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

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Oroco Resource Corp. Amends Private Placement


June 17, 2009

VANCOUVER, British Columbia – (June 17, 2009) Oroco Resource Corp. (TSX-V:OCO) (“Oroco” or “the Company”) wishes to announce amendments to the terms of the non-brokered private placement (the “Private Placement”) announced May 25, 2009.

Oroco will place 6,500,000 units at a price of $0.15 per unit to raise gross proceeds of $975,000.  Each unit will consist of one common share and one common share purchase warrant.  Each share purchase warrant will be exercisable into one additional common share for a period of 9 months at a price of $0.25 per share.  The warrants will be subject to an accelerated exercise provision if the share price of the Company trades at or above $0.40 for 10 or more trading days.

In connection with the Private Placement, the Company will pay to General Research of Munich, Germany, and other eligible finders, a cash finders fee of up to 6% of the gross proceeds of the Private Placement or a portion thereof. Furthermore, Oroco advises that Axemen Resource Capital will not be participating as a finder in connection with this private placement.

The proceeds of the Private Placement will be used for the second phase drill program on the Company’s Cerro Prieto project in Sonora, Mexico and for general working capital.  The Private Placement is subject to TSX Venture Exchange approval.

Oroco is a Canadian based mineral exploration company with primary focus on the accelerated development of the gold bearing zones of its Cerro Prieto project, a polymetallic (Au-Ag-Pb-Zn) project in Sonora State, Mexico.

The Cerro Prieto project consists of the 100% owned, 2,723 total ha, San Felix, San Francisco and Cerro Prieto concessions and 4,120 ha of the connecting Argonauta 5 Fraccion 1 concession to which the Company holds an option to purchase (see May 14, 2009 news release).  During the first field season in 2008, the Company drilled 5,975 metres of core and tabled a NI 43-101 compliant resource estimate and the results of a preliminary metallurgical study (See May 11, 2009 news release).  The Company is moving the Cerro Prieto project forward with the rapid development of mineral resources, further metallurgy studies and the development of a preliminary assessment by an independent mining engineering services firm.

 

For further information, please contact:
Mr. Ken Thorsen, 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.

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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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