Oroco Announces Special General Meeting Results
Oroco Announces Special General Meeting
Results
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.
View original content:
http://www.newswire.ca/en/releases/archive/December2019/20/c3527.html
%SEDAR: 00026117E
For further information:
Mr. Craig Dalziel, President and CEO, Oroco Resource Corp., Tel: 604-
688-6200, www.orocoresourcecorp.com
CO: Oroco Resource Corp.
CNW 08:00e 20-DEC-19