Eco Oro announces further cost reduction initiatives

About this update from Eco Oro Minerals Corp.

[{"type":"text","content":"\n\n\nTSX: EOM\n\n\nVANCOUVER, July 9, 2013 /CNW/ - Eco Oro Minerals Corp. (\"Eco Oro\" or the \"Company\") (TSX: EOM) announces that, as a result of the ongoing delay in defining the\n boundaries of the Páramo of Santurbán, Eco Oro is implementing further\n cost reduction initiatives to those announced by the Company in\n September 2012.\n\n\nAs was the case with the September 2012 initiatives, these measures are\n being implemented with the view to protecting the Company's treasury\n while it works with the Colombian authorities to obtain a favorable\n resolution of the matter.  To this end, the Company has provided the\n corresponding authorities with all information necessary to enable the\n Ministry of Environment and Sustainable Development to define any\n ecosystems that may exist in and around the Company's Angostura\n Project. By way of example, the Company engaged Ecodes Ingenieria\n Ltda., a reputable Colombian company, to conduct an ecosystem\n biodiversity and socio-economic study to a degree of detail not\n previous undertaken in Colombia.  The study concluded that páramo does\n not exist in the area of the Angostura deposit, and both the study and\n its conclusions have been discussed with the relevant authorities.\n Management believe that this study was favourably received and no\n significant technical concerns were noted.  However, the Company is\n still awaiting a formal decision with respect to the páramo\n delineation.\n\n\nCost reduction measures include:\n\n\nAll discretionary spending on the Angostura Project will be deferred\n until the boundaries of the Páramo as relates to Angostura's Project\n are formally declared.  Technical activities, including the completion\n of the PFS, will be suspended.  The Company plans to maintain its\n environmental and security programs at Angostura and all permits will\n be kept in good standing.\n\n\nGeneral and administrative expenses in both Canada and Colombia will be\n decreased through reductions in employee and consultant costs, in\n travel and marketing costs, and discretionary expenditures.\n\n\nNon-executive members of the Board of Directors will take a reduction in\n their fees.\n\n\nThe Company's cash position will continue to be managed prudently while\n management seeks out other opportunities, within Colo...

More updates from Eco Oro Minerals Corp.