2014-02-05 13:06:38 -
White Rock, British Columbia CANADA, February 05, 2014 /FSC/ - Orovero Resources Corp. (OVR - TSX Venture, GA0 - Frankfurt"Orovero" or the "Company") is pleased to announce a number of corporate developments:
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 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.
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.
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
Mr. Len Clough, Chairman, President, CEO and Director
For further information please contact:
Mr. Shawn Perger, Corporate Communications
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.
To view the press release as a PDF file, please click on the following link:
Source: Orovero Resources Corp. (OVR - TSXV) www.oroveroresources.com
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