OROCO COMPLETES FINAL CLOSING OF NON-BROKERED PRIVATE PLACEMENTS

Vancouver, Canada, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce the closing of a non-brokered private placement (the “Private Placement”) raising net proceeds of $1,028,000 through the sale of 2,570,000 units at a price of $0.40 per unit.  Each unit consists of one share and one share purchase warrant.  Each share purchase warrant entitles the holder to purchase one share at the price of $0.65 per share for a period of 18 months from closing.

Commenting on the Private Placement, Richard Lock, CEO, stated: “In completing our recent series of private placements, we are very pleased to have exceeded our overall funding goal of five million dollars, despite the highly adverse market conditions.  We see this as a positive indication of the significant value that the Santo Tomas Project holds for Oroco.”

The Company intends to use the proceeds of the Private Placement to continue improving various underlying aspects of the Company’s Preliminary Economic Assessment, including those relating to the Santo Tomas mine plan, together with property maintenance and corporate overhead.

The Company will pay 75,000 shares to an agent as finder’s fees in connection with this financing. Those shares and any other shares issued, or warrants exercised pursuant to the terms of the Private Placement, are subject to a hold period expiring June 17, 2024.  The Private Placement was carried out under prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.

ABOUT OROCO:

The Company holds a net 85.5% interest in those central concessions (the “Core Concessions”) comprising 1,173 hectares of the Santo Tomas Project located in northwestern Mexico.  The Company also holds an 80% interest in an additional 7,861 hectares of mineral concessions surrounding and adjacent to the Core Concessions (for a total Project area of 9,034 hectares, or 22,324 acres).  The Project is situated within the Santo Tomas District, which extends up to the Jinchuan Group’s Bahuerachi Project, approximately 14 km to the northeast.  The Project hosts significant copper porphyry mineralization defined by prior exploration spanning the period from 1968 to 1994.  During that time, the Project area was tested by over 100 diamond and reverse circulation drill holes, totalling approximately 30,000 meters.  Commencing in 2021, Oroco conducted a drill program (Phase 1) at Santo Tomas, with a resulting total of 48,481 meters drilled in 76 diamond drill holes.  In October of 2023, the Company announced a Preliminary Economic Assessment and Updated Mineral Resource for the North and South Zones of the Santo Tomas Project, identifying Indicated and Inferred resources of 561 Mt @ 0.37% CuEq and 549 Mt @ 0.34% CuEq respectively.