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Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has acquired, through its wholly-owned Mexican subsidiary, Minera Xochipala, S.A. de C.V. (“MX”), a 77.5% interest in each of the La China II and Amp. Santo Tomás Reduccion 1 mineral concessions from Santo Tomas Metals, S.A. de C.V. (“STM”), and …
Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) is pleased to announce that it has acquired, through its wholly-owned Mexican subsidiary, Minera Xochipala, S.A. de C.V. (“MX”), a 77.5% interest in each of the La China II and Amp. Santo Tomás Reduccion 1 mineral concessions from Santo Tomas Metals, S.A. de C.V. (“STM”), and a 77.5% interest in an application for the Papago 17 mineral concession from Ubaldo Trevizo Ledezma (“Trevizo”) of Choix, Sinaloa. In aggregate, the three properties (the “Properties”) comprise approximately 6,978 ha and abut and surround the Santo Tomas copper porphyry properties in Sinaloa, Mexico (the “Santo Tomas Concessions”).
As quoted in the press release:
The Company has acquired its interest in the La China II concession in consideration for the payment of $100,000Mexican pesos (approximately CDN$6,700), and its interest in the AMP Santo Tomas Reduccion 1 concession in consideration for the payment of $500,000 Mexican pesos (approximately CDN$33,400). The AMP Santo Tomas Red 1 concession has been cancelled for reason of failure to pay tax arrears. However, STM has indicated that the notices of deficiency and of cancellation were not properly served upon it as required by applicable laws and regulations. STM has filed an appeal of the cancellation, and is confident that the appeal will be successful. The Company’s Mexican legal counsel have confirmed that failure to properly serve the notices provides valid legal grounds to have the cancellation nullified and the Red 1 Concession re-instated.
