CuOro Resources Corp.

CuOro Resources Corp.

February 02, 2012 03:00 ET

CuOro Receives Final Technical Report for the Santa Elena Project, Colombia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2012) - CuOro Resources Corporation (TSX VENTURE:CUA)(FRANKFURT:6BC) ("CuOro" or the "Company") announces that it has received the final technical report from Dr. James Franklin on the Company's 100% owned Santa Elena Project, located in the Department of Antioquia, Colombia.

As previously reported James Franklin, Ph.D, FRSC, P.Geo., has been retained by the Company to review the Volcanogenic Massive Sulphide (VMS) potential of the Company's Santa Elena Property. As part of this review, Dr. Franklin conducted a site visit in late October to the Santa Elena project and to the company's core storage facility to analyze drill core.

During the last few months Dr. Franklin has completed a thorough interpretation of the Santa Elena project utilizing all current drill data, geochemical assay data, geological and structural data, and geophysical data. Emphasis was placed on the understanding of the alteration, geochemistry, and geologic setting, in an effort to evaluate the potential of the Santa Elena project to host VMS-style mineralization.

In his report Dr. Franklin's states "CuOro's Santa Elena property has two excellent Volcanogenic Massive Sulfide (VMS) occurrences, each of which has potential to develop into an economically significant deposit. The style of mineralization is remarkably consistent with that with mafic-dominated, bimodal submarine volcanic sequences, similar to those found in major districts such as Flin Flon, Manitoba, the Kidd Creek Mine at Timmins, and the Tambo Grande deposits (of the same age as Santa Elena) in Peru. It may be expected that the Santa Elena district will contain several deposits, with one giant deposit (>30MT) and one or two mid-sized deposits (10-15MT) and several smaller deposits (3-5MT each)". The Company notes there is no certainty any of these will be discovered, or if discovered, that they will be on CuOro's property.

Dr. Franklin has recommended that the next phase of drilling should focus on developing the known resources in the two areas, which will be done systematically. In particular, the focus will be on testing the structural models proposed for each area as all VMS deposits are stratigraphically controlled.

Based on the exploration recommendations from Dr. Franklin, the Company has undertaken the following:

  • Continued drill testing of the TEM1-Knapp Exploration Tunnel target area, where mineralization is believed to be continuous over a distance of 300 meters. A fence line of drill holes will be placed in an east-west direction and test for mineralization. The area south and east of the Knapp Exploration Tunnel will be of high importance.
  • Testing the TEM4 target area (located 650m south of the TEM1 VMS mineralization) by placing a fence line of drill holes that target a strong IP anomaly, but which also should be on strike from the high sulfide zone intersected in hole SEDDH-025 (6.0m @ 4.84% Cu). High priority will be placed on testing the downward extension of this sulphide intersection.
  • A fence line of drill holes will be placed between the TEM1 and TEM4 areas. These holes will test for the continuity and presence of the VMS mineralization. The TEM3 VMS outcrop is located midway between the TEM1 and TEM4 VMS occurrences. The drill holes will also test a large N-S geophysical anomaly.

The company currently has two drill rigs on site and a third drill rig is en route to the project. To date the company has drilled approximately 8,500 meters during its current 25,000 meter drill program.

Dr. Franklin has over 40 years of extensive geological knowledge and expertise of mineral deposits and regional metallogeny. He serves as a Fellow of the Royal Society of Canada, was past President of both the Geological Association of Canada and the Society of Economic Geologists, and has served as Chief Geoscientist of Earth Sciences Sector for the GSC. He is an adjunct professor at Queen's University, Kingston, and Laurentian University, Sudbury. He continues his research as a visiting research scientist and is coeditor of Exploration and Mining Geology.

Dr. Franklin's expertise and interpretation has helped the Company immensely to have a better understanding of the Santa Elena massive sulphide environment and provide guidelines for seeking further discoveries.

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