NELSON, BC, Jan. 29 /CNW/ - Oromonte Resources Inc. (ORR:TSX-V; OF6:FRA)
announces that the Company's mining concession fees (annual patents) are all
in good standing. The next annual patent payments for each concession are due
on or before March 31, 2008. The mining concessions held by Oromonte's
subsidiaries in Ecuador were not impacted by the Government's announcement
last week that it had cancelled a number of mining concessions in Ecuador.
None of Oromonte's mining concessions are listed among the 587 concessions
According to news reports over the past few months, the Government of
Ecuador has been reviewing all mining titles. Consequently, last week the
Minister of Mines and Petroleum, Mr. Galo Chiriboga, announced the
cancellation of 587 mining concessions, alleging that the concession holders
failed to pay the required annual fees by the March 31, 2007 deadline as
required by the current Ecuadorean mining law.
Oromonte has promoted Mr. Pablo Velez to the position of General Manager
of its operations in Ecuador. Mr. Velez will also retain direct responsibility
for the Company's community and corporate relations functions related to
environmental and exploration activities. Mr. Velez, an Ecuadorean, holds a
degree in mining and metallurgy engineering and has extensive experience in
the mining industry in Ecuador.
Mr. Dale Schultz has resigned as a Director of Oromonte Resources Inc. as
of December 31, 2007.
Oromonte Resources Inc. is a mineral exploration company engaged in the
acquisition, development and exploration of mining properties in Ecuador. The
Company has acquired 100% owned mining concessions consisting of three
consolidated properties namely: Chimbuza Property, Pangui Property, and Virgen
del Cisne Property. The related projects are in early stage development with
environmental studies and/or exploration programs currently being implemented
to identify drilling targets to the extent permitted within the environmental
permit processes. The Company trades common shares and warrants on the TSX
Venture Exchange under the symbol ORR and common shares on the Frankfurt Stock
Exchange under the symbol OF6.
For further information you can visit the Company's website at:
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 Oromonte,
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 Oromonte's expectations are exploration risks detailed from
time to time in the filings made by Oromonte with securities regulations.
For further information:
For further information: Bruce Cottingham, CEO, Oromonte Resources Inc.,
Suite 206, 507 Baker Street, Nelson, British Columbia, Canada, V1L 4J2, Tel:
(250) 352-9923, Fax: (250) 352-9926