CuOro Resources Corp.

CuOro Resources Corp.

June 14, 2012 09:05 ET

Cuoro Provides an Update on Its Barranco De Loba Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 14, 2012) - CuOro Resources Corp. (TSX VENTURE:CUA)(FRANKFURT:6BC) "CuOro" or the "Company" is pleased to provide an update on its ongoing exploration at its Barranco de Loba gold project, in the highly prospective San Lucas Gold Belt of Bolivar Department, Colombia, South America.

Reconnaissance exploration fieldwork continues over the 3,976 hectare land package to identify and define drill targets. The Company recently initiated a geochemistry sampling program, consisting of collecting rock chip samples, stream sediment samples and soil samples. The soil samples are being collected over a 3km x 3km area with samples collected on a 200m x 200m grid spacing. To date the company has collected 228 soil samples and 106 rock chip samples.

A total of 40 mineralized veins inside historical artisanal mine adits have been identified and sampled. An average grade of 9.8 g/t Au was encountered over 10 mineralized veins sampled in five different locations where the true width of veins varies from 0.1 meters to 1.2 meters: Cerro Talide, Cerro Jerez, Chunga, Cerro Nuvia, and Saballanes. Highlights from these samples include:

  • 31.6 g/t Au from Cerro Talide,
  • 20.4 g/t Au from Cerro Jerez,
  • 10.2 g/t Au from Saballanes.
Sample UTM East UTM North Au (g/t) True Width Location Description
B001823 602582 958967 6.6 10 cm Talide Vein
B001872 602735 958204 5.3 15 cm Talide Vein Qtz+Fe Oxd
B001849 604462 959062 3.8 NA Saballenes Wall Rock
B001848 604462 959062 10.2 120 cm Saballanes Vein
B001851 601148 958464 5.7 58 cm Chunga Vein
A002159 601143 958479 3.2 60 cm Chunga Qtz Vein Py+Ga+Sph
B001833 601848 959169 5.6 13 cm Nuvia Vein
B001844 602773 959150 31.6 15 cm Nuvia Vein
B001862 601173 956186 20.4 16 cm Jerez Vein
B001858 601165 957411 6.1 50 cm Jerez Vein

To date, the reconnaissance exploration program has been successful in identifying two main areas of interest that are now subject to ongoing and more detailed exploration. Geochemical sampling in these areas is currently being carried out over 100m X 100m grids. Currently 15% of the concession has been geologically mapped.

CuOro Resources President & CEO, Robert Sedgemore stated, "We are very pleased with the initial sampling results from the Barranco project that confirm that we are in a high-grade gold district. We are in the process of defining drill targets and expect to begin drilling later this year."

Once the reconnaissance soil and stream sampling program has been completed the data will be analyzed and any favorable areas will be sampled further with soil samples collected on a 50m grid spacing and the 3km x 3km area will also be surveyed with geophysics, consisting of induced polarization and resistivity surveys, ground magnetic surveys, and very low frequency (VLF) surveys to further help define potential drill targets. Once targets have been defined and prioritized, a drill rig will be mobilized to site.


Sampling was performed by CuOro personnel and carried out under strict protocols. Samples were taken 50cm below the surface to yield a 2Kg sample. Samples were sent to ALS Laboratories in Medellin where they were dried, crushed, and pulverized. After preparation, the samples were sent to ALS Laboratories in Lima, Peru and assayed. All gold assays were obtained by standard 50g fire assaying with atomic absorption finish. All other elements were obtained by four-acid dissolution followed by ICP measurement.

Barranco de Loba

CuOro has an option to earn 100% of the 3,976 hectare Barranco de Loba gold exploration project located approximately 35km south of Barranco de Loba in the San Lucas Gold Belt in the south of Bolivar Department, Colombia. The San Lucas Gold Belt is approximately +200km long and up to 75km wide, and is believed to be one of the most prolific gold producing districts in Colombia that has been artisanally mined for over 200 years. Very little modern or systematic exploration work has been conducted in the district and so it is believed to have significant potential for high-grade gold discoveries. The project is adjacent to the Gloria Mine, the largest artisanal mine in the area, on three sides. A total of 40 mineralized veins inside historical artisanal mine adits have been identified and sampled with grades from rock chip samples up to 87.5 g/t Au.

The regional structure in the San Lucas gold district is dominated by northerly and north-easterly trending photo-linear structures, due to both tensional and distortional deformation, that act as important controls for the hydrothermal mineralization. The bulk of the hydrothermal mineralization occurs in relatively narrow vein systems from a few centimeters wide and up to several meters in width. The veins are variably continuous along strike from a few meters to several hundred meters, and may attain depths to over 400 meters. There are also occasional stock work and disseminated gold bearing mineralization found on the property.

About CuOro Resources Corporation

CuOro Resources (TSX VENTURE:CUA) is a Canadian publicly-listed exploration company with two projects in Colombia. The company flagship Santa Elena Copper project, located in Antioquia hosts potential high-grade near surface VMS deposits. The current 25,000m drill program is well underway, with recent results returning assays of 102.9 m at 1.44% Cu including 14 m at 2.9% copper. The Company has the right to acquire 100% interest in the Santa Elena Property. The second project Barranco de Loba gold project is located in the highly prospective San Lucas Gold Belt of Bolivar in Colombia were a total of 40 mineralized veins inside historical artisanal mine adits have been identified and sampled with grades from rock chip samples up to 87.5 g/t. The Company is well capitalized with C$11M in the treasury and is managed by an experienced technical management team that resides in Medellin, Colombia. The long-term growth strategy is to continue identifying and acquiring new assets in South America with a focus on copper and gold, and the commitment to upholding the highest environmental and social standards.

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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