VANCOUVER, BC, July 14, 2020 /CNW/ - Oroco Resource Corp.
(TSX-V: OCO) ("Oroco" or "the Company") announces the
appointment of Ian W. Rice of
London, England to its Board of
Directors. Mr. Rice joined the Company in March of this year
as its Senior Business Advisor and 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. In order to accommodate this
appointment, Steve Vanry, the
Company's CFO, has relinquished his seat on the board. Mr.
Vanry will remain an officer of Oroco in his continued capacity as
its Chief Financial Officer.
"We are pleased to be able to expedite the appointment of
Ian Rice to Oroco's Board of
Directors at this important time in our development" stated Oroco's
CEO, Craig Dalziel. "With the
current limitation on the number of board seats, which could not be
altered without a general meeting of the shareholders, Steve Vanry's cooperative step will allow Mr.
Rice to more formally represent the Company in its financing
initiatives while retaining the benefit of Mr. Vanry's valuable
input. We are therefore very pleased to be able to expand our
expertise at the senior management level."
ABOUT OROCO:
The Company holds a net 61.4% interest in the collective 1,172.9
ha core concessions of the Santo Tomas 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 8,980.8 ha). 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 Tomas
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 Prefeasibility
Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160 km 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
Goldcorp's El Sauzal Mine in Chihuahua State. The reader is
directed to the Company's August, 2019 Technical Report filed on
SEDAR, as amended.
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. Cautionary
Note
Regarding Forward Looking Information
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SOURCE Oroco Resource Corp.