LAS VEGAS, NV, Oct. 3, 2013 /CNW/ - Orofino Gold Corp: The Company plans
to acquire Oil Production leases in Uinta and San Juan basins and
negotiates to acquire Rio-Viejo Joint/Venture agreement to add
shareholder value.rofino Gold Corp: The Company plans to acquire Oil
Production leases in Uinta and San Juan basins and negotiates to
acquire Rio-Viejo Joint/Venture agreement to add shareholder
value.evada, October 3rd, 2013 - Orofino Gold Corp. (PINK OTC: ORFG)
("Orofino Gold" or the "Company") is pleased to announce that the
Company is in discussions with the a private Company to acquire Oil
Production leases in Uinta basin in the State of Utah.
The Company is seeking to acquire Oil & Gas leases on Net Revenue cash
flow basis in Sanpete County, in Central Utah and San Juan Basin, The
San Juan structural basin is a large downwarp of sedimentary rocks of
mostly Mesozoic age. As a geologic region, the San Juan Basin is noted
for its large deposits of coal, uranium, and natural gas. Since the
1980s, the Fruitland Formation in the basin has been one of the major
US sources of coal bed methane. In 2007, the San Juan Basin produced
1.32 trillion cubic feet of natural gas, making it the largest source
of natural gas in the United States. Uranium mining in New Mexico is
also performed from the San Juan Basin.
Several reports have suggested that Uintah, Duchesne and Sanpete
Counties in North Eastern Counties have recoverable Oil resource in
excess of 14.5 Billion barrels of Shale Oil.
The Company has approved to grant of an option and formation of joint
venture on its gold/silver properties located in Colombia.
Although Orofino's concessions are only in the initial stages of
exploration, preliminary work done by previous claim holders suggests
the company's concessions could include heavily mineralized regions
well-suited for economic development. Orofino's geological consultants
have confirmed the findings of the previous claim holders. In addition,
early rock sample analysis has resulted in gold concentrations above
industry-wide averages. These same reports have also revealed
substantial amounts of silver, suggesting the possibility of additional
high-value mineral recoveries beyond gold. Further grab and chip
samples will be assayed to establish an area to focus on for
initializing test production.
These statements are not guarantees of future performance and involve
certain risks and uncertainties that are difficult to predict. Actual
results could vary materially from the description contained herein due
to many risk factors that affect the industry the Company operates in
and other risk factors listed from time to time in the Company's
Securities and Exchange Commission (SEC) filings under "risk factors"
and elsewhere. The forward-looking statements contained in this press
release speak only as of the date on which they are made, and the
Company does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
SOURCE: Orfino Gold Corp.
For further information:
Orofino Gold Corp. - Las Vegas, Nevada.
9550 South Eastern Ave., Ste. 253, Las Vegas, NV 89123