VANCOUVER, British Columbia – (September 14, 2011) Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that pursuant to the terms of the surface rights lease agreement relating to its Cerro Prieto Oxide Gold Project in Sonora State, Mexico, the Company has completed those payments required to secure the use of the subject 1050 hectares for the initial term of seven years, thereby allowing the commencement of mine construction on the property. The Cerro Prieto Project is situated within a privately owned ranch, approximately 28 km southeast of the town of Magdalena de Kino, Sonora State, Mexico.
Funds for the lease payments were provided by way of a bridge loan from the New York-based institutional investor with whom the Company has recently entered into an indicative term sheet relating to an $18-million (U.S.) gold prepayment agreement specific to the Cerro Prieto Project (see Oroco news release dated June 17, 2011).
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 Sonora State, Mexico. A Preliminary Economic Assessment relating to the Cerro Prieto Project was filed by the Company on January 29, 2011. Consistent with its goal of realizing near term gold production at Cerro Prieto, Oroco has also recently engaged Sonoran Resources, LLC, an experienced construction management company based in Somerton, Arizona, to provide engineering, procurement and construction management services for the project.
For further information, please contact:
Mr. Craig Dalziel, President and CEO
Oroco Resource Corp.
Neither the 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.