Business
Oroco Resource Corp. Provides Legal Update
VANCOUVER, British Columbia, March 05, 2019 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) wishes to provide an update on the
About this update from Oroco Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 05, 2019 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO) (“Oroco” or “the Company”) wishes to provide an update on the legal status of its interests in those mineral concessions in Sinaloa State, Mexico known as the Santo Tomas Concessions. This update is provided in furtherance of the Company’s news release of October 9, 2018, wherein Oroco announced that it had entered into a definitive option agreement with Altamura Copper Corp. and its shareholders to acquire, indirectly, certain interests in those concessions. There are several areas of current legal activity relating to protecting and enforcing the Company’s interest in the Santo Tomas Concessions. At present, the following initiatives, amongst others, are expected to validate and maintain the status quo of the titles and eventually remove any unwarranted ownership claims to the Santo Tomas Concessions as are currently being made by Aztec Copper Inc., an Arizona company, and its Mexican subsidiary, Prime Aztec Mexicana S.A de C.V. (together, the “Aztec Companies”): Closure Petition: A petition has been filed with the Thirteenth Civil Court of the City of Mexico (the “State Court”) seeking a declaration that a judgement generated in early 2016 by that court in favour of the Aztec Companies (the “Judgement”) cannot be executed or enforced. The petition is based on what are, in the strong opinion of our legal counsel, certain fatal and incurable flaws which exist in the underlying documentation necessary to the registration of any title interest in favour of the Aztec Companies. It should be noted that the Company does not expect to prevail in the State Court for reason of the demonstrated reluctance of the Mexican courts at this level to nullify previous decisions. However, the Company fully expects to prevail at the Appeal Court level. Such an eventual result would permanently prohibit any further attempt to enforce the Judgement. Amparo relating to Improper Service: An “amparo” action has been commenced in the Ninth District Court for Civil Matters in Mexico City (the “Amparo Court”) by Fierce Investments Ltd. Fierce is seeking the nullification of the entire Aztec trial and the resulting Judgment for reason that Fierce was not notified of, or represented at the trial. A s...