19:22:59 EDT Sat 23 Jun 2018
Enter Symbol
or Name

Eco Oro Minerals Corp
Symbol C : EOM
Shares Issued 84,228,421
Close 2013-01-16 C$ 0.62
Recent Sedar Documents

Eco Oro's Angostura "marginally affected" by new park

2013-01-17 16:09 ET - News Release

Mr. Joao Carrelo reports


Further to the declaration of the Regional Park of Santurban announced on Eco Oro Minerals Corp.'s Jan. 8, 2013, release, the co-ordinates of the park have now been approved by the Corporacion Autonoma Regional para la Defensa de la Meseta de Bucaramanga. The company's initial assessment indicates that the officially declared boundaries do not impede development of the Angostura project.

The Angostura deposit, Eco Oro's principal asset, covers a total area of 215 hectares, of which 193 hectares or 90 per cent falls outside of the surface boundaries of the park. Of the previously disclosed (1) mineral resources for the deposit, approximately three million ounces of gold equivalent (2) or 89 per cent of the indicated resources and 2.3 million ounces of gold equivalent (2) or 96 per cent of the inferred resources fall outside the surface boundaries of the park. "This long-awaited declaration of the park represents a significant milestone for Eco Oro and its shareholders as we work towards advancing the development of the Angostura project. We remain committed to developing Angostura in a way that is economically, socially and environmentally beneficial for all stakeholders," stated Joao Carrelo, Eco Oro's president and chief executive officer. "In participating in the declaration of the park, senior government officials have recognized that responsible mining and environmental protection can co-exist for the common benefit of the Santander region."

A total of 6,394 hectares of the company's 30,132 hectares of mineral rights fall within the park boundaries. Although the development of the Angostura project may be only marginally affected, a significant portion of Eco Oro's total non-core mineral and surface rights are covered by the surface of the park. To the extent the company is unable to make use of these assets, it will seek compensation.

The company will provide updates on this matter should any significant developments occur.

Qualified persons

Frederick Felder, PGeo, a consultant to Eco Oro and a qualified person as that term is defined in National Instrument 43-101, has reviewed and verified the technical information contained in this news release.

(1) See the updated preliminary economic assessment for Angostura dated March 23, 2012, available on SEDAR.

(2) Using a cut-off grade of 1.5 grams per tonne gold.

We seek Safe Harbor.

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