CuOro Resources Corp.

CuOro Resources Corp.

July 21, 2011 09:00 ET

CuOro Appoints Jorge Alberto Uribe to Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2011) - CuOro Resources Corp. (TSX VENTURE:CUA)(FRANKFURT:6BC) ("CuOro" or the "Company") is pleased to announce the appointment of Jorge Alberto Uribe to the Company's Board of Directors, effective immediately.

Mr. Uribe was Colombia's former Minister of Defense, having served from 2003-2005. Mr. Uribe completed a degree in economics at George Washington University, followed by post-graduate work in international marketing at Besançon University in France. He previously held the position of National Director at Comex, a Colombian exporting company. In 1965 Mr. Uribe joined DeLima Marsh S.A., one of Colombia's largest insurance companies, and now a subsidiary of Marsh & McClennan, a multinational professional services firm. Mr. Uribe served in numerous senior management positions at DeLima Marsh, ultimately ascending to its presidency, until Colombian President Alvaro Uribe named him Minister of Defense in 2003.

Robert Sedgemore stated: "We are very pleased to welcome Jorge Alberto Uribe to CuOro's Board of Directors. Jorge is a recognized business leader, with extensive international experience, including high-level expertise in governmental relations, security and business strategy in Colombia. We look forward to his counsel, and his appointment highlights the Company's continued ability to attract world-class professionals dedicated to advancing our growth strategy in Colombia."

The Company has granted 100,000 stock options to Mr. Uribe at an exercise price of $2.00 for a period of three years from the date of grant. The stock options are subject to regulatory approval.

Channel Sampling (Second Program)

Additionally, the Company is pleased to report that systematic diamond sawn-channel sampling has returned high-grade copper values with an average mean sample grade of 2.65% Cu over 49.72 meters - total length of samples (not deposit width)* from its Santa Elena Project, located in the Department of Antioquia, Colombia.

*Note: Channel sample length does not represent deposit thickness, which has not been determined.

CuOro conducted a second channel sampling program on the mineralized Volcanogenic Massive Sulphide (VMS) outcrops at its Santa Elena Project. Individual vertical channel samples were cut and collected at one meter spaced intervals over discontinuous outcrops that spanned a total length of approximately 70 meters. All channel samples were collected at the TEM-1 (El Azufral) outcrop.

The program included 51 individual saw-cut vertical channel samples totaling 49.72 meters across the exposed outcrops. The assay results were significant returning an average mean grade of 2.65% copper. The highest individual sample was a 1.05 meter vertical channel sample grading 5.37% copper. Channel samples are considered representative of the in-situ mineralization sampled. Assay results are listed in Table 1.






TEM1C0-1 874638 1247458 0.955 0.21 2.40 1.09 38 0.03
TEM1C1-1 874641 1247463 0.87 0.03 1.50 0.90 40 0.01
TEM1C2-1 874644 1247462 1.11 0.24 3.50 2.25 58 0.06
TEM1C2-2 874645 1247462 0.89 0.05 3.30 2.15 42 0.05
TEM1C2-3 874646 1247462 0.84 0.07 3.70 1.87 40 0.04
TEM1C3-1 874649 1247462 0.94 0.09 3.30 1.53 44 0.05
TEM1C3-2 874650 1247462 1.01 0.04 3.50 1.57 38 0.04
TEM1C3-3 874651 1247462 1.16 0.19 2.60 1.43 40 0.04
TEM1C3-4 874652 1247462 0.92 0.13 3.10 2.65 74 0.07
TEM1C3-5 874653 1247462 0.96 0.06 2.50 1.63 16 0.05
TEM1C3-6 874654 1247462 0.75 0.15 2.40 1.04 52 0.04
TEM1C3-7 874654 1247463 0.78 0.04 2.30 1.02 14 0.04
TEM1C4-1 874660 1247465 1.25 0.04 3.10 1.58 48 0.05
TEM1C4-2 874661 1247465 1.04 0.12 6.10 3.21 98 0.23
TEM1C4-3 874662 1247465 0.97 0.21 5.60 2.81 60 0.20
TEM1C4-4 874663 1247465 0.81 0.15 5.70 2.77 96 0.49
TEM1C4-5 874664 1247465 0.96 0.25 8.30 3.46 76 0.68
TEM1C4-6 874665 1247465 1.17 0.44 10.80 4.29 110 1.03
TEM1C4-7 874665 1247466 1.36 0.45 12.70 5.02 138 0.61
TEM1C4-8 874665 1247467 1.16 0.25 7.60 3.17 84 0.25
TEM1C4-9 874666 1247468 1.25 0.19 7.50 3.51 92 0.28
TEM1C5-1 874668 1247461 1.06 0.38 9.90 3.91 120 0.52
TEM1C6-1 874670 1247460 1.13 0.17 6.50 2.87 84 0.89
TEM1C6-2 874670 1247459 1.12 0.40 10.60 4.10 106 0.79
TEM1C6-3 874671 1247458 1.14 0.49 10.80 4.51 124 0.88
TEM1C6-4 874671 1247457 1.05 0.59 13.10 5.37 158 0.65
TEM1C6-5 874672 1247456 0.89 0.48 10.50 4.55 136 0.50
TEM1C7-1 874678 1247452 0.82 0.06 2.20 1.62 46 0.04
TEM1C7-2 874678 1247451 0.85 0.13 3.10 1.94 62 0.06
TEM1C7-3 874678 1247450 0.89 0.11 2.00 1.28 44 0.04
TEM1C7-4 874678 1247449 0.88 0.08 2.60 1.76 52 0.05
TEM1C7-5 874678 1247448 0.91 0.06 3.30 2.27 50 0.06
TEM1C7-6 874678 1247447 0.76 0.12 3.70 2.39 50 0.09
TEM1C7-7 874678 1247446 0.97 0.26 8.30 4.61 96 0.73
TEM1C7-8 874679 1247446 0.93 0.20 5.50 3.03 100 0.88
TEM1C7-9 874680 1247446 0.90 0.10 4.60 2.82 52 0.71
TEM1C7-10 874681 1247446 0.93 0.11 4.50 2.54 46 0.86
TEM1C8-1 874682 1247446 0.81 0.12 4.60 2.81 102 0.28
TEM1C8-2 874683 1247446 0.94 0.08 4.40 2.92 60 0.68
TEM1C8-3 874684 1247446 1.01 0.05 4.40 3.05 82 1.94
TEM1C8-5 874686 1247446 1.03 0.04 2.20 1.51 42 0.29
TEM1C8-6 874686 1247447 0.93 0.05 3.10 2.34 52 1.14
TEM1C8-7 874686 1247448 0.99 0.05 2.10 1.40 68 0.46
TEM1C8-8 874686 1247449 1.00 0.34 2.40 2.10 40 1.05
TEM1C9-1 874686 1247450 0.93 0.06 4.70 3.12 90 1.09
TEM1C9-2 874686 1247451 1.07 0.06 4.60 3.18 54 1.08
TEM1C9-3 874686 1247452 0.42 0.03 2.10 1.41 64 0.06
TEM1C9-4 874686 1247453 1.30 0.05 4.10 2.78 74 0.44
TEM1C4-2* 874661 1247465 1.04 0.10 6.60 2.75 88 0.16
TEM1C6-5* 874672 1247456 0.90 0.36 10.10 4.08 92 0.43
TEM1C8-2* 874683 1247446 0.99 0.05 3.90 2.97 92 0.60
Average 0.17 5.14 2.65 71 0.43

Technical Highlights

The Santa Elena Project exhibits outcropping massive sulfide mineralization, which is primarily composed of chalcopyrite, pyrite, and pyrrhotite. The deposit has been classified as a Besshi-Type VMS deposit, based on its geochemical and geological characteristics.

CuOro staff located the channels on the TEM-1 exposed outcrop. The exposed outcrops were cleaned of debris and plant matter with a high pressure water sprayer. Channels were clearly marked in bright orange spray paint and intervals at one meter lengths were numbered. Due to the limitations of natural outcroppings this nominal spacing was adjusted to fit local conditions. Vertical channels were then cut using a gas powered diamond saw and the resulting channel samples broken from the cut using a chisel. Care was taken so that no samples fell to the ground in order to avoid any possible contamination.

As reported on May 2nd, 2011, CuOro's first channel sample program consisted of continuous horizontal 1 meter channel samples along the exposed outcrops. Channel samples from this second program were cut vertically, perpendicular and across the original horizontal channel samples. Gaps from the existing channel samples in the outcrop prevented continuous sampling of all of the individual vertical channel samples. All gaps in sampling were measured and recorded. In all cases, the average grade has been calculated over the length that was actually sampled and the sampling gaps have not been considered in the average grade calculation.

Exploration Program Update

The Company has commenced an aggressive exploration program at Santa Elena, which includes; detailed mapping and surveying, airborne and ground geophysical surveys. The results of the geophysical surveys combined with geochemical sampling and mapping programs will be used to assist in defining new anomalies and additional drill targets on the Santa Elena property.

  • Logan Drilling has recently commenced the Phase 1 diamond drill program which will continue to define the extent of mineralization of the TEM anomaly and the VMS outcrops at Santa Elena.
  • KTTM Geophysics has commenced the 15 line kilometers of induced polarization and resistivity ground based geophysical surveys.
  • The Airborne AeroMag and Radiometrics survey totaling 317 line-kilometers with east-west flight lines at 50m spacing and north-south tie lines at 500m spacing is expected to commence shortly. Once the airborne survey results have been processed and interpreted, The Company will target subsequent exploration including, detailed grid geochemical sampling followed by diamond core drilling.

Robert Sedgemore, CEO, states, "We are extremely pleased that our Phase 1 exploration program is now well underway, and look forward to reporting additional positive results as they become available."

Santa Elena Property

The Company's current exploration activities are focused on the Santa Elena Copper-Gold project, where the Company holds an option to acquire a 100 % interest by making staged cash payments and funding work program costs. The project comprises 1,287 hectares in the prolific Antioquia Batholith district located 140km NE of Medellin in a socially stable and mining-friendly district. Infrastructure is excellent from a development perspective, including paved road access to the property gate, three hydroelectric plants within a 5km radius and abundant water supply.

About CuOro Resources Corp.

CuOro Resources Corp.'s growth strategy has been to identify mineral properties that have significant potential to develop large scale resources in well-established and mining friendly districts such as Colombia. Management looks to leverage its exploration and development expertise to bring additional resources and value to shareholders and to reduce development risk and expense through its focus on community relations, corporate and social responsibility. With approximately $24 million in the treasury, the Company will continue to look for additional opportunities that can bring value to the Company and its shareholders through its approach to business. The company is committed to upholding the highest environmental and social standards while focusing on delivering the financial growth its shareholders expect.


All samples were assayed by Inspectorate at its laboratory in Reno, Nevada, after preparation at an Inspectorate facility in Medellin, Colombia. Duplicate channel samples were collected for QA/QC control and sent for testing. A total of three duplicate samples were collected during the program. The copper assay results from the duplicate samples are within less than 10% of the original samples, and are acceptable with respect to industry standards. Channel samples, rock chip samples, and stream sediment samples are collected under the supervision of Company geologists in accordance with standard industry practice.

The above information has been prepared under the supervision of Michel Rowland, P.Geo., who is designated as a "Qualified Person", and who has reviewed the information and has verified the authenticity and validity of the data.

For further information regarding CuOro, see CuOro's disclosure documents on SEDAR at

On Behalf of the Board of Directors of CuOro,

Robert Sedgemore, President & CEO

Forward Looking Statement

Statements contained in this news release that are not historical facts constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and silver, the realization of mineral resource estimates and success of exploration activities. The words "is expected" or "estimates" or variations of such words and phrases or statements that certain actions, events or results "may" or "could" occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained in this release which may prove to be incorrect, include, but are not limited to, (1) the discovery and expansion of mineral resources on the Company's Property being consistent with the Company's current expectations; (2) the implementation of Colombia's mining law and related regulations and policies being consistent with the Company's current expectations; (3) certain price assumptions for gold and silver. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company does business or may carry on business in the future; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada. These factors are not intended to represent a complete list of the factors that could affect the Company. Although the Company believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.

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.

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