TSX-V: OCO.V 0.28 OTCQB: ORRCF 0.2 BF: OR6 0.17

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Oroco Closes Non-Brokered Private Placement


November 2, 2018

VANCOUVER, British Columbia – (November 2, 2018) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has closed the non-brokered private placement financing (the “Financing”) previously announced by news releases dated October 9, 2018 and October 25, 2018. The Company has raised gross proceeds of $750,000 through the sale of a total of 3,750,000 units at a price of $0.20 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant will be exercisable into one additional common share for a period of 18 months from closing at a price of $0.32 per share. The closing of the Financing is subject to TSX Venture Exchange (“TSX-V”) acceptance of requisite regulatory filings.

The shares and any shares issued pursuant to the exercise of the warrants are subject to a hold period expiring March 3, 2019.

The Company paid a total of $13,500 in finder’s fees to Luis Zapata and Canaccord Genuity Corp. in connection with the Private Placement.

The proceeds of the financing are intended to be used for loans to Altamura pursuant to the loan agreement also announced on October 9, 2018, the costs and expenses related to obtaining TSX Venture Exchange and shareholder approvals, those expenses necessary to the Company’s obligations to maintain the Santo Tomas Concessions, costs associated with intended acquisitions as the Company continues to pursue its land assembly of the Santo Tomas Project, and general and administrative expenses.

For further information, please contact:

Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.

Tel: 604-688-6200

www.orocoresourcecorp.com

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.

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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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