VANCOUVER, April 10, 2019 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is pleased to announce that its affiliate, Altamura Copper Corp. ("Altamura"), has acquired an option to purchase 40,000,000 shares (the "Aztec Shares") of Aztec Copper Corp. ("Aztec") held by Fierce Investments Ltd. ("Fierce"). At the time of their issuance, the Aztec Shares represented in excess of 90 percent ownership of Aztec. Along with its Mexican subsidiary, Prime Aztec Mexicana, S.A. de C.V., Aztec is a plaintiff in the Mexican judgement which is currently impeding the registration of the transfer of the Santo Tomas Concessions to an Altamura subsidiary, Xochipala Gold, S.A. de C.V. The Aztec Shares constitute the primary consideration paid by Aztec in the transaction which was the basis of the claim that resulted in the Mexican judgement. Aztec has subsequently denied the existence of the Aztec Shares and therefore Fierce is currently taking the necessary steps to secure its ownership rights in the Aztec Shares.
Altamura is the subject of an irrevocable share purchase option held by Oroco which, upon exercise, would give Oroco 100 percent ownership of Altamura. Through its Mexican subsidiaries, Altamura controls a 50 percent interest in the seven core Santo Tomas mineral concessions and also holds an option to acquire the other 50 percent interest in those concessions. (See the Company's most recent MD&A for details.)
Further to its news release of February 23, 2018, wherein the Company announced its acquisition of a 77.5% interest in the Amp. Santo Tomas Reduccion 1 ("Red. 1") concession, the Company is pleased to announce that the appeal of the cancellation of the Red. 1 concession has been successful and that the concession has been reinstated to good standing. Red. 1 is an important component in Oroco's land assembly on the periphery of the Santo Tomas core concessions, holding ground along strike over exploration targets to the north and south of the Santo Tomas Cu-Mo-Au-Ag porphyry deposit. In addition, locations for a possible mill site and supporting infrastructure are covered by the 6,660 ha. Red. 1 mineral concession.
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.
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. These forward-looking statements relate to the Company's intentions related to future acquisitions and financings. The Company believes that the expectations reflected in such forward looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. These statements speak onlyas of the date of this press release. Forward-looking information involves risks and uncertainties which may cause actual results to be materially different from those expressed or implied by such forward-looking information. The Company does not intend, and does not assume any obligation, to update any forward-looking information except as required by law.
SOURCE Oroco Resource Corp.
For further information: Mr. Craig Dalziel, President and CEO, Oroco Resource Corp., Tel: 604-688-6200