Oroco Board Approves Altamura Acquisition
Oroco Board Approves Altamura Acquisition
VANCOUVER
,
Feb. 27, 2020
/CNW/ - Oroco Resource Corp. (
TSX-V: OCO
) ("
Oroco
" or "
the
Company
") is pleased to announce that, further to its
February 13, 2020
news release, the board of
directors of the Company (the "
Board
") has approved the exercise of the Company's option to acquire
100% ownership of Altamura Copper Corp. ("Altamura"). The closing of the transaction will occur on
March 2
, 2020. In consideration for the acquisition of Altamura, the Company will issue 39,800,000
shares of the Company to Altamura shareholders.
For further information about the Option Agreement, the parties to it and the Santo Tomas Project,
please refer to the Company's management information circular dated
November 19, 2019
and the
Company's news releases dated
October 9, 2018
,
September 9, 2019
,
December 20, 2019
, and
January 9, 2020
, which are available under its profile on SEDAR.
The Company is also pleased to announce that the Board has confirmed the appointment of Mr.
Ian
Graham
as President of the Company effective
March 1, 2020
, and has also appointed Mr. Graham as
a director of the Company, effective immediately.
Mr. Graham is an accomplished mining professional with over 20 years of experience in the
development and exploration of mineral deposits, mostly gained with major mining companies Rio Tinto
and
Anglo American
, including as Chief Geologist with the Project Generation Group at Rio Tinto. Mr.
Graham has been involved with evaluation and pre-development work on several projects in
Canada
and abroad, including Resolution Copper (
Arizona, USA
), Diavik Diamond Mine (
Northwest Territories,
Canada
), Eagle Nickel (
Michigan, USA
),
Lakeview Nickel
(
Minnesota, USA
) and Bunder Diamonds
(
India
).
ABOUT OROCO:
Upon closing the Altamura transaction, the Company will hold 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 81.0% with project investment of up to
CAD$30 million
. The Company currently
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
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 the El Sauzal Mine of Goldcorp in Chihuahua State. The reader is
directed to the Company's recent 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.
View original content:
http://www.newswire.ca/en/releases/archive/February2020/27/c3536.html
%SEDAR: 00026117E
For further information:
Mr. Craig Dalziel, CEO, Oroco Resource Corp., Tel: 604-688-6200,
www.orocoresourcecorp.com
CO: Oroco Resource Corp.
CNW 08:00e 27-FEB-20