VANCOUVER, Jan. 17, 2013 /CNW/ - Eco Oro Minerals Corp. ("Eco Oro" or the "Company") (TSX: EOM) is pleased to announce that further to the declaration of the Regional
Park of Santurbán (the "Park") on January 8, 2013, the coordinates of
the Park have now been approved by the Corporación Autónoma Regional
para la Defensa de la Meseta de Bucaramanga. The Company's initial
assessment indicates that the officially declared boundaries do not
impede development of the Angostura Project.
The Angostura deposit, Eco Oro's principal asset, covers a total area of
215 hectares of which 193 hectares or 90% falls outside of the surface
boundaries of the Park. Of the previously disclosed1 mineral resources for the deposit, approximately 3 million ounces of
gold equivalent2 or 89% of the indicated resources and 2.3 million ounces of gold
equivalent2 or 96% of the inferred resources fall outside the surface boundaries of
the Park. "This long awaited declaration of the Park represents a
significant milestone for Eco Oro and its shareholders as we work
towards advancing the development of the Angostura Project. We remain
committed to developing Angostura in a way that is economically,
socially and environmentally beneficial for all stakeholders," stated
Joao Carrelo, Eco Oro's President and CEO. "In participating in the
declaration of the Park, senior government officials have recognized
that responsible mining and environmental protection can coexist for
the common benefit of the Santander region."
A total of 6,394 hectares of the Company's 30,132 hectares of mineral
rights fall within the Park boundaries. Although the development of the
Angostura project may be only marginally affected, a significant
portion of Eco Oro's total non-core mineral and surface rights are
covered by the surface of the Park. To the extent the Company is unable
to make use of these assets, it will seek compensation.
The Company will provide updates on this matter should any significant
Frederick Felder, P.Geo, a consultant to Eco Oro and a qualified person
as that term is defined in National Instrument 43-101, has reviewed and
verified the technical information contained in this news release.
Eco Oro Minerals Corp. is a publicly-traded precious metals exploration
and development company with a portfolio of projects in Colombia. Eco
Oro has been focused on its wholly-owned, multi-million ounce Angostura
gold-silver project, located in northeastern Colombia. The Angostura
Project consists of the Angostura deposit and four key satellite
prospects: Móngora, La Plata, Armenia and Violetal. The Company has
invested over $200 million in the project's development and in that of
the surrounding communities over more than 15 years. Eco Oro is
committed to further advancing the Angostura Project in a socially and
environmentally responsible manner that will be beneficial for all
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Certain statements in this news release are "forward-looking" within the
meaning of Canadian securities legislation. They include statements
about the impact of the Park on the Company's assets and business as
well as future plans for its mineral and surface rights.
Forward-looking statements are necessarily based upon the current
belief, opinions and expectations of management that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties and
other contingencies. Many factors could cause the Company's actual
results to differ materially from those expressed or implied in the
forward-looking statements. These factors include, among others,
political influence, government regulation as well as other risk
factors set out under the heading "Risk Factors" in the Annual
Information Form dated March 26, 2012, which is available on SEDAR at www.sedar.com. Investors are cautioned not to put undue reliance on forward-looking
statements due to the inherent uncertainty therein.
1 See the Updated Preliminary Economic Assessment for Angostura dated
March 23, 2012 available on SEDAR.
2 Using a cutoff grade of 1.5 g/t Au.
SOURCE: Eco Oro Minerals Corp.
For further information:
Please visit the Company's website at www.eco-oro.com or contact
President & CEO
Tel: +1 604 682 8212
Fiona Grant Leydier
Director, Investor Relations
Tel: +1 604 682 8212