Orocan Resource Corp.

Orocan Resource Corp.

March 09, 2010 14:16 ET

Orocan Announces Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - Orocan Resource Corp. (the "Company") (TSX:OR.P) is pleased to announce that it has entered into an agreement (the "Agreement") dated March 8, 2010 to acquire a 70% undivided interest in the TJ Ridge mineral property (the "Property"), located in the Skeena Mining Division of British Columbia, Canada. The vendor of the Property is Roxgold Inc. (TSX VENTURE:ROG), an arm's-length company. It is expected that this transaction will constitute the Company's Qualifying Transaction as defined by the TSX Venture Exchange.

The Property covers a large (4.5 km x 2.6 km) gold, silver, lead and zinc soil geochemical anomaly that overlies sedimentary rock north of Hazelton, in Central British Columbia. The anomaly consists of in-situ, structurally controlled linear segments that are locally off- set from each other. The northern half of the anomaly was explored by Noranda Exploration Limited in the 1980s. The focus will be on the central and southern part, where there is potential for high-grade "carbonate base-metal gold" style mineralization. Recent geophysical surveys show that structures controlling the main north-westerly trending soil anomalies are off-set by mineralized north-easterly trending structures at the north end of the Roxgold's area of interest, where it overlaps the south end of Noranda's old grid. This area of structural off-set is potentially one of improved ground preparation and improved grades.

The Agreement requires payments of $25,000 and 100,000 common shares of the Company to be made to the vendor on TSXV approval, $25,000 and 100,000 shares on or before the first anniversary of the Agreement, 100,000 shares on or before the second anniversary of the Agreement, and $100,000 and 100,000 shares on or before the third anniversary of the Agreement. The Company is required to conduct work programs of $150,000 on or before the second anniversary of the Agreement, a further $150,000 on or before the third anniversary, a further $440,000 on or before the fourth anniversary and a further $1,000,000 on or before the fifth anniversary of the Agreement. A 2% NSR has been reserved by the underlying owner of the Property. Due to the staggered payment schedule, there will be no requirement for shareholder approval of this transaction.

There will be no management changes resulting from this transaction.

Robert H. Pinsent, P.Geo., a Qualified Person (QP) as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this News Release.


Chris Bogart, Director

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Orocan Resource Corp. which may cause actual results, performance or achievements to be materially different from the results, performance or expectation implied by these forward looking statements. Such uncertainties include the completion of the acquisition of the Property and the ability of Orocan to finance its participation and earn a resulting interest in the Property.

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 press release, which has been prepared by management. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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