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Oroco Provides Update Regarding its Option to Acquire an Additional Interest in Santo Tomas Properties


January 14, 2019

VANCOUVER, British Columbia – (January 14, 2019) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or the “Company”) announces that further to its news release dated October 9, 2018, Oroco has engaged an independent qualified person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects to prepare a technical report (the “Technical Report”) on the Santo Tomas Concessions.

In connection with the option agreement (the “Option Agreement”) between Oroco, Altamura Copper Corp. (“Altamura”) and its shareholders, the Company is preparing the management information circular (the “Circular”) to provide the shareholders of Oroco with prospectus-level disclosure regarding Altamura and the Santo Tomas Concessions, in order to seek shareholder approval of Oroco’s exercise of the option (the “Option”) as set out in the Option Agreement. The financial statements of Altamura are also being prepared for inclusion in the Circular.

Oroco’s exercise of the Option is also subject to further due diligence; completion and review by the Special Committee of the Technical Report; and TSXV acceptance, as required. Upon completion, the Technical Report and the Circular along with the financial statements of Altamura will be filed with the TSXV.

For further information, please contact:

Mr. Craig Dalziel, 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.

Cautionary Notes Regarding Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “will”, “intends”, “is expected to” and variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements. In particular, the Company’s expectations regarding the completion of the transactions contemplated in the Option Agreement, as well as obtaining shareholder approval and exchange acceptance are forward looking statements. There can be no guarantee that the transactions contemplated by the agreement will be completed, the technical report, the circular, shareholder approval and exchange acceptance will be obtained, or that a strategic alternative will be pursued if the transactions do not proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

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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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