VANCOUVER, Feb. 27, 2020 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company") is
pleased to announce that, further to its February 13, 2020 news release, the board of
directors of the Company (the "Board") has approved the
exercise of the Company's option to acquire 100% ownership of
Altamura Copper Corp. ("Altamura"). The closing of the transaction
will occur on March 2, 2020. In
consideration for the acquisition of Altamura, the Company will
issue 39,800,000 shares of the Company to Altamura shareholders.
For further information about the Option Agreement, the parties
to it and the Santo Tomas Project, please refer to the Company's
management information circular dated November 19, 2019 and the Company's news releases
dated October 9, 2018, September 9, 2019, December 20, 2019, and January 9, 2020, which are available under its
profile on SEDAR.
The Company is also pleased to announce that the Board has
confirmed the appointment of Mr. Ian
Graham as President of the Company effective March 1, 2020, and has also appointed Mr. Graham
as a director of the Company, effective immediately.
Mr. Graham is an accomplished mining professional with over 20
years of experience in the development and exploration of mineral
deposits, mostly gained with major mining companies Rio Tinto and
Anglo American, including as Chief
Geologist with the Project Generation Group at Rio Tinto. Mr.
Graham has been involved with evaluation and pre-development work
on several projects in Canada and
abroad, including Resolution Copper (Arizona, USA), Diavik Diamond Mine
(Northwest Territories, Canada),
Eagle Nickel (Michigan, USA),
Lakeview Nickel (Minnesota, USA) and Bunder Diamonds
(India).
ABOUT OROCO:
Upon closing the Altamura transaction, the Company will hold a
net 56.7% interest in the collective 1,172.9 ha core concessions of
the Santo Tomás Project in NW
Mexico, and may increase that majority interest up to 81.0%
with project investment of up to CAD$30
million. The Company currently holds a 77.5% interest
in 7,807.9 ha of mineral concessions surrounding and adjacent to
the core concessions (a total project size of 22,192 acres).
The Project is situated within the Santo
Tomas District, which extends from Santo Tomas up to the Jinchuan Group's
Bahuerachi project, approximately 14 km to the north-east.
Santo Tomás hosts a significant copper porphyry deposit defined by
prior exploration spanning the period from 1968 to 1994. During
that time, the property was tested by over 100 diamond drill and
reverse circulation drill holes, totaling approximately 30,000
meters. Based on data generated by these drill programs, a resource
estimate for the project was calculated by Mintec, Inc., and
metallurgical test work was conducted by Mountain States Research
and Development, Inc. In 1994, a Prefeasibility Study was
completed by Bateman Engineering Inc.
The Santo Tomas Project is located within 160km of the Pacific
deep-water port at Topolobampo,
and is serviced via highway and proximal rail (and parallel
corridors of trunk grid power lines and natural gas) through the
city of Los Mochis to the northern
city of Choix. The property is reached by a 32 km access road
originally built to service the El Sauzal Mine of Goldcorp in
Chihuahua State. The reader is directed to the Company's recent
August, 2019 Technical Report filed on SEDAR.
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.
Cautionary Note
Regarding Forward Looking Information
This news release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact included herein, including without
limitation, statements relating to future events or achievements of
the Company, are forward-looking statements. There can be no
assurance that such forward-looking statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated or implied in such statements.
Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different
from the results, performance or achievements that are or may be
expressed or implied by such forward-looking statements.
Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release concerning these matters. Oroco does not assume any
obligation to update the forward-looking statements should they
change, except as required by law. Readers are also cautioned that
this news release includes reference to certain historical reports
and studies that are cited in the Report.
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SOURCE Oroco Resource Corp.