13:53:24 EDT Wed 15 Jul 2020
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Oroco Resource Corp
Symbol OCO
Shares Issued 93,647,405
Close 2019-05-03 C$ 0.325
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Oroco receives court win against Aztec over Santo

2019-05-07 10:57 ET - News Release

Mr. Craig Dalziel reports


Oroco Resource Corp. has been advised by its Mexican legal counsel that the Mexican federal appeal court has rendered an oral decision which materially affects the status of the Santo Tomas concessions. The decision will nullify a 2016 judgment which had resulted from an unwarranted claim to the concessions by Aztec Copper Inc. and its Mexican subsidiary. The company is waiting for written confirmation of the appeal court decision prior to the resumption of trading.

The existence of the judgment and, in particular, its related annotation recorded in the Mexican mining registry, was an impediment to the registration of the concession titles to Xochipala Gold SA de CV, a subsidiary of Altamura Copper Corp. Oroco currently owns 13 per cent of Altamura and holds an irrevocable option to acquire the balance of Altamura (refer to the company's news release of Oct. 9, 2018). Once written confirmation of the appeal court decision has been received, the company will proceed to register the concessions in the name of Xochipala Gold.

The company also reports that a criminal complaint against Aztec and Ron Arnold, the president of Aztec, for procedural fraud, in relation to the trial which resulted in the judgement, has been filed with the Procuraduria General de Justicia de la Ciudad de Mexico.

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