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Oroco Negotiates Payment Of Goldgroup Mining Inc. Notes


September 28, 2015

VANCOUVER, British Columbia – (September 28, 2015) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company“) announces that, further to its news release of September 16, 2015, it has agreed with Goldgroup Mining Inc. (“Goldgroup“) to a revised payment schedule for the US$950,000 outstanding from the two promissory notes issued by Goldgroup to the Company. Pursuant to the agreement, Goldgroup will have until November 16, 2015 to enter into a formal debt payment agreement (the “Payment Agreement“) with the Company, pursuant to which it will pay the Company US$300,000 on signing, US$20,000 per month, commencing October 1, 2015 (payments due before signing of the formal agreement to accrue and be paid at signing), until September 15, 2016, with the balance of the remaining principal on or before that date. The outstanding principal will bear 12% interest, payable monthly in arrears. If the Payment Agreement is not signed by November 16, 2015, or if Goldgroup fails to perform all of its obligations under the Payment Agreement, it will pay the Company a C$100,000 break fee. In a related transaction, the Company has also agreed to sell a total of 6 million of its shares of Goldgroup (the “Shares“), at a price of $0.06 per Share to one or more persons introduced by Goldgroup, some of whom may be insiders of Goldgroup. The Company will sell 3 million of the Shares prior to the signing of the Payment Agreement, of which 2.4 million were sold today, and it will grant the purchaser the option to purchase a further 3 million, subject to the Payment Agreement being executed by November 16, 2015 and Goldgroup paying the sums due at the time of execution.

After completion of the sale of the Shares, the Company will hold 14,125,000 Goldgroup shares.

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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