Orko Announces Filing of NI 43-101 Technical Report for its

Orko Announces Filing of NI 43-101 Technical Report for its La
Preciosa Silver Project 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- Orko
Silver Corp. (TSX VENTURE:OK): Orko Silver Corp. ("Orko) is pleased
to announce that it has filed a technical report prepared in
accordance with National Instrument 43-101 ("NI 43-101") in support
of the Company's September 20, 2012, news release, which included an
updated mineral resource estimate for its La Preciosa Silver Project
in Durango, Mexico. 
The independent technical report, entitled "La Preciosa Silver
Deposit, Updated Mineral Resource Estimate Statement, Durango,
Mexico" (the "Technical Report"), dated November 5, 2012, was
prepared by MiningPlus Canada Inc. Vancouver BC, ("MiningPlus") and
authored by Darren Head and Michael Collins, Qualified Persons as
defined by the requirements of NI 43-101. The Technical Report is
available on SEDAR at www.sedar.com and on the Company's website at
www.orkosilver.com. 
Resource Statement 
The portion of the mineral resources amenable to open pit mining for
the La Preciosa Project are 29,600,000 tonnes grading an average of
104 g/t silver-equivalent classified as Indicated Mineral Resources,
with an additional 47,700,000 tonnes grading an average of 87 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.  
The portion of mineral resources amenable to underground mining are
54,000 tonnes grading an average of 99 g/t silver-equivalent
classified as Indicated Mineral Resources, with an additional
1,900,000 tonnes grading an average of 124 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.  
The mineral resources are summarized in Table 1. The updated
Indicated Mineral Resource contains an estimated 110,000,000 oz AgEq
with another 154,000,000 oz AgEq categorized as Inferred. 


 
Table-1- October 25, 2012 Resource Estimate                                
                                                                           
---------------------------------------------------------------------------
   La Preciosa Mineral Resource Estimate - effective October 25, 2012 (i)  
---------------------------------------------------------------------------
                   Cut-off               Silver                        AgEq
                     Grade Tonnes  Sil-  (mill-          Gold        (mill-
Mining    Classifica- (g/t (mill-   ver     ion  Gold  (000's  AgEq     ion
Method    tion         Ag)  ions) (g/t) ounces) (g/t) ounces) (g/t) ounces)
---------------------------------------------------------------------------
Open Pit  Indicated     25   29.6   104      99  0.20     190   115     110
---------------------------------------------------------------------------
Open Pit  Inferred      25   47.7    86     132  0.16     245    95     146
---------------------------------------------------------------------------
Under-    Indicated     60    0.1    99       0  0.16       0   108     0.2
 ground 
---------------------------------------------------------------------------
Under-    Inferred      60    1.9   124       8  0.21      13   136       8
 ground 
---------------------------------------------------------------------------
Total     Indicated          29.7   104      99  0.20     191   115     110
          -----------------------------------------------------------------
          Inferred           49.6    87     140  0.16     259    97     154
---------------------------------------------------------------------------
Notes:                                                                      
 (i) Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.                                                         
 1. Open pit resources stated are contained within a potentially            
    economically mineable pit shell.                                        
 2. Pit optimization is based on assumed silver and gold prices of          
    US$25.90/oz and US$1,465/oz respectively and mill recoveries of 88% and 
    78% respectively, mining costs of US$1.45/t, processing costs of        
    US$17.25/t and G&A costs of US$4.35/t.                                  
 3. Break-even cut-off grades used were 25 g/t Ag for open pit mill material
    and 60 g/t Ag for underground material.                                 
 4. Silver equivalency is based on unit values calculated from the above    
    metal prices, and assumes 100% recovery of all metals.                  
 5. Mineral resource tonnage and contained metal have been rounded to       
    reflect the accuracy of the estimate, and sums may not total due to     
    rounding.                                                               

 
Further optimization work on the resource calculation since the
published resource estimate on September 20 has resulted in minor
changes to the resource, with changes in the overall inferred
resource, and slight changes in the indicated resource ("MiningPlus")
on the La Preciosa Silver Project. This has resulted in an increase
of 12% of the Total Inferred AgEq, a reduction of Underground
Indicated and Inferred resources, a reduction of Open Pit grades and
an increase of Underground grades. (Table 2). 


 
Table 2 Variance Of Resource Estimate from Sept 20, 2012 Resource Estimate  
                                                                            
----------------------------------------------------------------------------
                 La Preciosa - Variance of Resource Estimate                
----------------------------------------------------------------------------
                                                                  Silver    
                                      Silver         Gold       Equivalent  
                                  ------------------------------------------
Change from Sept 20, 2012  Tonnes  Grade Ounces  Grade Ounces  Grade Ounces
----------------------------------------------------------------------------
Open Pit    Indicated           1%    -1%     0%    -5%    -4%    -1%     0%
----------------------------------------------------------------------------
            Inferred           19%    -2%    17%   -11%     6%    -3%    15%
----------------------------------------------------------------------------
Underground Indicated         -33%    39%    -6%     7%   -28%    36%    -8%
----------------------------------------------------------------------------
            Inferred          -34%    19%   -22%    -2%   -36%    17%   -23%
----------------------------------------------------------------------------
Total       Indicated           1%    -1%     0%    -5%    -4%    -1%     0%
----------------------------------------------------------------------------
            Inferred           16%    -2%    14%   -11%     3%    -3%    12%
----------------------------------------------------------------------------

 
The change in the updated mineral resource has been affected by; 


 
--  reclassification of a portion of the Inferred Resources to Indicated
    Resources, 
--  Capping of the gold grades, 
--  Re-evaluation of the recovery factors utilized in the Whittle Pit
    analysis and the related modified Whittle Pit definition. 

 
The mineral resources are reported in accordance with NI 43-101 and
have been classified in accordance with standards as defined by the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "CIM
Definition Standards - For Mineral Resources and Mineral Reserves". 
This mineral resource estimate has been completed by Bruce Godsmark
B.Sc. (MAusIMM) under the direction of Christopher Gee Ph.D.,
(MAusIMM), Principal Resource Geologist with MiningPlus and Darren
Head B.Sc. (MAIG), Manager of Geoscience and Risk with MiningPlus,
who have reviewed pertinent geological information in sufficient
detail to support the data incorporated in the mineral resource
estimate. Mr. Head is an Independent Qualified Person as defined
under NI 43-101 and is responsible for the mineral resource estimate
presented in this release. 
Drilling data includes a total of 719 drill holes with 45,118 samples
from 237,545 m of drilling. Thirty two drill holes totalling 5,706 m
were drilled since the 2011 resource cut-off date of October 2010 and
are now included in this resource estimate. No new infill drilling
has been completed on the property since January 2011. Wireframes are
three-dimensional closed solids constructed in Vulcan(TM) and are
based on a combination of logged geology and assay information. These
wireframes define the veins and limit the estimation. MiningPlus
modeled 68 discrete veins independently to define the current deposit
block model, as compared to 18 veins modeled in the mineral resource
estimate used in the 2011 PEA.  
The average drill sample length for all samples is 0.75 m. Samples
were composited to 1.5 m lengths. The estimation was undertaken using
ordinary kriging. MiningPlus applied appropriate block model
validation techniques for a resource estimation at this stage of
project development. 
Pit optimization was conducted using Whittle(TM) software to evaluate
the block model which was constructed in Vulcan(TM). Underground
optimization was conducted using MSO software in a Datamine Studio3
block model derived from the Vulcan(TM) block model. A cut-off grade
for the pit and stope optimization of 25 g/t and 60 g/t silver for
open pit and underground was used respectively. 
Resources are classified as Indicated where the average distance to
the closest two drill holes is 38 metres and the distance to the
closest sample is less than 38 metres. The Inferred Resources
category is defined as areas estimated using at least two composite
samples and being within 150 metres of the closest sample.  
QA/QC 
The majority of holes were drilled with HQ size diamond drill core,
reducing to NQ with increasing depth depending on ground conditions.
Core samples were cut using a core saw with varied sample lengths not
exceeding 1.5 metres in mineralized material. Further Quality
Assurance and Control procedures and details on assays are disclosed
on the Orko Silver Corp. website and in the report titled "Pan
American Silver Corp. and Orko Silver Corp.: La Preciosa Silver
Property, Durango, Mexico, Preliminary Economic Assessment -
Technical Report" dated 30 June 2011.  
AMEC is working on the Preliminary Economic Assessment using the new
resource estimate. As part of that work AMEC is currently performing
a mill sizing study and reviewing mining options. 
George Cavey, P.Geo., is the Qualified Person for Orko Silver Corp.
and has approved the technical disclosure in this news release. 
About Orko Silver Corp. 
Orko Silver Corp. is developing one of the world's largest
undeveloped 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 reasonable prospects of
economic extraction of a mineral resource, 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 and Orko undertakes no obligation to update such
statements, except as required by law.  
The resource estimate is based on a geological model based on
interpretations of multiple veins in wide spaced drill holes. There
is risk that the interpreted continuity and orientation of the veins
could change with additional drilling. The sample values in the drill
core may not be representative of those portions of the deposit as
precious metal deposits are subject to nugget effect and rapid
changes to grade over relatively short distances. Sampling gaps in
the modelled veins may allow higher grade samples to be projected
into unsampled lower grade areas of the model. This could cause
overestimation of tonnes and grade. The converse is also true.
Density values of the blocks are based on a model that may not be
accurate and may cause local biases in tonnage estimates. 
Neither the 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:
Orko Silver Corp.
(604) 687-6310
(604) 687-6365 (FAX)
info@orkosilver.com
www.orkosilver.com
 
 
Press spacebar to pause and continue. Press esc to stop.