Mr. Joao Carrelo reports
DEVELOPMENT OF ECO ORO'S ANGOSTURA PROJECT NOT RESTRICTED BY OFFICIAL PARK BOUNDARIES
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
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.