CuOro Resources Corp.

CuOro Resources Corp.

April 26, 2011 09:22 ET

CuOro Resources President's Message and Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 26, 2011) -CuOro Resources Corp. (TSX VENTURE:CUA) ("CuOro" or the "Company")

President's Message

I am pleased to provide our shareholders with an update on our progress to-date and our plans on a move forward basis during a very exciting and eventful time for our Company.

CuOro recently completed its qualifying transaction, by acquiring a 100% interest in the Santa Elena Copper-Gold property, Colombia and concurrently closing a $10 million financing. The financing was heavily oversubscribed. Our shareholders now include such institutions as Dundee Precious Metals Fund, and the Vertex Fund, notably HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM), a major mining company, participated in the financing and now owns approximately 15.4 per cent of the issued and outstanding shares of the Company on a partially diluted basis.

Robert Sedgemore, President & CEO, stated: "We are pleased to have successfully closed this transaction and offering, which will allow us to initiate a significant work program at our Santa Elena project. We would like to thank our shareholders for their support, as well as Canaccord Genuity, for their assistance, support and execution in completing this very exciting and promising transaction.

I would also like to welcome our newly assembled and motivated, world-class management and technical teams to the Company. With extensive South American business, exploration and discovery experience I am confident we have the right team in place to quickly advance our Santa Elena project and to assist us in identifying new opportunities."

New additions to the CuOro team include:

  • James Harris, Vice President of Exploration: Professional Geologist with over 30 years international experience including 15 years in South America.

  • Andy Pystynen, Technical Manager: Professional Geoscientist with 15 years' experience working in Chile, Peru, Colombia and Argentina, who has worked on over 300 mining projects as a senior geophysicist.

  • Jorge Gaviria, Senior Geologist: Professional Geologist with a Masters in Mineral Resource Exploration and Evaluation with 15 years of field experience in Colombia. Worked as senior geologist for Colombia Gold and Frontino Gold as well as at the Roble Mine, Colombia's only producing copper (VMS deposit) mine.

  • Jorge Alberto Uribe, Advisor: Former Minister of Defense for Colombia, provides consultation on security and business strategy.

  • Hernando Molina, Advisor: Colombian national mining professional providing advisory services on Community and Social programs and development.

  • Hernando Lozano, Technical Advisor: Colombian geologist with over 30 years' experience working in Colombia and previously the head geologist of Ingeominas.

Santa Elena Property

The Company's current exploration activities will be focused on the 100%-owned Santa Elena Copper-Gold project, comprising 1,287.5 hectares in the prolific Antioquia Batholith district. The Antioquia district and the Santa Elena property (140km NE of Medellin) are considered to be socially stable and mining-friendly. 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. Historically, only about 10% of the Santa Elena property has been explored. The Company has put in place an aggressive work program which includes; extensive mapping and surveying, airborne and ground geophysical surveys, as well as extensive diamond drilling.

Current Market and Economic Conditions

Investors looking to gain exposure to rising metal prices have looked to early stage development companies like CuOro Resources. The equity and capital markets are rewarding positive exploration results from Colombia as evidenced by the market valuations of such companies as Ventana Gold, Continental Gold, Batero Gold, Medoro Resources, Sunward Resources and Galway Resources who have recently announced positive exploration results.

Apex Capital Inc.

The Company is also pleased to announce that it has engaged Apex Capital Inc.(Apex) of Toronto to provide Investor Relations services for the Company. Apex provides Investor Relations and Corporate Communications services primarily to companies in the resource sector. The President of Apex Capital Inc. is Brett Allan, who has several years of Investor Relations and Corporate Communication experience, most recently Mr. Allan was worked with Western Potash Corp.

Above all, CuOro's focus is to deliver the growth our shareholders expect by advancing our portfolio of world-class projects, building partnerships and continuing to recognize business opportunities that can add and increase value for its shareholders.

"I want to personally thank all of our shareholders for their continued support. CuOro's success is a reflection of the dedication, hard work and commitment of our management and employees, Board of Directors, and partners", Said Robert Sedgemore, President & CEO.

On Behalf of the Board of Directors,

Robert Sedgemore, President & CEO

For more information, please visit

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. 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 follows the Equator Principles and is committed to upholding the highest environmental and social standards while focusing on delivering the financial growth its shareholders expect.

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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