Zoro Mining Corp.
OTC Bulletin Board : ZORM

Zoro Mining Corp.

December 03, 2009 14:01 ET

Zoro Mining Corp. Announces Completion of Gold Exploration Property Acquisitions in Chile

TUCSON, ARIZONA--(Marketwire - Dec. 3, 2009) - Zoro Mining Corp. (OTCBB:ZORM) ("Zoro", the "Company") announces that it has effective December 2, 2009, completed the acquisition of a 100% legal and beneficial interest in and to approximately twelve property mineral exploration concessions covering nearly 2,900 hectares in a dry lake bed with inflow waters and subsurface brines known as the Piedra Parada Salar Project, and eight property mineral exploration concessions covering nearly 2,300 hectares targeting precious metals known as the Fritis Project, both located in Chile's Atacama Region III. The Company (i) has issued 19,400,000 restricted shares of its common stock to the vending parties; (ii) agrees to pay or cause to be paid all underlying regulatory and governmental payments and assessment work required to keep the mineral property interests in good standing; and (iii) grants to one of the vending parties, Sociedad Gareste Limitada ("Gareste"), a 2% net smelter return ("NSR") royalty on the proceeds of any production from each of the Piedra Parada and Fritis properties capped at $6,000,000 at each property, one-half of which at each property can be repurchased by the Company at any time before commencement of any production at that property for the sum of $2,000,000.

About the Concessions Acquired: The 12 Piedra Parada property mineral exploration concessions cover nearly 2,900 hectares in a prototypical salar — a dry lake bed with inflow waters and subsurface brines. The project lies roughly 310 kilometers to the northeast of Copiapo, the capital of Region III, via paved highway and improved roads, and is at an elevation of over 4,000 meters. Previous work by Gareste at the project in the 1990's included surface and auger drill field testing and sampling of the sediments and inflow streams, which identified precious metal anomalies. The rights to lithium, light metals and commercial salts (collectively, the "Lithium Materials") in these concessions have been previously conveyed to a third-party, with Gareste retaining a 2% NSR royalty on Lithium Materials together with other rights and payments. As part of this acquisition, Gareste has conveyed the NSR and other rights and payments at Piedra Parada to the Company. Zoro has targeted possible precious metals and platinum group metals exploration efforts relating to the inflow waters and the uplifted dry lake bed surface sediments.

The Fritis property consists of 8 mineral exploration concessions covering approximately 2,300 hectares, located roughly 40 kilometers to the south of Copiapo, via paved highway and improved roads, and at an elevation of 500 meters. These concessions appear to contain epithermal precious metals targets. The property was previously controlled by Teck-Cominco until last year when the concessions lapsed and were acquired by Gareste, who conducted a surface sampling program in 2009 which returned anomalous gold values. Zoro has identified several areas at the concessions which could be the targets of future exploration efforts.

At both Piedra Parada and Fritis, Zoro anticipates that it will prepare NI 43-101 Technical Reports, and if warranted, commission exploration programs focusing on the precious metal potential of the surface minable portions of these properties.

About Zoro Mining Corp.: Zoro is an exploration stage company engaged in the acquisition and exploration of precious metal properties in Mexico and South America. Zoro's main holdings are in the Don Beno, Escondida, Costa Rica, and Rio Sur Districts in Chile, and the Yura District in Peru. 

SAFE HARBOR STATEMENT

This document contains "forward-looking statements". Statements in this document, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that (i) the Company will finalize definitive agreements on the various properties, (ii) the Company will implement and carry out certain development plans, (iii) the Company will become a significant player in the mining business, (iv) the Company will be successful in establishing production mining operations for any of its future projects, and (v) the Company will acquire the rights to other projects or assets. 

It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the failure to complete the acquisitions indicated for any reason, (ii) the continued demand for precious and base metals, (iii) the failure by the Company to identify and acquire other mineral projects of merit, (iv) the failure to raise any proceeds necessary to complete any acquisitions of any other mineral projects or to develop the property interests, (v) the uncertainty of the requirements demanded by environmental agencies, (vi) the Company's ability to raise debt or equity financing for operations, (vii) the Company's ability to maintain qualified employees or consultants, and (viii) the likelihood that no commercial quantities of precious or base metals are found or recoverable on any properties in which the Company expects to gain an interest. The risks and uncertainties that could affect future events or the Company's future financial performance are more fully described in the Company's quarterly reports (on Form 10Qfiled in the United States), the Company's annual reports (on Form 10K in the United States) and the other recent filings on Form 8K filed in the United States. These filings are available at www.sec.gov in the United States.

This memorandum is based upon information supplied by Zoro Mining Corp. This memorandum does not purport to be all inclusive or to contain all the information that a prospective investor may desire. No representation or warranty is made as to the accuracy or completeness of any of the information contained herein. Each recipient of this memorandum agrees that all of the information contained herein is of a confidential nature, that they will treat it in a confidential manner, and that they will not directly or indirectly, disclose, permit their agents or affiliates to disclose, any of such information without the prior written consent of the Company. Neither this memorandum, nor its delivery to any prospective investor, shall constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall this memorandum be construed to indicate that there has been no change in the affairs of the Company since the date hereof.


CUSIP – 98977W201 

Contact Information

  • Zoro Mining Corp. - North America
    Halsey Johnston
    Investor Relations
    Toll Free (800) 877-1626 or (604) 606-7967
    (604) 606-7980 (FAX)
    hjohnston@sweetwatercapital.net