CuOro Resources Corp.

CuOro Resources Corp.

June 28, 2011 03:00 ET

CuOro Signs Property Access Agreement and Awards Drilling and Ground Geophysics Contracts

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2011) - CuOro Resources Corp. (TSX VENTURE:CUA)(FRANKFURT:6BC) ("CuOro" or the "Company") is pleased to announce that it has signed an agreement for surface access at its flagship Santa Elena Property. In addition the company has awarded a diamond drill contract to Logan Drilling Colombia S.A.S., and a ground geophysical survey contract to KTTM Geophysics Ltd., both operating out of Medellin, Colombia.

Surface Access Agreement

The Company has entered into a surface access agreement with the five surface rights property owners, which make up the Santa Elena property. The terms of the agreement allow the Company immediate and full access over the principle areas of interest at Santa Elena, including TEM 1, TEM 2, TEM 3 and TEM 4, as well as the right to explore, drill and construct a road on the property. The agreement has a one year term and will renew annually for as long as access is needed by the Company to continue its exploration and development activities.

Robert Sedgemore, CuOro's President and Chief Executive Officer, states, "The surface access agreement is an important milestone that de-risks the project development and demonstrates that we have gained the trust and established an excellent relationship with the community." "As part of our commitment to the local community and the environment we will continue to follow the "best practices" of the Equator Principles in the development of our Santa Elena project," he added.

Diamond Drilling Contract

The contract covers the initial phase of CuOro's Santa Elena property drill program. The Company has applied for the necessary environmental and water permits and anticipates receiving them imminently. Drilling will begin shortly after receiving these permits and drill mobilization is scheduled to commence in early July, 2011.

The Phase 1 drill program has 68 holes planned at varying depths from 70 to 600 meters and spaced at 100 meters to 150 meters along the northerly axis of the TEM anomaly, which extends approximately 900 meters (north-south) by 500 meters (east-west) and remains open to the north.

It is anticipated that Phase 1 drilling will commence towards the middle of July, 2011 utilizing three diamond drill rigs and will take approximately six to seven months to complete. The drill program's objectives are to define the extent of mineralization at depth of the TEM anomaly and the Volcanogenic Massive Sulfide (VMS) outcrops. The first holes will be setup parallel to the VMS outcropping structures known as TEM 1 (El Azufral) and TEM2 (El Arroyo) and will be drilled on a pattern and angled to 45 degrees to cut the structures at varying depths. Vertical holes of up to 600 meters over the VMS outcrops to test the geophysical anomaly and mineralization at depth are also planned.

Ground Geophysical Survey

The ground survey, to be carried out on the Company's Santa Elena Project, will consist of approximately 15 line kilometers of induced polarization and resistivity surveys.

The geophysical surveys will investigate several areas identified as potential drill targets that were identified during previous surface mapping and geochemical programs. The 15 line kilometer program is expected to take three weeks to complete.

Robert Sedgemore, CuOro's president and chief executive officer, states, "CuOro's Santa Elena Copper and Gold project is fully funded and drill ready. We are confident that our drill program will deliver significant results and we believe that the Santa Elena project has the potential to become the first major copper project to be developed in Colombia."

CuOro's plan is to complete an extensive exploration program, consisting of mapping, ground and airborne geophysics, as well as a large diamond drill program, with the goal of generating a scoping study with an inferred and indicated resource on the Santa Elena property by the second quarter of 2012.

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 $25 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.

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 or other commodities, 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 precious and base metals. 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 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 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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