EXPLORATION, DISCOVERY, AND DEVELOPMENT OF MINERAL WEALTH IN MINING FRIENDLY MEXICO
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. The Cerro Prieto Project consists of a group of 100% owned concessions comprising over 7,000 ha in northern Sonora State, Mexico.
Oroco also owns a 100% interest in the the Xochipala Project, consisting of important and historical concessions contained within the original Morelos National Mining Reserve (more recently dubbed the Guerrero Gold Belt). The intrusion contained within the boundaries of Oroco’s Xochipala remains among the last in the region as yet untested by exploration drilling. Oroco’s Xochipala is the last example of the type of geology hosting multi-millions of ounces of gold in resources and reserves in the Guerrero Gold Belt to be tested in the modern era.
August 2012: Oroco's ownership of a 100% interest in the Xochipala property is registered with the Mexican Public Registry of Mining.
April/May 2012: Oroco announced Term Sheet for $15 million Gold Loan to fund construction of Cerro Prieto Mine, effectively utilizing future gold production to fund the majority of capital requirements for the construction of a mine at Cerro Prieto, and closes $3.75 million convertible debenture with same investor.
January 2012: Oroco announced the The receipt of the MIA and authorization for the Change of Land Use which provides the Company with the principal permits necessary to build the plant and operate an open pit, heap leach gold and silver project at Cerro Prieto for a period of 10 years, with a right to renew upon application. These permits pave the way for the commencement of the construction of the Cerro Prieto Mine.
September 2011: Oroco announced the completion of surface rights payments at Cerro Prieto, securing by pre-payment a seven year period of access on the privately owned property.
August 2011: Oroco engaged Sonoran Resources, LLC, an experience construction management company based in Somerton, Arizona, to provide engineering, procurement and construction management services for the construction of the Cerro Prieto Mine.
June 2011: Oroco entered into an indicative term sheet with a New York-based, private institutional investor in regard to an $18-million (U.S.) gold prepayment agreement, effectively utilizing future gold production to fund the majority of capital requirements for the construction of a mine at Cerro Prieto.
December 2010: Oroco received a positive Preliminary Economic Assessment for the Cerro Prieto project which detailed a capital cost of $22.2-million, and, at a gold price of $1,350 (U.S.) and $29 (U.S.) per ounce silver, an IRR of 157% and an NPV (pretax, 5-per-cent discount rate) of $74.3-million.
April 2010: Oroco released its second NI 43-101 compliant Resource Estimate incorporating data from drill programs conducted in 2009 and 2010. The Cerro Prieto project, envisioned as an open pit oxide gold mine, has a Measured and Indicated Resource of 14,740,000 Tonnes grading 0.71 g/T gold and 12.83 g/T silver with a contained 383,833 ounces of gold and 6,080,000 ounces of silver. In an Inferred Resource there are an additional 5,900 ounces of gold and 113,000 ounces of silver.
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