Orko Silver Corp.: President's Update
May 31 2011 - 9:00AM
Marketwired
Orko Silver Corp. (TSX VENTURE: OK) is pleased to announce that
excellent progress is being made in the technical studies to
advance the "La Preciosa" Project in Durango, Mexico, toward
feasibility. The proposed Preliminary Economic Assessment (the
"PEA") has been delayed on a number of occasions. The reasons for
the delays are purely logistical/technical in nature, and have no
bearing on the viability of the La Preciosa Project.
Earlier this year, Pan American Silver Corp. (TSX: PAA) retained
Snowden Mining Industry Consultants Inc. to carry out detailed
studies on the various developmental aspects of the La Preciosa
deposit. Snowden has completed much of this work and is on track to
issue the PEA, as well as a new NI43-101 compliant resource
estimate near the end of July, 2011.
Orko has retained AMEC Americas Ltd., to carry out a technical
review and audit of the Pan American and Snowden work to date. Pan
American, Orko and the consultants are working together to develop
technically superior solutions to enhance and streamline
pre-production design parameters at La Preciosa.
Recent modeling studies have indicated that a combined Open Pit
and Underground scenario is more attractive. It has taken detailed
analysis to come to this conclusion, and this work has contributed
to the delay in the completion of the PEA.
Additional ongoing studies include finalization of the open pit
and underground modeling, detailed metallurgical testing,
geotechnical work, condemnation drilling, tailings and waste rock
disposal, community relations, environmental studies, water
sourcing/dewatering, land acquisition and road construction.
Positive results of the work to date have enabled Pan American
Silver to approve a US $9,000,000 expenditure to take the project
through feasibility, which is due to be completed by the end of
April, 2012.
In addition to Snowden and AMEC, other firms assisting with the
project planning include
-- Golder Associates Ltd. (Canada) which has been contracted to conduct
geotechnical engineering for both underground and open pit mine design;
-- M-3 Engineering (USA) which has been contracted for plant and tailings
design, and infrastructure costing;
-- Quantitative Group Pty. Ltd. (Australia) which has been contracted to
conduct geostatistical evaluation and resource modeling;
-- SGS Mineral Services (Mexico) which has been contracted to conduct
additional metallurgical studies; and
-- Clifton Associates Ltd. (Canada) which has been contracted for
environmental studies.
Gary Cope, President of Orko, states, "I am very happy with the
ongoing progress of the PEA. While it has taken longer to complete
than we first thought, we are looking forward to presenting an
optimized PEA to our shareholders, which will show the true
magnitude of the La Preciosa Project."
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope, President
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for this News Release.
Contacts: Orko Silver Corp. Gary Cope President (604) 687-6310
(604) 687-6365 (FAX) info@orkosilver.com www.orkosilver.com
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