Orovero provides Corporate Update
05 February 2014 - 11:08PM
Business Wire
Orovero Resources Corp. (TSX-V: OVR, Frankfurt: GA0,
“Orovero” or the “Company”) is pleased to announce a number of
corporate developments:
Comprehensive Study
The Company has modified its ore processing strategy and now
intends to construct a larger plant than initially anticipated,
with throughput capacity of approximately 100 tonnes per day. It is
believed that a higher throughput can provide enhanced operational
efficiencies and improved economies of scale. As a result, the
Company has commenced an independent comprehensive study (the
“Study”) which will serve as a valuable build-out tool and assist
with future financing initiatives.
The Study will utilize several consultants and will provide
details on items such as location selection, logistics and mapping,
sampling and ore purchase protocols, engineering, timelines,
budgeting, personnel and permitting. The study will take
approximately 16 weeks to complete and will be funded by cash on
hand.
A critical component of the Study is a two-phase survey that has
already commenced. It is a five week study and will be overseen by
a Peru based geological firm. Current governmental surveys provide
little detail of existing small and artisanal mining operations and
therefore, the Company intends to compile a proprietary report of
small and artisanal mining activity, ore flow patterns, and
existing ore processing plants. Such information is required before
selecting a location in which to build or purchase an existing
plant.
“We have identified several opportunities in the marketplace due
to the widespread inefficiencies of the industry. Our Study will
demonstrate a very credible plan to capitalize on those
opportunities and provide our financing partners with capital cost
certainty. We look forward to sharing progress reports with our
stakeholders,” stated Len Clough, President & CEO of
Orovero.
Administration
The new administration team (as announced January 3, 2014) has
taken steps to significantly reduce expenditures. Every expense has
been reviewed thoroughly and the Company feels confident that every
effort to reduce expenses has been taken. These savings will be
reallocated to completing the Study.
Other
The Company has elected to withdraw from the share exchange
financing arrangement with Global Resources Investments Ltd., as
announced on October 28, 2013 and November 7, 2013.
In addition, the Company will not be progressing toward a
binding partnership agreement pursuant to the letter of intent
announced on October 23, 2013. Both parties have mutually agreed to
terminate the letter of intent.
About Orovero Resources Corp.
Orovero is preparing a comprehensive study to develop its
first gold ore processing operation in Peru. The Company will look
to purchase high-grade ore from small and artisanal miners who are
legally compliant, and then process it for sale. The Company’s
initial focus is Peru but looks to expand with additional
facilities throughout Latin America in the future. In addition, the
Company has a portfolio of highly prospective exploration
properties including its flagship property called Rio Tabaconas
located in Northern Peru.
ON BEHALF OF THE BOARD
“Len Clough”
_______________________________________
Mr. Len Clough, Chairman, President, CEO and Director
For further information please contact:
Mr. Shawn Perger, Corporate Communications
Tel: 1-604-687-1828
Email: info@oroveroresources.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains certain statements that may be deemed
“forward-looking” statements. Forward looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words “expects”, “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential” and
similar expressions, or that events or conditions “will”, “would”,
“may”, “could” or “should” occur and include, without limitation,
statements regarding the Company’s plans with respect to statements
about the Company’s ability to fund and execute the proven ore
processing business model outlined in this news release. Although
Orovero believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in forward looking statements. Forward
looking statements are based on the beliefs, estimates and opinions
of the Company’s management on the date the statements are made.
Except as required by law, the Company undertakes no obligation to
update these forward-looking statements in the event that
management’s beliefs, estimates or opinions, or other factors,
should change.
Orovero Resources Corp.Mr. Shawn Perger, 604-687-1828Corporate
Communicationsinfo@oroveroresources.com
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