VANCOUVER, Aug. 15, 2018 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) (US: ORRCF) ("Oroco" or "the Company") is pleased to announce that it has agreed to purchase from John C. Thornton, former Vice-President - Engineering of Mintec, Inc., historical technical information and data related to the Santo Tomas mineral deposit. Prepared by E.L. Bateman Engineering Company, Mountain States Research & Development International Inc., Mintec, Inc. and John Thornton, the data includes drill hole assays and associated interpreted sections, drilling, composite and digital models and reports dated from 1992 to 2011. Mr. Thornton and Mintec, Inc. have maintained custodial status of the data throughout that period and until present day.
As payment for the information and data, Oroco will issue, subject to TSX Venture Exchange approval, 500,000 common shares of Oroco and pay US$500,000 by way of three payments of US$50,000 each and a final payment of US$350,000, all to be made over a period of no more than three years, depending on the Company's progress in assembling the Santo Tomas concessions. In addition to the data purchase, the Company has reached an agreement with Mr. Thornton whereby he will provide project management services on behalf of Oroco at Santo Tomas. The terms of his engagement include the granting to Mr. Thornton of 750,000 options to purchase shares in the Company at a price per share of $0.20, vesting over the next 12 months and exercisable until June 27, 2021.
John Thornton's career has extended over 40 years, during which time he has worked in senior capacities in all aspects of mine planning and management, mine construction and the commissioning of numerous world class mining projects. From 1991 until 2005, he was Vice-President and Chief Consulting Mining Engineer for Mintec, Inc., then the largest supplier of geological and mining software in the world. While with Mintec, Mr. Thornton was responsible, as Chief Mining Engineer, for all aspects of planning and commissioning of the Bajo de la Alumbrera copper/gold deposit in Argentina and the development of a 200,000 TPY SX-EW copper production facility at Tenke Fungurume in Zaire. Beginning in 1999, Mr. Thornton participated in the complete re-evaluation of the Cananea Mine in Sonora State, Mexico. From 2005 to 2007, as COO of Gammon Lake Resources Inc. and responsible for developing both the open pit and underground mines, Mr. Thornton oversaw the construction and commissioning of the Ocampo Project in Chihuahua, Mexico.
"Reaching these agreements with John Thornton is a significant step forward for Oroco," stated its President, Craig Dalziel. "Access with certainty to all of the Santo Tomas data will be essential to our ability to develop an accurate representation of the value of Santo Tomas at a much more reasonable cost, both in time and expense. Furthermore, John's 26 year history with Santo Tomas and his considerable technical expertise will provide immeasurable benefit to Oroco and the Santo Tomas project."
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.
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. Except as required by law, Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
SOURCE Oroco Resource Corp.
For further information: Mr. Craig Dalziel, President and CEO, Oroco Resource Corp.