VANCOUVER, British Columbia – (May 13, 2009) Oroco Resource Corp. (TSX-V:OCO) (“Oroco” or “the Company”) is pleased to announce that it has, subject to TSX Venture Exchange acceptance, engaged General Research GmbH (“General Research”) and its principal and sole shareholder, Georg Hochwimmer of Munich, Germany, to provide investor relations and communications services to the Company in Europe.
The Company selected General Research GmbH as it is an experienced, arms length German based financial advisory firm which focuses primarily on junior companies and special situation opportunities and which has successfully increased the exposure of other TSX Venture Exchange listed companies to institutional and retail investors in Europe.
The Company has agreed to pay General Research a fee of $6,000.00 per month, for an anticipated total cost of $72,000, plus pre-approved out-of-pocket expenses. In addition, the Company will grant Georg Hochwimmer 250,000 options to purchase common shares of the Company at a price of $0.25 per share. These options will vest in four equal installments over the term of the agreement, with one quarter vesting on the date of the agreement and one quarter every three months thereafter, and may be exercised for a period of 5 years. The agreement may be terminated by either party upon 30 days notice. All payments to General Research GmbH will be made from the Company’s general working capital. General Research advises that it does not currently hold any shares of Oroco but that it may acquire or dispose of securities of Oroco in the future.
Oroco has a 100% interest in the Cerro Prieto project, a polymetallic (Au-Ag-Pb-Zn) project in Sonora State, Mexico. During the first field season in 2008 the company drilled 5,975 metres of core and tabled a NI 43-101 compliant resource calculation and the results of a preliminary metallurgical study (See May 11, 2009 news release). With over 40 years of industry experience, Ken Thorsen, President and CEO of Oroco Resource Corp is quickly steering the company forward with the rapid development of mineral resources, a preliminary metallurgy study and the development of a preliminary assessment by an independent mining engineering services firm. A phase two exploration program is planned to commence in mid 2009.
Of the Company retaining General Research, Ken Thorsen says: “We are confident that, while we focus on exploration and development, Georg Howchimmer will be busy telling our rapidly developing story to European investors and the financial community.”
For further information, please contact:
Mr. Ken Thorsen, President and CEO
Oroco Resource Corp.
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.