April 10, 2008
OROCO REOURCE CORP. COMPLETES ACQUISITION
OF A 100% INTEREST
IN THE CERRO PRIETO MINE.
VANCOUVER, April 10 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) is pleased
to announce that it has completed the acquisition of the San Francisco and San
Felix concessions, containing the past producing Cerro Prieto Mine, located in
the state of Sonora, Mexico. Using funds from the company's CAN $4.4 million initial public offering
Oroco has made the final payment of US $1.5 million to the Cerro Prieto
property vendors, bringing the total price paid for the San Felix and San
Francisco concessions to US $2.5 million. Minas de Oroco Resources S.A. de
C.V., a wholly owned subsidiary of Oroco, now holds a 100% ownership interest
in the San Felix and San Francisco mining concessions, subject to a 2% NSR
payable to the property vendors. These concessions, together with Oroco's 100% owned Cerro Prieto North
concession collectively comprise the 2,723 hectare Cerro Prieto Project. The
project is focused on the historic Cerro Prieto Mine and the contained 6.5 km
strike length of the geological structure that hosts the mine.
THE CERRO PRIETO PROJECT
The Cerro Prieto Project is located in the Cucurpe Mining District,
northern Sonora, Mexico. Access from the regional centre of Magdalena de Kino
(population 40,000) is by 40 kilometres of paved road and 12 kilometres of
well maintained dirt road. Major lectricity transmission lines are less than
five kilometres from the project and water is available on site. The Cerro
Prieto Mine operated from 1906 with production reportedly between 500 and 720
tpd of gold and silver ore grading three to 15 g/ton Au and 50 to 60 g/ton Ag.
\ Mining operations ceased in 1912 at the time of the Mexican Revolution and
were never resumed. In 1998, Morgain Minerals Inc. conducted a reverse
circulation drill program of 23 holes collared from surface and contained
within the area of historical working over approximately 800 metres of strike
length of the mineralized shear zone and to a depth of no greater than 335
metres. Mineralization (Pb-Zn-Au-Ag-Mo) at the Cerro Prieto Mine is contained in
veins within an approximately 25 metre thick major shear zone which cuts all
units from Jurassic to Lower Tertiary. Within this shear zone are contained
hanging wall and footwall veins, both of which are one to three metres thick
and dip steeply, as well as a series of secondary veins, stringer zones and
silicification, ranging up to 40 centimetres thick, which together with the
major veins produce a continuous mineralized zone from six metres to in excess
of 30 metres thick. The principal structure is a regional structure that can
be traced for approximately 10 kilometres north and south of the mine with
approximately 6.5 kilometres of strike length contained on Oroco's
concessions. At the mine site the structure strikes 350 degrees and dips
vertical to 80 degrees. Known mineralization extends from surface to below the
lowest level of the historic workings approximately 335 metres below, and is
open at depth, to the north and to the south.
EXPLORATION
Exploration to date by Oroco has confirmed mineralization consistent with
that reported by previous exploration programs. The average assays of the
samples taken by Oroco across the vein on the 800 level haulage drift of the
Cerro Prieto Mine are 3.45 g/T Au, 6.22 g/T Ag, 0.54% Pb, and 1.27% Zn over a
sampled strike length of 408 metres. The highest assay values reported within
the historic workings on all levels sampled in Oroco's exploration to date are
43.00 g/T Au, 1,050.0 g/T Ag, (greater than) 30% Pb, 11.30 % Zn, and 0.605%
Mo. Oroco's 2008 Phase I exploration program will include a 6,000 metre
diamond drilling program in the area of the past producing Cerro Prieto Mine
to confirm historic results and test below the historic workings. The program
will also include surface mapping, sampling within the historic Cerro Prieto
Mine workings and surrounding property, trenching across the vein systems at
200 metre intervals, ground geophysical surveys, and initial small scale
(bench) metallurgical testing. A contingent Phase II program will include an
additional 20,000 metres diamond drilling including detailed infill, extension
surface drilling and underground drilling, and will also include
rehabilitation and mapping of underground workings.
Oroco is a Canadian mineral exploration company which holds a 100%
interest in six mineral concessions in Mexico. The company's primary focus is
the Cerro Prieto Mine, a historic polymetallic deposit in Sonora, Mexico and
the nearby 2,508 hectare Cerro Prieto North concession. In addition Oroco
holds three mining concessions in Guerrero, Mexico totaling 293 hectares.
Director, Ken Thorsen, BSc Geological Engineering, P Eng, is the
company's Qualified Person for the Cerro Prieto Project. Mr. Thorsen is
responsible for the current exploration and development program and has
reviewed the content of this release.
Stephen Leahy
President
Forward Looking Statements: This news release contains certain forward
looking information
concerning the business of the Company. These forward
looking statements are based on the opinions of management at the date the
statements are made and are based on assumptions and subject to a variety of
risks and uncertainties and other factors that could cause actual events to
differ materially from those projected in forward looking statements. These
risks are further described in the Company's prospectus dated February 12,
2008, which is available at www.sedar.com. The Company is under no obligation to update forward looking statements if circumstances or management's opinions should change, except as required by
applicable securities laws. The reader is cautioned not to place undue
reliance on forward looking statements. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
the contents of this news release.
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