VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2013) - Oroco Resource Corp. ("Oroco" or "the Company") (News - Market indicators)(FRANKFURT:OR6) is pleased to announce that the Seventh District Judge (Federal) of the State of Guerrero has held the constitutional hearing in the two amparo petitions related to the registration of the Celia Gene and Celia Generosa concessions (the "Xochipala Concessions") (see the Company's news release dated October 22, 2012 and its most recent MD&A). With this phase of the proceedings completed, the court is now in a position to make its decision on the amparos.
One of the amparo petitions was filed by the Company's subsidiary, Minera Xochipala, S.A. de C.V. ("Minera Xochipala"), seeking to set aside a conflicting court order from a state civil court (the "State Court Order") with regard to that part of the Company's interest in the Xochipala Concessions acquired from one of the two vendors (the "Camacho Interest"), and all that flowed from it. The other amparo was filed by the beneficiary of the State Court Order, seeking to have the registration by the Public Mining Registry (the "PRM") of the Camacho Interest to Minera Xochipala struck and to have it registered in his name. The PRM was in possession of the State Court Order at the time it resolved that Minera Xochipala was the proper registered owner of a 100% interest in the Xochipala Concessions.
The company's legal counsel and management are confident that the decision of the PRM was correct and that the court will uphold Minera Xochipala's ownership of the Xochipala Concessions, leaving it as the sole, legitimate and registered owner of the Xochipala concessions.
The Company is also pleased to report that, pursuant to the terms of its recently announced agreement to sell a 100-per-cent interest in Minas de Oroco Resources S.A. de C.V. to Goldgroup Mining Inc. (see the Company's news release dated January 28, 2013), it has obtained binding lock-up agreements in support of the sale from shareholders representing not less than 22% of the outstanding shares of the Company.