VANCOUVER, March 6, 2020 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company") is
very pleased to announce the closing of the Company's acquisition
of the balance of the ownership of Altamura Copper Corp.
("Altamura"), giving the Company 100 percent ownership of
Altamura and outright control of the Santo Tomás porphyry copper
project in northwestern Mexico.
"The Altamura acquisition completes a highly accretive process
for Oroco and its shareholders," commented Craig Dalziel, the Oroco CEO. "We are now
able to fully focus on the development of a significant geological
asset which brings with it a very positive local community
relationship; exceptional supporting infrastructure; an eager and
capable local workforce; and clearly supportive local, regional and
federal government agencies. The future for Santo Tomás and
the surrounding communities is very bright."
For further information about the Company's acquisition of
Altamura and the Santo Tomás Project, please refer to the Company's
management information circular dated November 19, 2019 and the Company's news releases
dated December 20, 2019, January 9, 2020 and February 27, 2020, all of which are available
under Oroco's profile on SEDAR.
The Company is also very pleased to announce that Mr.
Ian W. Rice, of London, England, has agreed to join the
Company as its Senior Business Advisor. Mr. Rice is a
well-known international entrepreneur with a career focus on the
mining and renewable energy sectors. His considerable
knowledge of the capital markets has directly contributed to the
success of numerous early-stage public and private companies.
ABOUT OROCO:
The Company holds 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 an 81.0% interest with a project investment of up to
CAD$30 million. The Company
also 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 Tomás District, which extends from Santo Tomás 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 Tomás Project is located within 160km of the Pacific
deep-water port at Topolobampo,
and 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, 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.