VANCOUVER, BC, July 14, 2020 /PRNewswire/ - 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."
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
SOURCE Oroco Resource Corp.