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Oroco Resource Corp.: Amparo Decision Handed Down

2013-06-04T13:13:03+00:00

 

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 4, 2013) - Further to its news release of October 22, 2012, Oroco Resource Corp. (TSX VENTURE:OCO)(FRANKFURT:OR6)
("Oroco" or "the Company") announces that it has received the decision of the Federal Seventh District Court of Mexico with regard to the joined amparo petitions of the Company (the "MX Amparo") and Avinadain Bautista, the party who opposed the registration by Mexico's Public Registry of Mining of the Company's interest in the Xochipala Concessions (the "Bautista Amparo"). The MX Amparo was a petition to set aside a Guerrero State Court auction in 2011 (the "Court Auction") of a 50% interest in the Celia Gene and a 100% interest in the Celia Generosa concessions (the "Camacho Interest"), which two mineral concessions comprise the Xochipala Concessions. The Court Auction had occurred under the mistaken assumption that the Comacho Interest remained a part of the estate of Carlos Camacho when, in fact, the Company had purchased the Camacho Interest from the Camacho estate in 2007.

The district court dismissed the Bautista Amparo petition to cancel the registration of the Camacho Interest to the Company without addressing its merits on the grounds that such a cancellation cannot be sought by way of an amparo constitutional challenge, but instead must be sought through a civil lawsuit.

The court also denied the MX Amparo to set aside the 2011 Court Auction and the related court-ordered attachment in 2010 of the Camacho Interest. Despite this decision, the Company and its Mexican legal counsel find no reason to amend the Company's legal position on this matter and are highly confident of success on appeal. In the meantime, the court decision leaves matters unchanged and the Company remains as the registered holder of the Xochipala Concessions.

Oroco Resource Corp.

Mr. Craig Dalziel

President and CEO

604-688-6260

604-688-6200

www.orocoresourcecorp.com