Oraco Resources, Inc. Announces Issuance of Mining Licenses Near Completion
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Oraco Resources, Inc. (ORAC) announced today that they have neared the completion of the process to obtain governmental licenses to commence operations at its Nimini Hills site in the Kono Koidu region of Sierra Leone, West Africa. Brad Rosen, Oraco's President and CEO, said that he believes that Oraco should have their licenses in hand within the next few days. Mr. Rosen stated that "This is very thrilling news, and couldn't come at a better time. With the rainy season coming to an end, these licenses will enable us to not only do sampling, but will allow us to begin operations at a centralized site that the empirical evidence has indicated is one of the most promising locations in the entire area." Chris Butchko, Oraco's Executive Vice President and COO, added, "We are anxiously awaiting the start of our operations and detailed studies the moment the licenses are in our hands." Mr. Butchko also stated, "It's encouraging to us when companies in our area have invested hundreds of millions of dollars demonstrating their ability to finance and execute complex projects and have long-term off-take agreements in place with companies such as world famous Tiffany & Co." - (NYS: TIF)
Oraco Resources, Inc. (ORAC) is a mineral exploration and development company engaged principally in the exploration for and development of diamond deposits. Oraco as a result of the acquisition of ORI and Jyork is looking to rapidly develop producing and exploration diamond properties into a portfolio of high value assets located within Africa. To date, Oraco has secured a series of alluvial and eluvial assets which its exploration and development teams are working on to progress with operations in Sierra Leone. Current sites of Oraco in the Kono Koidu area of Sierra Leone, West Africa include: Nimini Hills, Boroma, Tailings Number 5 and Zimmi in the Eastern part of Sierra Leone, West Africa. Oraco's broad portfolio that arise from Mr. Huggins' extensive knowledge of the geology and history of diamond production and exportation in Sierra Leone as well as his long-term presence and established business relationships there. For more information, visit Oraco's website at www.oracoresourcesinc.com.
Forward Looking Statements:
Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Factors that could cause results to differ materially include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Oraco's products; not successfully completing, or any material delay of, any development of mining operations, acquisitions or dispositions; potential failure to achieve expected production from exploration projects; exploration risks such as unsuccessful mines; any general economic recession or slowdown domestically or internationally; higher-than-expected costs; potential liability for remedial actions under existing or future environmental regulations and litigation; potential liability resulting from pending or future litigation; general domestic and international political conditions; potential disruption or interruption of Oraco's production or manufacturing or damage to facilities due to accidents, chemical releases, labor unrest, weather, natural disasters, political events or insurgent activity; failure of risk management; changes in laws or regulations; or changes in tax rates. Words such as "estimate", "project", "predict", "will", "would", "should", "could", "may", "might", "anticipate", "plan", "intend", "believe", "expect" or similar expressions that convey the uncertainty of future events or outcomes generally indicate forward-looking statements. The United States Securities and Exchange Commission (SEC) permits mining companies, in their SEC filings, to disclose only reserves anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Oraco does not undertake any obligation to update any forward-looking statements as a result of new information, future events, or otherwise. U.S. investors are urged to consider carefully the disclosure in Oraco's Form 10-K and other filings, available on the Internet at http://www.sec.gov. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.
Oraco Resources, Inc.
Chris Butchko, Executive Vice President
KEYWORDS: United States North America New York
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