Sierra Leone Ministry of Mines Issues Licenses Permitting Oraco Resources to Commence Operations in Nimini Hills
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Oraco Resources, Inc. (ORAC) announced that on October 8, 2012, Sierra Leone's Ministry of Mines and Mineral Resources issued to Oraco an Exploration License that will allow the Company to commence operations in Oraco's Nimini Hills site. The license covers the entire 55.17 Km2 holdings, which is roughly over 13,000 acres of prime, virgin, mineral rich land, and will permit the Company to not only conduct geophysical studies, but will also allow the Company to start artisanal mining in the area as part of the exploration process. Brad Rosen, President of Oraco announced that the issuance of the license also places the Company in the position to finalize agreements with SRK and conduct studies of the entire area. "This is a momentous occasion for us," Mr. Rosen stated. "We have been anxiously waiting for the permission to finally assay the area. We are very anxious to see whether, as we believe, the exploration process will indicate that our Nimini Hills holdings have the potential to be as prolific as the surrounding operations seem to be, rich in natural resources of diamonds and gold."
Chris Butchko, Oraco's Vice President, stated that "We are coordinating the logistics to not only get the geophysical studies, but to start employment for many people in Sierra Leone into the site so that we can begin the artisanal work in the numerous water flows that pass through the site. The empirical information indicates that there is tremendous potential for recovery of product that could be very close to the surface. We are elated at the fact that we are now permitted to conduct the work that will show whether this empirical evidence, based in part upon what the surrounding operations have found, will hold true for us as well. In other words, we are thrilled that we can finally get into this vast and untouched area and get down to the real work."
Oraco Resources, Inc. (ORAC.QB) 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. Charles Huggins' return from his recent month long trip in August to Sierra Leone acknowledges that this is most exciting and this exploration should not only be rich in Diamonds, but also Gold. 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. Statements such as "rich in natural resources of diamonds and gold" or "tremendous potential for recovery of product that could be very close to the surface" are forward looking statements. 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.
Brad Rosen, President
KEYWORDS: United States North America Sierra Leone New York Africa
The article Sierra Leone Ministry of Mines Issues Licenses Permitting Oraco Resources to Commence Operations in Nimini Hills originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.