VANCOUVER, Oct. 23, 2019 /CNW/ - Oroco Resource Corp. (TSX-V: OCO) ("Oroco" or "the Company") is pleased to announce that it will hold a Special General Meeting of its shareholders at 2:00 p.m. on Thursday, December 19, 2019, at 402 – 1166 Alberni Street, Vancouver, B.C., to consider and vote on a resolution to approve the Company's option to acquire Altamura Copper Corp. ("Altamura") and advance loans to Altamura as described in the Company's news release of October 9, 2018. The Company will also hold its annual general meeting at that time.
The Company will mail out the Information Circular and proxy materials no later than 21 days before the meeting.
The Company is also pleased to announce that certain shareholders of Altamura have granted voting control over their respective shares of Altamura to the board of directors of Oroco. With the shares of Altamura held by the Company, Oroco now holds voting control of 64% of Altamura's issued and outstanding shares.
ABOUT OROCO:
The Company holds an irrevocable option to acquire a 56.7% interest in the collective 1,172.9 ha core concessions of the Santo Toms Project in NW Mexico, and may increase that majority interest up to an 81.0% interest with a project investment of up to CAD$30 million. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the core concessions (a total project size of 22,192 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 north-east. Santo Toms 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 drill and reverse circulation drill holes, totaling approximately 30,000 meters. Based on data generated by these drill programs, a resource estimate for the project was calculated by Mintec, Inc., and metallurgical test work was conducted by Mountain States Research and Development, Inc. In 1994, a Prefeasibility Study was completed by Bateman Engineering Inc.
The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo, and 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 the El Sauzal Mine of Goldcorp in Chihuahua State. The reader is directed to the Company's recently-filed, August 2019 Technical Report filed on SEDAR.