VANCOUVER, May 29, 2019 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is pleased to announce that Mr. Ian Graham has been appointed as Vice-President of Exploration of the Company. Mr. Graham is an accomplished mining professional with over 20 years of experience in the development and exploration of mineral deposits, mostly gained with major mining companies Rio Tinto and Anglo American, including as Chief Geologist with the Project Generation Group at Rio Tinto. Mr. Graham has been involved with evaluation and pre-development work on several projects in Canada and abroad, including Resolution Copper (Arizona, USA), Diavik Diamond Mine (Northwest Territories, Canada), Eagle Nickel (Michigan, USA), Lakeview Nickel (Minnesota, USA) and Bunder Diamonds (India).
The Company has granted Mr. Graham 300,000 incentive stock options at a price of $0.55 per share, expiring on May 28, 2022, which will vest in three equal tranches over the next year. The options are subject to TSX Venture Exchange approval.
Of the appointment of Mr. Graham, Oroco's CEO Craig Dalziel said: "We are very pleased to have been able to secure the services of Ian Graham as the formal head of our exploration team. In his time consulting to the Company, he has demonstrated himself to be an exceptional contributor with expertise that are well suited to the development of a project like Santo Tomas."
The Company currently holds an irrevocable option to acquire 100 percent of Altamura Copper Corp., a private B.C. company which holds a 50 percent interest in Compania Minera Ruero, S.A. de C.V., the registered owner of the Santo Tomas concessions, and an option to acquire the other 50 percent interest. The Santo Tomas concessions are a contiguous group of seven mineral concessions located in Sinaloa State, Mexico. Altamura Copper Corp. also holds a 66.7 percent interest in Xochipala Gold, S.A de C.V., the owner of a net 85 percent unregistered contractual interest in the Santo Tomas concessions. The Company and Altamura Copper Corp. are pursuing the registration of the Santo Tomas concessions to Xochipala Gold, S.A de C.V. for reason of its preferable ownership and investment structure relating to those concessions (see the Company's most recent MD&A available on SEDAR).
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.
Cautionary Note Regarding Forward Looking Information
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. 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., Tel: 604-688-6200, www.orocoresourcecorp.com