Oroco Acquires Santo Tomas Data
Oroco Acquires Santo Tomas Data
VANCOUVER
,
Aug. 15, 2018
/CNW/ - Oroco Resource Corp. (
TSX-V: OCO
) (
US: ORRCF
)
("
Oroco
" or "
the Company
") is pleased to announce that it has agreed to purchase from
John C.
Thornton
, former Vice-President - Engineering of Mintec, Inc., historical technical information and
data related to the
Santo Tomas
mineral deposit. Prepared by E.L. Bateman Engineering Company,
Mountain States Research & Development International Inc., Mintec, Inc. and
John Thornton
, the
data includes drill hole assays and associated interpreted sections, drilling, composite and digital
models and reports dated from 1992 to 2011. Mr. Thornton and Mintec, Inc. have maintained
custodial status of the data throughout that period and until present day.
As payment for the information and data, Oroco will issue, subject to TSX Venture Exchange
approval, 500,000 common shares of Oroco and pay
US$500,000
by way of three payments of
US$50,000
each and a final payment of
US$350,000
, all to be made over a period of no more than
three years, depending on the Company's progress in assembling the
Santo Tomas
concessions. In
addition to the data purchase, the Company has reached an agreement with Mr. Thornton whereby
he will provide project management services on behalf of Oroco at
Santo Tomas
. The terms of his
engagement include the granting to Mr. Thornton of 750,000 options to purchase shares in the
Company at a price per share of
$0.20
, vesting over the next 12 months and exercisable until
June
27, 2021
.
John Thornton's
career has extended over 40 years, during which time he has worked in senior
capacities in all aspects of mine planning and management, mine construction and the commissioning
of numerous world class mining projects. From 1991 until 2005, he was Vice-President and Chief
Consulting Mining Engineer for Mintec, Inc., then the largest supplier of geological and mining
software in the world. While with Mintec, Mr. Thornton was responsible, as Chief Mining Engineer,
for all aspects of planning and commissioning of the Bajo de la Alumbrera copper/gold deposit in
Argentina
and the development of a 200,000 TPY SX-EW copper production facility at Tenke
Fungurume in Zaire. Beginning in 1999, Mr. Thornton participated in the complete re-evaluation of
the Cananea Mine in Sonora State, Mexico. From 2005 to 2007, as COO of Gammon Lake
Resources Inc. and responsible for developing both the open pit and underground mines, Mr.
Thornton oversaw the construction and commissioning of the Ocampo Project in
Chihuahua, Mexico
.
"Reaching these agreements with
John Thornton
is a significant step forward for Oroco," stated its
President,
Craig Dalziel
. "Access with certainty to all of the
Santo Tomas
data will be essential to
our ability to develop an accurate representation of the value of
Santo Tomas
at a much more
reasonable cost, both in time and expense. Furthermore, John's 26 year history with
Santo Tomas
and his considerable technical expertise will provide immeasurable benefit to Oroco and the
Santo
Tomas
project."
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.
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. Except as required by law, Oroco does not assume any obligation
to update the forward-looking statements should they change, except as required by law.
SOURCE
Oroco Resource Corp.
View original content: http://www.newswire.ca/en/releases/archive/August2018/15/c7884.html
%SEDAR: 00026117E
For further information:
Mr. Craig Dalziel, President and CEO, Oroco Resource Corp.
CO: Oroco Resource Corp.
CNW 15:28e 15-AUG-18