURE
EXPENDITURES AND ACTIVITIES FOR THE BENEFIT OF THE JOINT VENTURE,
WHICH ARE CONDITIONAL TO PAN AMERICAN MAINTAINING ITS INTEREST IN
THE JOINT VENTURE; LA PRECIOSA ACHIEVING FUTURE PRODUCTION; VALUE
CREATION AND GROWTH FOR PAN AMERICAN'S AND ORKO'S SHAREHOLDERS;
CONTINUITY OR EXPECTED IMPROVEMENTS IN METAL RECOVERIES, CYCLE
TIMES, CYANIDE CONSUMPTION RATES OR OTHER METALLURGICAL RESULTS, OR
THE APPLICABILITY OF ANY SUCH RESULTS TO THE LA PRECIOSA PROJECT
MORE BROADLY.
SUCH FORWARD-LOOKING STATEMENTS REFLECT THE CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF
ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE, ARE
INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE,
POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES. MANY FACTORS,
BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS,
PERFORMANCE OR ACHIEVEMENTS OF PAN AMERICAN, ORKO OR THEIR
RESPECTIVE OPERATIONS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY
SUCH FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE AND
THE COMPANIES HAVE MADE ASSUMPTIONS AND ESTIMATES BASED ON OR
RELATED TO MANY OF THESE FACTORS. SUCH FACTORS IN RELATION TO PAN
AMERICAN INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SPOT AND
FORWARD MARKETS FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER
COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL AND ELECTRICITY);
FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE PERUVIAN SOLES,
MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S.
DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE
OF PAN AMERICAN'S BUSINESS; CHANGES IN NATIONAL AND LOCAL
GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR REGULATIONS AND
POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA, THE UNITED STATES,
MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE PAN
AMERICAN MAY CARRY ON BUSINESS IN THE FUTURE; RISKS AND HAZARDS
ASSOCIATED WITH THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT
AND MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS,
UNUSUAL OR UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS,
PRESSURES, CAVE-INS AND FLOODING); RISKS RELATING TO THE CREDIT
WORTHINESS OR FINANCIAL CONDITION OF SUPPLIERS, REFINERS AND OTHER
PARTIES WITH WHOM PAN AMERICAN DOES BUSINESS;
INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER
THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS; RELATIONSHIPS WITH AND
CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS;
AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS AND
LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND
DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES
AND PERMITS AND THE PRESENCE OF LAWS AND REGULATIONS THAT MAY
IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE
PROVINCE OF CHUBUT, ARGENTINA; DIMINISHING QUANTITIES OR GRADES OF
MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL
CONDITIONS; BUSINESS OPPORTUNITIES THAT MAY BE PRESENTED TO, OR
PURSUED BY, PAN AMERICAN; PAN AMERICAN'S ABILITY TO COMPLETE AND
SUCCESSFULLY INTEGRATE ACQUISITIONS AND TO MITIGATE OTHER BUSINESS
COMBINATION RISKS; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, PAN
AMERICAN'S TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE
ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF
ECONOMIC EVALUATIONS, AND CHANGES IN PROJECT PARAMETERS TO DEAL
WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION
IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED
PERSONNEL, AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE
CAPTION "RISKS RELATED TO PAN AMERICAN'S BUSINESS" IN PAN
AMERICAN'S MOST RECENT FORM 40F AND ANNUAL INFORMATION FORM FILED
WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND
CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES. INVESTORS
ARE CAUTIONED AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON
FORWARD-LOOKING STATEMENTS. ALTHOUGH PAN AMERICAN AND ORKO HAVE
ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE
RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED.
THE COMPANIES DO NOT INTEND, AND DO NOT ASSUME ANY OBLIGATION, TO
UPDATE THESE FORWARD-LOOKING STATEMENTS OR INFORMATION TO REFLECT
CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR ANY OTHER
EVENTS AFFECTING SUCH STATEMENTS OR INFORMATION, OTHER THAN AS
REQUIRED BY APPLICABLE LAW.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Pan American Silver Corp. Kettina Cordero Coordinator,
Investor Relations (604) 684-1175 info@panamericansilver.com
www.panamericansilver.com Orko Silver Corp. Gary Cope President
(604) 684-4691 info@orkosilver.com www.orkosilver.com
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