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Oroco And Goldgroup Agree To An Extension Of The Closing Date For The Sale Of Cerro Prieto


July 16, 2013

Vancouver, British Columbia (July 16, 2013) – Oroco Resource Corp. (“Oroco”) (TSXV: OCO;  Frankfurt: OR6)announces that it has agreed to extend to August 15, 2013 the closing date for the sale to Goldgroup Mining Inc. (“Goldgroup”) of Oroco’s Cerro Prieto project so as to allow sufficient time for the completion of documentation relating to the financing announced today by Goldgroup (See Goldgroup News Release dated July 16, 2013).

In consideration of the granting of the extension, Goldgroup has agreed to reimburse Oroco for all fees, expenses and liabilities incurred from June 28, 2013 by Minas de Oroco S.A. de C.V., a wholly-owned subsidiary of Oroco and the holder of the Cerro Prieto project, and all interest charges accruing from June 28, 2013 in regard to the debentures issued by Oroco on May 21, 2012.  Goldgroup has also paid to Oroco a US$100,000 deposit against the initial payment of US$4,500,000 due to Oroco upon closing of the sale.

 

For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.
Tel: 604-688-6200

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.

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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