Oroco Provides Corporate Update
Oroco Resource provides a corporate update on its Santo Tomas Project following its August PEA release, which demonstrated a 22.6-year Life of Mine copper-molybdenum-gold-silver project with a US$1.48 billion post-tax NPV. The company is monitoring recent Mexican Supreme Court decisions limiting 2023 Mining Law amendments, which preserve Oroco's existing mineral concession rights. The company is preparing for Phase 2 technical work, focusing on updating Mineral Resource Estimates, particularly in the South Zone. Activities include monitoring the new presidential administration's mining policies, expanding community investment opportunities, and developing strategic financing relationships.
Oroco Resource fornisce un aggiornamento aziendale sul suo Progetto Santo Tomas dopo il rilascio dello studio di fattibilità preliminare (PEA) di agosto, che ha dimostrato un progetto di rame-molibdeno-oro-argento con una durata di vita di 22,6 anni e un valore attuale netto post-tasse di 1,48 miliardi di dollari. L'azienda sta monitorando le recenti decisioni della Corte Suprema messicana che limitano le modifiche alla Legge Mineraria del 2023, le quali tutelano i diritti sulle concessioni minerarie esistenti di Oroco. L'azienda si sta preparando per il lavoro tecnico della Fase 2, concentrandosi sull'aggiornamento delle Stime delle Risorse Minerarie, in particolare nella Zona Sud. Tra le attività ci sono il monitoraggio delle nuove politiche minerarie dell'amministrazione presidenziale, l'espansione delle opportunità di investimento nella comunità e lo sviluppo di relazioni di finanziamento strategico.
Oroco Resource proporciona una actualización corporativa sobre su Proyecto Santo Tomás tras la publicación de su PEA en agosto, que demostró un proyecto de cobre-molibdeno-oro-plata con una vida útil de 22.6 años y un VAN después de impuestos de 1.48 mil millones de dólares. La empresa está monitoreando las recientes decisiones de la Corte Suprema mexicana que limitan las enmiendas a la Ley Minera de 2023, las cuales preservan los derechos de concesión mineral existentes de Oroco. La compañía se está preparando para el trabajo técnico de la Fase 2, enfocándose en actualizar las Estimaciones de Recursos Minerales, particularmente en la Zona Sur. Las actividades incluyen el monitoreo de las nuevas políticas mineras de la administración presidencial, la ampliación de oportunidades de inversión comunitaria y el desarrollo de relaciones de financiamiento estratégico.
Oroco Resource는 8월에 발표된 PEA를 바탕으로 Santo Tomas 프로젝트에 대한 기업 업데이트를 제공합니다. 이 프로젝트는 22.6년의 광산 수명과 14억 8천만 달러의 세후 순현재가치(NPV)를 가진 구리-몰리브데넘-금-은 프로젝트입니다. 이 회사는 기존의 광물 양허권을 보호하는 2023년 광업법 개정 제한에 대한 멕시코 대법원의 최근 결정을 모니터링하고 있습니다. 회사는 2단계 기술 작업을 준비 중이며, South Zone에서 광물 자원 추정치를 업데이트하는 데 집중하고 있습니다. 여기에는 새로운 대통령 행정부의 광산 정책 모니터링, 지역 사회 투자 기회 확대 및 전략적 자금 조달 관계 개발이 포함됩니다.
Oroco Resource fournit une mise à jour de l'entreprise concernant son projet Santo Tomas suite à la publication de l'étude de préfaisabilité (PEA) en août, qui a démontré un projet de cuivre-molybdène-or-argent avec une durée de vie de 22,6 ans et une VAN après impôts de 1,48 milliard de dollars. L'entreprise surveille les récentes décisions de la Cour suprême du Mexique qui limitent les modifications de la Loi minière de 2023, préservant ainsi les droits de concession minière existants d'Oroco. L'entreprise se prépare pour le travail technique de la phase 2, en se concentrant sur la mise à jour des estimations des ressources minérales, notamment dans la zone sud. Les activités comprennent la surveillance des nouvelles politiques minières de l'administration présidentielle, l'expansion des opportunités d'investissement communautaire et le développement de relations de financement stratégique.
Oroco Resource gibt ein Unternehmensupdate zu seinem Santo Tomas-Projekt nach der Veröffentlichung der PEA im August bekannt, die ein Kupfer-Molybdän-Gold-Silber-Projekt mit einer Lebensdauer von 22,6 Jahren und einem Nettobargeldfluss nach Steuern von 1,48 Milliarden USD aufzeigt. Das Unternehmen überwacht die jüngsten Entscheidungen des Obersten Gerichtshofs von Mexiko, die Änderungen des Bergbaugesetzes von 2023 einschränken und die bestehenden Mineralienkonzessionsrechte von Oroco wahren. Das Unternehmen bereitet sich auf die technische Arbeit in Phase 2 vor und konzentriert sich dabei auf die Aktualisierung der Schätzungen der Mineralressourcen, insbesondere in der Südzone. Zu den Aktivitäten gehören die Überwachung der neuen Bergbaupolitik der Präsidentschaftsverwaltung, die Erweiterung von Investitionsmöglichkeiten für die Gemeinschaft und die Entwicklung strategischer Finanzierungsbeziehungen.
- Project demonstrates strong economics with US$1.48 billion post-tax NPV
- Supreme Court decisions preserve company's existing mineral rights
- 22.6-year Life of Mine indicates long-term project viability
- Additional financing needed for Phase 2 work
- Regulatory uncertainty with new presidential administration
Vancouver, Canada, Nov. 21, 2024 (GLOBE NEWSWIRE) -- VANCOUVER, CANADA, November 21st, 2024 – Oroco Resource Corp. (“Oroco” or the “Company”) (TSXV: OCO; OTCQB: ORRCF, BF: OR6) is pleased to report its ongoing corporate activities, including preparations for the Phase 2 technical work on the Santo Tomas Project. This update builds upon the August 20th News Release and Subsequent August 26th filing announcements that highlight the compelling economic case for Santo Tomas provided in its updated PEA, which case demonstrates a 22.6-year Life of Mine copper-molybdenum-gold-silver project featuring post-tax economic metrics supporting a US
Since the release of the updated PEA, Oroco has focused on the following:
- Monitoring and interpreting the recent legal decisions of the Supreme Court of Mexico which limit the application of the 2023 amendments to the Mining Law, thereby providing additional certainty to the first instance “amparo” decisions obtained by the Company which confirmed the preservation of the Company’s previously existing rights in its Santo Tomas Project mineral concessions.
- Monitoring closely the political and regulatory environment relating to open pit mine development in Mexico under the Federal administration of its new President, Claudia Sheinbaum.
- A detailed examination of the new administration’s socio-economic aims and targets for rural communities located in areas where new and expanded mining projects exist or may exist, with the specific goal of securing continued local, state and federal support for the Company’s future permitting activities.
- Defining and expanding the direct community investment opportunities complementary to the continued development of local social and political support for the future mine development at Santo Tomas.
- Defining the scope and activities of a Phase 2 project technical program that would underpin an updated Mineral Resource Estimate (MRE), specifically including elevated resource classifications and an expanded Indicated Resource at South Zone sufficient to support a PFS-level technical report.
- Identifying and pursuing strategic financing relationships tailored to increasing enterprise valuation and financing of the planned Phase 2 work and project support programs.
- Identifying and resourcing an expanded and significantly more diversified distribution and wide-band shareholder engagement program, which will be based upon:
- new forms of content, comprising enhanced detail and wider types of presentation;
- additional platform utilization with varied and targeted media relating to the technical and community merits of the Santo Tomas Projec
Commenting on these post-PEA initiatives, CEO Richard Lock stated:
“Since releasing the updated PEA in August 2024, we have focused on Mexico's regulatory transition to the Sheinbaum administrative policies while carefully defining our Phase 2 technical and social targets and programs. We are very pleased with our current assessment regarding our outlook for the project. With the opportunity to focus more on certain considerations external but necessary to the technical development of the project, we have gained a highly positive view regarding the future social and technical initiatives for the Company. Santo Tomas is proving to be one of the most capital-efficient, large-scale, low-cost copper projects in the world.”
About OROCO
The Company holds a net
The drilling and subsequent resource estimates and engineering studies led to a revised MRE and updated PEA being published and filed in August 2024. The revised MRE released with the updated PEA included an Updated Mineral Resource for the North and South Zones of the Santo Tomas Project, identifying Indicated and Inferred resources of 540.6 Mt @
The Project is located within 170 km 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, in part, by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
Additional information about Oroco can be found on its website at www.orocoresourcecorp.com and by reviewing its profile on SEDAR at www.sedarplus.ca.
For further information, please contact:
Richard Lock, CEO
Oroco Resource Corp.
Tel: 604-688-6200
Email: info@orocoresourcecorp.com
www.orocoresourcecorp.com
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. All statements other than statements of fact included in this document constitute forward-looking information, including, but not limited to, objectives, goals or future plans, statements regarding anticipated exploration results and exploration plans, Oroco’s expectations regarding the future potential of the Santo Tomas deposits, its plans for additional drilling and other exploration work on the Santo Tomas deposits and the potential to advance or improve the PEA study.
Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Corporation at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain and comply with required governmental, environmental or other Project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of the Project; COVID-19 and other pandemic risks; those other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR at www.sedarplus.ca.
Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Oroco does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
FAQ
What is the post-tax NPV of Oroco's (ORRCF) Santo Tomas Project according to the 2024 PEA?
What is the Life of Mine for Oroco's (ORRCF) Santo Tomas Project?
How do the recent Mexican Supreme Court decisions affect Oroco (ORRCF)?
