VANCOUVER, May 7, 2019 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is pleased to announce that it has been advised by its Mexican legal counsel that the Mexican Federal Appeal Court has rendered an oral decision which materially affects the status of the Santo Tomas concessions (the "Concessions"). The decision will nullify a 2016 judgement (the "Judgement") which had resulted from an unwarranted claim to the Concessions by Aztec Copper Inc. ("Aztec") and its Mexican subsidiary. The Company is waiting for written confirmation of the appeal court decision prior to the resumption of trading.
The existence of the Judgment, and in particular its related annotation recorded in the Mexican Mining Registry, was an impediment to the registration of the Concession titles to Xochipala Gold S.A. de C.V., a subsidiary of Altamura Copper Corp. ("Altamura"). Oroco currently owns 13.0 percent of Altamura and holds an irrevocable option to acquire the balance of Altamura (refer to the Company's news release of October 9, 2018). Once written confirmation of the appeal court decision has been received, the Company will proceed to register the Concessions in the name of Xochipala Gold S.A. de C.V.
The Company also reports that a criminal complaint against Aztec and Ron Arnold, the President of Aztec, for procedural fraud, in relation to the trial which resulted in the Judgement, has been filed with the Procuraduría General de Justicia de la Ciudad de Mexico.
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