Oroco Resource board of directors has approved the exercise of the Company’s option to acquire 100% ownership of Altamura Copper. The closing of the transaction will occur on March 2, 2020. In consideration for the acquisition of Altamura, the Company will issue 39,800,000 shares of the Company to Altamura shareholders.
For further information about the Option Agreement, the parties to it and the Santo Tomas Project, please refer to the Company’s management information circular dated November 19, 2019 and the Company’s news releases dated October 9, 2018, September 9, 2019, December 20, 2019, and January 9, 2020, which are available under its profile on SEDAR.
The Company is also pleased to announce that the Board has confirmed the appointment of Mr. Ian Graham as President of the Company effective March 1, 2020, and has also appointed Mr. Graham as a director of the Company, effective immediately.
Mr. Graham is an accomplished mining professional with over 20 years of experience in the development and exploration of mineral deposits, mostly gained with major mining companies Rio Tinto and Anglo American, including as Chief Geologist with the Project Generation Group at Rio Tinto. Mr. Graham has been involved with evaluation and pre-development work on several projects in Canada and abroad, including Resolution Copper (Arizona, USA), Diavik Diamond Mine (Northwest Territories, Canada), Eagle Nickel (Michigan, USA), Lakeview Nickel (Minnesota, USA) and Bunder Diamonds (India).
