Last C$0.04 CAD
Change Today 0.00 / 0.00%
Volume 150.0K
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As of 1:48 PM 03/4/15 All times are local (Market data is delayed by at least 15 minutes).

oroco resource corp (OCO) Snapshot

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03/4/14 - C$0.08
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07/10/14 - C$0.03
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oroco resource corp (OCO) Details

Oroco Resource Corp., an exploration stage company, engages in acquisition, exploration, and development of precious metal projects in Mexico. It primarily explores for gold deposits. The company focuses on the Xochipala project that includes Celia Generosa and Celia Gene mineral concessions covering an area of approximately 193 hectares situated in Guerrero, Mexico. Oroco Resource Corp. was founded in 2006 and is headquartered in Vancouver, Canada.

Founded in 2006

oroco resource corp (OCO) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$149.5K
Chief Financial Officer, Director and Member ...
Total Annual Compensation: C$36.0K
Compensation as of Fiscal Year 2013.

oroco resource corp (OCO) Key Developments

Oroco Resource Corp. Auditor Raises 'Going Concern' Doubt

Oroco Resource Corp. filed its Annual on Sep 23, 2014 for the period ending May 31, 2014. In this report its auditor, Davidson & Company, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Sonoran Resources LLC and SR Servicios Mineros, S.A. Commence Legal Action against Oroco Resource Corp., Minas de Oroco Resources, S.A. de C.V. and Goldgroup Mining Inc

Oroco Resource Corp. (Oroco) advised that Sonoran Resources LLC and its Mexican subsidiary, SR Servicios Mineros, S.A. de C.V. (jointly, 'Sonoran'), have filed a lawsuit in Arizona against Oroco, Minas de Oroco Resources, S.A. de C.V. (MOR), and Goldgroup Mining Inc. arising from events and services related to the engineering, procurement and construction management agreement (EPCM Agreement) and related service agreements (the jointly, the 'Sonoran Contracts') between Oroco, Minas de Oroco and Sonoran in regard to the mine construction at Cerro Prieto, Sonora State, Mexico (the 'Cerro Prieto Property'). In August of 2013, Oroco sold MOR, the owner of the Cerro Prieto Property, to Goldgroup. In its claim, Sonoran alleges that Oroco (1) breached the Sonoran Contracts; (2) breached its duty of good faith under the Sonoran Contracts; and (3) made fraudulent and/or negligent misrepresentations which harmed Sonoran. Sonoran is seeking damages in an amount to be determined at trial, but claimed to be in excess of $3,000,000, being the fees claimed to be payable to Sonoran pursuant to the Sonoran Contracts if they had been carried out, inclusive of a net amount of $177,066.43 in unpaid invoices, and 250,000 common shares of Oroco. Further, Sonoran has also claimed that Goldgroup breached the Sonoran Contracts, to which Goldgroup was not a party, and that it intentionally interfered with Sonoran's business expectations, causing the loss of at least $3,000,000 of net profits from the fees claimed to be payable pursuant to the Sonoran Contracts if they had been carried out. As a part of the sale of the Cerro Prieto Property, Oroco agreed to indemnify and defend Goldgroup and Minas de Oroco against all claims brought by Sonoran arising from the events or services related to the Sonoran Contracts. It is Goldgroup's and Oroco's opinion that the claims against Goldgroup are completely without merit.

Oroco Resource Corp. Wins Xochipala Appeal

Oroco Resource Corp. announced that the Federal Tribunal of Mexico has granted the company's appeal of the decision of the lower Federal District Court and has ordered that all aspects of the 2011 Guerrero State Court auction (the Court Auction) of a 50% interest in the Celia Gene and a 100% interest in the Celia Generosa concessions (the Camacho Interest) be set aside. The decision of the Federal Tribunal confirmed that the company's subsidiary, Minera Xochipala, S.A. de C.V., is the sole registered owner of 100% of each of the Celia Gene and Celia Generosa concessions (the Xochipala Property) and terminated the competing claim of Mr. Avinadain Bautista (Bautista) arising from the Court Auction of the Camacho Interest. The Federal Tribunal also dismissed the appeal by Bautista which sought to enforce his claim to the Camacho Interest. Upon granting the company's amparo and setting aside the entire Court Auction process, the Federal Tribunal determined that Bautista had no legal claim or interest in the concessions and thus had no legal standing to petition the courts. The decision of the Federal Tribunal is final, with no appeal available.


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