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Oroco Resource Corp.: Xochipala Amparo Filed
Published : October 22, 2012
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Keywords :   Mexico |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2012) - Oroco Resource Corp. (News - Market indicators) ("Oroco" or "the Company") announces that its wholly-owned subsidiary, Minera Xochipala S.A. de C.V. ("MX") has been served with notice of an "amparo" petition seeking to overturn the registration to MX by the Mexican Public Registry of Mining (the "PRM") of an interest in the Celia Gene and Celia Generosa mineral concessions (the "Xochipala Concessions") located in Guerrero State, Mexico. The registration process in question began with an application by MX in March, 2008 to the PRM for registration of its 2007 acquisition of the Xochipala Concessions, including the interest purchased from the estate of a Mexican citizen, Hector Camacho (the "Camacho Estate"), which constituted fifty percent (50%) of the Celia Gene concession and all (100%) of the Celia Generosa concession (collectively, the "Camacho Interest").

The PRM initially rejected MX's application in October, 2009 for reasons which were considered incorrect at law by MX legal counsel. MX then filed an appeal of the PRM decision in November, 2009. In a decision rendered in July, 2011, the Federal Tribunal of Tax and Administrative Justice (the "Federal Tribunal") nullified the rejection and sent the matter back to the PRM for reconsideration. However, in 2010, while MX's application was before the Federal Tribunal, a judgment debtor against the Camacho Estate applied to a Guerrero State court (the "State Court") for enforcement of his judgment. Unaware that the Camacho Estate had sold the Camacho Interest to MX in 2007, and without notice to MX, the State Court attached the Camacho Interest in February of 2010 (when it no longer was an asset of the Camacho Estate), auctioned the Camacho Interest in July, 2011, and subsequently issued an order to the PRM to register the Camacho Interest in the name of the winning bidder. In July, 2012, in possession of both the Federal Tribunal decision to reconsider MX's application and the State Court's order to transfer the Camacho Interest to the winning bidder, the PRM registered a 100% interest in the Xochipala Concessions in the name of MX.

Though successful in obtaining PRM registration of its 100% interest in the Xochipala Concessions, MX, for reason of the existence of the State Court order, subsequently took the precautionary step to file its own "amparo" petition with the Federal Court of Mexico to have the State Court's order struck altogether. As part of that process, MX also obtained an injunction prohibiting the PRM from complying with any order of the State Court with regard to the Camacho Interest.

It is the opinion of the Company's Mexican legal counsel that MX's application for registration, dated March 4, 2008, pre-dates the State Court process and, as such, had to be dealt with prior to the State Court's order. This same opinion was cited by the PRM in its response to the State Court as to why it could not comply with the State Court's order. Further, the PRM's approval of MX's application for registration is effective recognition and validation of MX's title to the Xochipala Concessions and that the Camacho Interest was no longer an asset of the Camacho Estate at the time that the State Court attached the Camacho Interest and offered it for sale at auction. The Company's legal counsel is also of the opinion that there are compelling legal grounds for the court to dismiss the winning bidder's amparo petition. The Company is confident that it will prevail on the merits of both "amparo" petitions currently pending, which will result in the State Court's order being struck and MX remaining as the sole, legitimate and registered owner of the Xochipala Concessions.

The Company also announces that Roger Scammell has resigned as Vice-President of the Company in order to pursue other activities. The Company thanks Mr. Scammell for his work and wishes him great success in his other ventures.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Oroco Resource Corp.
Mr. Craig Dalziel
President and CEO
604-688-6200
604-688-6260 (FAX)
www.orocoresourcecorp.com
Companies Mentionned : Oroco |
Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

Oroco Resources

EXPLORATION STAGE
CODE : OCO.V
ISIN : CA6870331007
CUSIP : 687033 10 0
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Annual reports of Oroco Resources
2007 Annual Report
Financings of Oroco Resources
2/5/2013CLOSES $1 MILLION NON-BROKERED PRIVATE PLACEMENT
12/14/2012Closes First Tranche of Non-Brokered Private Placement
9/11/2012Applies to Extend Term of Warrants
6/9/2011Announces Exercise of Warrants
3/1/2011 Announces Private Placement
5/25/2009RESOURCE CORP. ANNOUNCES PRIVATE PLACEMENT
Nominations of Oroco Resources
4/27/2010Appointment of Chief Consulting Engineer
Project news of Oroco Resources
1/27/2014(Cerro Prieto)REPORTS INITIAL PRODUCTION AT CERRO PRIETO
10/22/2012(Xochipala)Resource Corp.: Xochipala Amparo Filed
9/21/2012(Xochipala)Announces Commencement of Exploration at its Xochipala Proje...
5/14/2012(Cerro Prieto)REPORTS ON SOUTH EXTENSION DRILLING AT CERRO PRIETO
4/20/2012(Cerro Prieto)ANNOUNCES CERRO PRIETO DRILL RESULTS
1/17/2012(Cerro Prieto)ADDS TO CERRO PRIETO PROJECT
12/8/2011ANNOUNCES START OF DRILLING PROGRAMOROCO ANNOUNCES START OF ...
5/18/2011(Cerro Prieto)Secures Surface Rights for Cerro Prieto Project
12/19/2010(Cerro Prieto)Oroco Resource Corp. Announces Positive Preliminary Economic...
12/15/2010Resource Corp Announces Positive Preliminary Economic Assess...
1/12/2010(Cerro Prieto)Multiple High Grade Gold Drill Intercepts at Cerro Prieto.
9/30/2009(Cerro Prieto)New and Updated Drill Intercepts
9/17/2009(Cerro Prieto)Second Phase Drilling Verifies 2.0 Kilometer Mineralized Str...
8/11/2009(Cerro Prieto)High Grade Gold Sampled on Additional 900 Meter Strike Lengt...
5/11/2009(Cerro Prieto)RESTATES RESOURCE ESTIMATE ON CERRO PRIETO PROJECT AND RELEA...
1/27/2009(Cerro Prieto)REPORTS A 25.3 MILLION TONNE INDICATED RESOURCE AND 4.69 MI...
11/28/2008(Cerro Prieto)SURFACE SAMPLING EXTENDS MINERALIZED ZONE AT CERRO PRIETO AL...
10/8/2008(Cerro Prieto)INTERSECTS 18.50 G/T OF GOLD OVER 2.0 METERS
9/18/2008(Cerro Prieto)COPPER AND MOLYBDENUM IN ADDITION TO AU-AG-PB-ZN MINERALIZAT...
6/16/2008(Cerro Prieto)Intersects 0.214 g/t Au, 361.8 g/t Ag, 2.40% Pb And 4.76% Zn...
5/21/2008(Cerro Prieto)Initial Drill Holes Intersect Mineralized Structure at Cerro...
4/30/2008(Cerro Prieto)ANNOUNCES FIRST SAMPLING RESULTS FROM CERRO PRIETO NORTH PRO...
Corporate news of Oroco Resources
2/7/2014(Xochipala)WINS XOCHIPALA APPEAL
9/3/2013(Cerro Prieto)Announces Completion of the Sale of Cerro Prieto
8/16/2013(Cerro Prieto)and Goldgroup Extend the Closing Date for the Cerro Prieto T...
7/16/2013(Cerro Prieto)and Goldgroup Agree to an Extension of the Closing Date for ...
6/29/2013Receives Demand for Payment
6/25/2013(Cerro Prieto)Obtains Approval for Sale of Cerro Prieto to Goldgroup
6/4/2013Resource Corp.: Amparo Decision Handed Down
4/29/2013Announces Special General Meeting Date
2/22/2013Resource Corp.: Court Holds "Constitutional Hearing" in Ampa...
1/28/2013(Cerro Prieto)SIGNS AGREEMENT TO SELL CERRO PRIETO FOR US $18 MILLION
1/28/2013(Cerro Prieto)Signs Agreement to Sell Cerro Prieto
12/22/2012Resource Corp. Announces Closing of Private Placement
11/19/2012Enters Into Term Sheet for Funding
11/9/2012(Xochipala)Increases Strike Length at Xochipala
6/27/2011(Cerro Prieto)Signs Definitive Cerro Prieto Surface Rights Agreement
6/17/2011(Cerro Prieto)Signs Indicative Term Sheet for Cerro Prieto Construction Fi...
3/15/2011Resource Corp. Announces Closing of Private Placement
3/7/2011Extends Mineralized Zone at Cerro Proeto
10/6/2009Initiation Of Phase Two Metallurgical Tests
6/25/2009Resource Compressed Timeline to Production
6/4/2009Invite for dissemination
5/13/2009General research GMBH to provide european investor...
3/8/2009ANDERSON FINANCIAL MARKETING to provide investor relations ...
11/4/2008Announces Senior Management Assignments
10/31/2008ANNOUNCES FINAL DRILL RESULTS FROM PHASE ONE EXPLORATION PRO...
10/2/2008RESOURCE CORP. ADOPTS SHAREHOLDER RIGHTS PLAN
9/9/2008Announces 425 Meter Stepout to Mineralized Zone
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