Oroco Announces Grant of Stock Options

Rhea-AI Summary

Oroco Resource Corp. (OTC: ORRCF) announced the grant of 450,000 stock options to CEO Richard Lock, priced at $1.10 per share, valid until April 3, 2026. The options will vest in three tranches: 150,000 immediately, followed by 150,000 on July 3, 2023, and October 3, 2023. This grant is subject to the approval of the TSX Venture Exchange. Oroco holds an 85.5% interest in the Santo Tomas Project in Mexico, encompassing 23,048 acres and featuring a significant copper porphyry deposit. The company's ongoing drill program has already covered 49,000 meters.

Positive

• Grant of 450,000 stock options to CEO, enhancing executive retention.
• Options priced at $1.10, potentially providing incentive for performance.
• Ongoing drill program with 49,000 meters completed at Santo Tomas Project.

Negative

• None.

Vancouver, Canada, April 04, 2023 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce the grant of 450,000 incentive stock options (the “Options’) to Richard Lock, CEO and Director of the. Company

The Options are exercisable at the price of $1.10 per share for a term of 3 years, expiring on April 3, 2026, with 150,000 Options vesting immediately and a further 150,000 Options vesting on each of July 3, 2023 and October 3, 2023.  

The Options are governed by the terms of the Company’s 2022 Stock Option Plan and Mr. Lock’s services agreement with the Company.  Any shares issued pursuant to the exercise of the Options will be subject to a four month and one day hold period following the date of grant. 

The grant of the Options is subject to the approval of the TSX Venture Exchange.

ABOUT OROCO:

The Company holds a net 85.5% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico.  The Company also holds an 80% interest in 8,154.3 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 23,048 acres).  The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the northeast.  Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994.  During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 meters.  Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.  The Company is nearing the completion of its 2021-2023 drill program at Santo Tomas with a total of approximately 49,000 meters drilled in 76 diamond drill holes to date.

The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.

For further information, please contact:

Mr. Craig Dalziel, CEO 

Oroco Resource Corp.

Tel: 604-688-6200

www.orocoresourcecorp.com

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.

Cautionary Note Regarding Forward Looking Information

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation.  All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements.  Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.  Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters.  Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.

FAQ

What stock options were granted to Oroco's CEO Richard Lock on April 4, 2023?

On April 4, 2023, Oroco granted 450,000 stock options to CEO Richard Lock, exercisable at $1.10 per share.

What are the vesting terms for the stock options granted to Richard Lock?

The options vest in three tranches: 150,000 immediately, and 150,000 on July 3, 2023, and October 3, 2023.

What is the significance of the Santo Tomas Project for Oroco Resource Corp.?

The Santo Tomas Project represents an 85.5% interest in a significant copper porphyry deposit totaling 23,048 acres.

How many meters has Oroco drilled at the Santo Tomas Project?

Oroco has completed approximately 49,000 meters of drilling at the Santo Tomas Project.