VANCOUVER, Feb. 12 /CNW/ - On Feb. 4th Oroco Resource Corp. (the
"Company" or "Oroco") filed an amended technical report entitled "Report on
Phase 1 Exploration, Cerro Prieto PB-Zn-Au-Ag-Mo Project, Magdelena de Kino
Area, Sonora State, Mexico" dated December 14, 2007 (the "Amended Report") on
SEDAR regarding its Cerro Prieto property (the "Property"). The Amended
Report, which has been prepared pursuant to National Instrument 43-101,
contains material amendments to the technical report filed by the Company in
connection with its preliminary prospectus on October 26, 2007.
The Amended Report discloses historical preliminary estimates for the
Property which were reported by Morgain Minerals Inc. ("Morgain"), a TSX
Venture Exchange listed company, in its 1998 Annual Report which was filed on
SEDAR on May 19, 1999. These historical estimates of 6.1 million tons with an
average gold equivalent grade (as calculated at that time) of 4.85 g/t or 7.0
million tons with an average gold equivalent of 4.4 g/t were reported to have
been based upon assay results of a 23 hole reverse circulation drill program
conducted by Morgain and samples taken from underground crosscuts on the
Property. Oroco cautions that the Company does not have a technical report
available to it which includes these historical estimates. Consequently, the
location of the drill collars or intercepts, the methodology used in the
calculations of the average individual grades for each block and the
methodology and assumptions and parameters used in the preparation of the
historical estimates are not known. It is presumed that the historical
estimates were calculated using only geometrical parameters and assays taken
at widely spaced intervals. It does not appear that geostatistical information
or economic factors were used to back up the valuations.
However, it is the opinion of the author of the Report (the "Author")
that the exploration results available to Morgain would have provided
sufficient information to calculate the reported preliminary estimates and
that, subject to categorization of the reserve or resource, based upon the
historical information available and the Author's own sampling results, these
historical estimates are reasonable. Confirmation drilling proposed by Oroco
will test their reliability.
Oroco further advises that Morgain's historical estimates, which were
reported as "preliminary reserve estimates", were prepared prior to the
implementation of the Standards of National Instrument 43-101 and that under
current definitions of "mineral resources" and "mineral reserves" as stated in
sections 1.2 and 1.3 of National Instrument 43-101 or in the CIM Standards on
mineral resources and reserves, there is no category of "preliminary reserve
estimate". However, the Author is of the opinion that under current
definitions of "mineral resources" and "mineral reserves" under National
Instrument 43-101 and the CIM Standards, the Morgain estimates would correlate
to the Inferred Resource category.
There is no more recent estimate or more recent data available, that the
Company is aware of, other than sampling data obtained by the Author. A
qualified person has not done sufficient work to classify the historical
estimates as a current mineral resource. Oroco is not treating the historical
estimates as current estimates and the historical estimates should not be
relied upon as current estimates.
Duncan Bain P.Geo. is the qualified person responsible for the disclosure
about the technical information reported in this news release. Mr. Bain has
reviewed and approved the technical disclosure in this news release.
Further information on the Company is available at www.sedar.com
On behalf of the board of directors,
"J. Casey Forward"
Oroco Resource Corp. - Tel: 604-688-6200
Forward Looking Statements: This news release contains certain forward
looking information concerning the business of the Company. These forward
looking statements are based on the opinions of management at the date the
statements are made and are based on assumptions and subject to a variety of
risks and uncertainties and other factors that could cause actual events to
differ materially from those projected in forward looking statements. These
risks are further described in the Company's preliminary prospectus dated
October 26, 2007, which is available at www.sedar.com.
The Company is under no obligation to update forward looking statements
if circumstances or management's opinions should change, except as required by
applicable securities laws. The reader is cautioned not to place undue
reliance on forward looking statements. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this news release.
For further information:
For further information: J. Casey Forward, Director, Oroco Resource
Corp., Tel: (604) 688-6200