Mr. John Seaman reports
CUORO PROVIDES CORPORATE UPDATE
Cuoro Resources Corp. has provided a corporate update and has added Joseph Belan to its board of directors.
New management has refocused the exploration program over the entire
Santa Elena copper-gold property;
- The company remains well financed with $8.5-million in cash and has made recent
expenditure reductions to further preserve capital;
- Joseph Belan has been appointed to board of directors.
The company is continuing to develop the high-grade copper potential of its Santa Elena project and has refocused its exploration program to expand on the high-grade drill results achieved to date. The significant drill results to date have been centred around the TEM anomalies representing approximately 10 per cent of the Santa Elena property. Santa Elena is a volcanogenic massive sulphide project, a type of ore deposit that is typically characterized by having many ore-bearing lenses. To date, the company has completed and reported on approximately 23,500 metres of drilling and has discovered two such lenses (TEM 1 and TEM 2). These lenses have the potential to be part of a much larger VMS system on the Santa Elena property. "It may be expected that the Santa Elena district will contain several deposits, with one giant deposit (greater than 30 million tonnes) and one or two mid-sized deposits (10 million to 15 million tonnes) and several smaller deposits (three million to five million tonnes each)," reports Dr. James Franklin, PhD, FRSC, PGeo.
The company is well financed and currently has approximately $8.5-million in the treasury and has recently initiated cost-cutting measures to further preserve its treasury given that financing markets for junior exploration companies continue to be difficult. At the present time, the company expects that its current cash position will be more than sufficient to proceed to the next phase of drilling at the Santa Elena project.
In addition to the recent appointments of Pablo Orsolani as general manager, Colombia operations, and Iain Kelso as vice-president, exploration, the company is pleased to announce that Mr. Belan has been appointed to the board of directors. Mr. Belan is a seasoned mining investment professional having held senior positions at Bank of America Merrill Lynch, Pala Investments AG and Goldman Sachs International. In addition, Mr. Belan brings direct Colombian mining experience having served as interim chief executive officer and board member of Coal Corp. Mining Inc. from January, 2009, to March, 2010, where he led the development and implementation of a restructuring plan designed to preserve liquidity, establish a foundation for a viable business and allow the company to pursue strategic alternatives. Mr. Belan's unique combination of mining, capital markets and management experience will further strengthen the new management team at Cuoro. Combined with Mr. Orsolani and Mr. Kelso, a wealth of knowledge and experience is brought to Cuoro, which will be extremely valuable to the company as it moves forward with its exploration and growth plans.
Under the leadership of Mr. Kelso, the company is actively evaluating various project opportunities in Colombia in order to opportunistically add other projects to its portfolio.
President and chief executive officer John Seaman said: "I believe that with a revised management team and under the direction of Mr. Kelso, we will continue to develop Santa Elena property, build on our initial exploration successes and work to identify the additional massive sulphide lenses that would make Santa Elena an economically important high-grade copper project. Final drill results from our 25,000-metre phase 1 program are pending and will be released as soon as available."
Santa Elena exploration update
The company recently began a regional work program over the entirety of its Santa Elena property with the aim of identifying additional anomalies to generate drill targets. In September, 2012, the company completed surface work, including soil sampling over ridges, stream sediment sampling and rock chip sampling. The company expects to receive and release these results in the coming weeks.
Additionally, the company commissioned Geotech Ltd. to fly a 416-line-kilometre, helicopter-borne versatile time-domain electromagnetic survey over the entire Santa Elena property. The survey has been completed, and analysis and interpretation of the data are expected to be completed during December. Geotech's VTEM system has a successful record at identifying VMS targets, which have later been confirmed by drilling.
Together, the results from the recently completed geochemical and geophysical work programs are expected to provide several new targets that the company plans on drilling in early 2013 as it seeks to identify more VMS orebody lenses at the Santa Elena project.
The above information has been prepared under the supervision of Iain Kelso, PGeo, who is designated as a qualified person, and has reviewed the information and has verified the authenticity and validity of the data in this news release.
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