VANCOUVER, Dec. 20, 2019 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company") is
pleased to announce the results of its Special General Meeting and
its Annual General Meeting held on December
19, 2019, at which the shareholders approved all items on
the agenda. In particular, 100% percent of the voting
disinterested shareholders approved the Company's option to acquire
Altamura Copper Corp. ("Altamura") and advance working loans to
Altamura as described in the Company's news release of October 9, 2018.
The shareholders also voted in favour of setting the number of
directors at four (4) and the following incumbent directors were
re-elected: Craig Dalziel,
Stephen Leahy, Steve Vanry and Robert
Friesen. Furthermore, the shareholders approved the
Company's stock option plan and the re-appointment of Davidson and Company LLC as auditors for the
ensuing year.
The Company is pleased to also announce the 50 year extension of
the term of the Bob and Roberto Verde concessions, which constitute
2 of the 7 core concessions of the Santo Tomas Project. The
resolution of the extension application for these two concessions
completes the final pre-requisite to the transfer of the 7 core
Santo Tomas concessions to
Altamura's subsidiary, Xochipala Gold, S.A. de C.V.
ABOUT OROCO:
The Company holds an irrevocable option to acquire a 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
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 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 recently-filed, 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.
SOURCE Oroco Resource Corp.