VANCOUVER, British Columbia – (May 6, 2010) Oroco Resource Corp. (TSX-V: OCO)
(“Oroco” or “the Company”) is pleased to announce that 2,548,000 warrants issued as part of the July, 2009 private placement of units of the Company, have been exercised at a price of
$0.25 per warrant share, for total proceeds of $645,000. The warrants were held by eight
individuals and investment groups, all of whom are arms length to the Company.
The Company has entered into an agreement with Thorsen Consulting Ltd., a company owned
and controlled by Ken Thorsen, the Chairman of the Board of Directors of the Company, to
settle $17,500 of fees accrued by Thorsen Consulting Ltd. for Mr. Thorsen’s services as
President and Chief Executive Officer of the Company during the period December, 2008
through June, 2009, for 70,000 common shares of the Company at a deemed value of $0.25 per share. The settlement is subject to the acceptance of the TSX Venture Exchange.
Oroco is a Canadian-based mineral exploration company with its primary focus on the
accelerated development of the gold-bearing oxide zones of its Cerro Prieto project in northern Sonora State, Mexico. The Cerro Prieto Project consists of the 100% owned San Felix, San Francisco and Cerro Prieto concessions, totalling 2,723 ha, and 4,120 ha of the connecting Argonauta 5 Fraccion 1 concession to which the Company holds an option to purchase a 100% interest.
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.