Mr. Greg Dick of Pacific Road reports

PACIFIC ROAD RESOURCES FUND II ANNOUNCES ADDITIONAL INVESTMENT IN CUORO RESOURCES CORP. UNDER TERMS OF MAY 28, 2012 TRANSACTION AGREEMENT

Pacific Road Resources Fund II and Pacific Road Resources Fund II LP have made certain market purchases of common shares of Cuoro Resources Corp. under the terms of a previously announced transaction agreement dated May 28, 2012. This press release is for the purpose of updating an amended early warning report filed under National Instrument 62-103 on June 27, 2012.

Under the terms of the agreement, the corporation has agreed to grant to Pacific Road two separate options to purchase units of the corporation by way of non-brokered private placements, subject to certain terms and conditions as set out in the agreement. Also, subject to certain terms and conditions as set out in the agreement, the purchasers have agreed to acquire between two million and three million common shares in the secondary market. If, prior to the purchasers completing secondary market purchases, either (i) the closing market price of the common shares on the TSX Venture Exchange reaches or exceeds $2 per common share, or (ii) there is a takeover bid for the corporation or agreement for the change of control of the corporation or similar event, the purchasers will continue to have the right, but will no longer have the obligation, to acquire common shares in the secondary market. Market purchases must be completed within the earlier of 120 days from obtaining shareholder approval. The corporation obtained shareholder approval for the transactions on June 21, 2012. Pacific Road did not acquire any common shares of the corporation as part of entering into the agreement.

On July 12, 2012, the offeror acquired one million common shares representing approximately 2.92 per cent of the outstanding common shares of the corporation on an as-issued, as-exercised basis. The purchased shares, together with other common shares acquired since June 27, 2012, represent an increase of approximately 3.21 per cent of the outstanding common shares of the corporation on an as-issued, as-exercised basis. Assuming that the conditions to the option to purchase P1 units (as defined below) are satisfied and the offeror was to acquire the maximum amount of P1 units permitted by the agreement, then the offeror would have control or direction over 5.65 million common shares, or 16.50 per cent of the outstanding common shares on an as-issued, as-exercised basis.

The first option to purchase units of the corporation (the P1 units) contemplates an investment of between $5-million and $7.5-million at a price of $2 per P1 unit, subject to increase if required by the pricing rules of the TSX Venture Exchange. Each P1 unit shall consist of one common share and one-half of a common share purchase warrant of the corporation. Each whole warrant shall be exercisable for one common share at a price of $2.50 for a period of two years from the date of issue, but will not be exercisable until 65 days after the issue of the P1 units.

If Pacific Road exercises the minimum amount of the P1 units, it will acquire 2.5 million common shares and warrants to purchase an additional 1.25 million common shares. If Pacific Road exercises the maximum amount of the P1 units, it will acquire 3.75 million common shares and warrants to purchase an additional 1,875,000 common shares. The amount of securities Pacific Road will acquire, assuming in-the-market purchases of two million common shares, is 4.5 million common shares and warrants to purchase 1.25 million common shares, representing 15.9 per cent of the issued and outstanding shares on an as-issued, as-exercised basis. The maximum amount of securities Pacific Road will acquire, assuming in-the-market purchases of three million common shares, is 6.75 million common shares and warrants to purchase 1,875,000 common shares, representing 22.0 per cent of the issued and outstanding shares on an as-issued, as-exercised basis.

The second option to purchase units of the corporation (the P2 units) contemplates an investment of up to $40.0-million at a price per P2 unit equal to the 20-day volume-weighted average price of the corporation's common shares at the time the second option is exercised, subject to the pricing rules of the TSX-V. Each P2 unit shall consist of one common share and one-half of a common share purchase warrant of the corporation. Each whole warrant shall be exercisable for one common share at a price equal to 125 per cent of the P2 unit purchase price for a period of two years from the date of issue. The second option cannot be exercised for at least 65 days after the closing of the purchase under the first option, and the outside date for exercise of the second option is five years from the execution and delivery of the agreement.

The final number of units to be issued under each option, if exercised, and the price and expiry dates of the securities to be issued under each option will be announced at the time such option is exercised by Pacific Road.

Assuming that all contemplated purchases of securities in the market and exercise of options to purchase units of the corporation are made by Pacific Road, which are expected to be completed at different stages over an aggregate period of time not to exceed five years from the date of the agreement, it is expected that Pacific Road will ultimately become a control person in the Corporation within the meaning of the TSX-V rules and applicable securities laws.

The agreement contains representations and warranties of the corporation and Pacific Road, as well as certain conditions precedent and covenants that must be satisfied in connection with the transactions. The corporation has also agreed to grant to Pacific Road certain shareholder rights including representation on the board of directors of the corporation, registration rights and pre-emptive rights conditional upon the completion of the exercise of the first option. The agreement contains a mutual termination right as well as certain termination rights in favour of the corporation and Pacific Road, respectively.

Pacific Road purchased the securities for investment purposes and may or may not purchase or sell securities of the corporation in the future on the open market or in private transactions, depending on market conditions and other factors.

A copy of the early warning report filed in connection with the investment is available on the corporation's profile on SEDAR or may be obtained by contacting Greg Dick at 61-2-9241-1000.

About Pacific Road Resources Funds and Pacific Road Capital Management Pty. Limited

The Pacific Road Resources funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining-related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources funds are managed and advised by Pacific Road Capital Management (PCRM). The PRCM team, located in Sydney, Australia, and San Francisco and New York, United States, comprises experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience.