|By Marketwired .||
|January 10, 2014 06:30 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/10/14 -- (Marketwire - Jan. 10, 2014) CuOro Resources Corp. (TSX VENTURE: CUA)(FRANKFURT: 6BC) ("CuOro" or the "Company") is pleased to announce it has successfully filed applications for new concession contracts in the copper-prospective Pelaya municipality of Cesar, Colombia. The applications were filed with the National Mining Agency of Colombia in July, 2013. According to the National Mining Agency, CuOro is the "first-in" applicant for the areas that comprise the Pelaya Project and the applications are now under legal and technical review. CuOro expects these concessions to be granted in Q1 or Q2 2014.
The Pelaya Copper Project is comprised of two contiguous applications for concession contracts in the Cesar Department of the Republic of Colombia, 200 km south of Valledupar, Cesar. The application areas total 3,309.1 ha. The Pelaya Copper Project is situated close to National Highway 45 (Ruta del Sol) and easily accessed by secondary roads. Several large-scale coal mining operations are currently in production in the Cesar and La Guajira departments proximal to the Project area.
To date, CuOro has completed several reconnaissance visits and a widely-spaced soil geochemical sampling grid at the Pelaya Project. This work has defined a Cu in soil anomaly with a strike length of approximately 800 m (Singarare anomaly). Exploration work has also defined several Cu in soil anomalies (Boloazul anomaly) over 4 km to the north of the Singarare anomaly. Regional geologic context and field evidence indicates the Pelaya area has potential to host a clastic-hosted (sandstone-redox and Revett-type) redbed and reduced (Kupferschiefer and Nonesuch) redbed copper deposits, as well as potential for volcanic hosted redbed copper. The occurrences discovered during Cuoro's work to date are of the latter type.
The Company is well funded to implement an aggressive exploration program to test the propsectivity of the property. The work program recommended includes mapping and sampling. The Company has budgeted $1,500,000 for the 2014 work program at Pelaya.
In addition to the work planned for Pelaya the Company has a prospect generation work program ongoing in Colombia The generative work program has to date identified a number of opportunities for acquisition and the Company is advancing its due diligence on the targets identified. The Company is planning to expand its generative efforts on other opportunities in Colombia.
An overall exploration budget of up to $2,500,000 is anticipated for 2014.
About CuOro Resources Corp.
CuOro aims to identify mineral properties that have significant potential to develop large-scale resources in well-established and mining receptive jurisdictions such as Colombia. Management looks to leverage its exploration and development expertise to bring additional value to shareholders and to reduce development risk and expense through its focus on community relations, corporate and social responsibility. The Company will continue to look for additional opportunities that can bring value to the Company and its shareholders. The company is committed to upholding the highest environmental and social standards while focusing on delivering the financial growth that its shareholders expect.
For further information regarding CuOro, see CuOro's disclosure documents on SEDAR at www.sedar.com
On Behalf of the Board of Directors of CuOro,
Marc Cernovitch, President & CEO
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release
CuOro Resources Corp.