NELSON, BC, Aug. 25 /CNW/ - Oromonte Resources Inc. ("Oromonte" or the
"Company") (ORR:TSX-V; OF6:FRA) announces the filing of its financial
statements and results for the three month period ended June 30, 2008.
Oromonte's exploration activities and performance continued to be affected by
the Ecuador government's initiation of changes to the country's constitution,
taxation, environmental and mining laws. The financial results reflect the
Company's decision to generally suspend its activities in Ecuador at least
until the Government of Ecuador establishes its new policies towards foreign
companies regarding mineral exploration and mining. In the interim, the
Company's limited expenses in Ecuador are currently aimed at protecting its
interests there to the extent possible. The Company has begun to implement a
pro-active development strategy outside Ecuador.
The Company recorded a loss of $128,949 for the three months ended
June 30, 2008. The Company's working capital was $1,503,555 at June 30, 2008.
The Company has sufficient working capital to meet all of its foreseeable
obligations based on its plan for the next twelve months.
In March 2008, the Company focused its Ecuadorean exploration targets on
the most promising concessions and anomalous areas within the Company's
property portfolio. It thereby reduced its annual patent payments and its
property portfolio by 39,600.90 hectares. The Company's total property
portfolio in Ecuador as of June 30, 2008 was 53,751 hectares, subject to any
future ramifications of the April 18, 2008 Ecuador Mining Mandate and related
mining laws under development. Subsequently, in July 2008, the Company's
Ecuadoran lawyers were notified that the Government had cancelled seven of the
Virgen del Cisne concessions totaling 17,787.30 hectares and the San Andres
concession within the Pangui Property consisting of 350 hectares. Consequently
the Company's total property portfolio in Ecuador as of August 25, 2008 is
The Company's interim Consolidated Financial Statements and Management
Discussion and Analysis (MD&A) for the three months ended June 30, 2008 are
available at www.sedar.com.
Earlier today, Oromonte announced a share consolidation and name change
to "Georox Resources Inc."
Georox Resources Inc. is a mineral exploration company engaged in the
acquisition, development and exploration of mining properties. The Company has
acquired mining concessions consisting of four consolidated properties in
Ecuador, namely: Chimbuza Property, Marissa Property, Pangui Property, and
Virgen del Cisne Property. The related projects are in early stage
development. The Company has also begun acquiring mining property interests
outside Ecuador. On August 26, 2008, the Company will begin trading its common
shares and warrants on the TSX Venture Exchange under the symbol GXR and
GXR.WT respectively and its common shares on the Frankfurt Stock Exchange
under the symbol OF6.
For further information you can visit the Company's website at:
www.georoxresources.com or at its former address:
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority
has approved nor disapproved the information contained herein. The News
Release includes certain "forward looking statements". All statements other
than statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of the Company,
are forward looking statements that involve risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from the Company's expectations are exploration risks detailed from
time to time in the filings made by the Company with securities regulations.
For further information:
For further information: Bruce Cottingham, CEO, Georox Resources Inc.,
(Formerly Oromonte Resources Inc.), Suite 206, 507 Baker Street, Nelson,
British Columbia, Canada, V1L 4J2, Tel: (250) 352-9923, Fax: (250) 352-9926