Oraco Resources, Inc. (OTCBB: ORAC) ("Oraco”) announced today that it
has strengthened its holdings by reviving contractual rights for the
disposition of diamonds, gold, and any other minerals recovered in an
approximately 10 acre area of mineral rich Boroma, Sierra Leone. These
rights had been acquired by JYORK Industries, Inc. in 2008 before
becoming a wholly owned subsidiary of Oraco. The holding is located
northwest of the city of Koidu in the Kono District, Sierra Leone.
Under the revived form of the agreement, net revenues generated from the
activities at the Boroma site will be divided evenly between Oraco’s
wholly owned subsidiary JYORK, and the Boroma Gbense Chiefdom. ("Net
Revenue” is defined as the gross value of the recovery, as determined by
governmental agencies, less any and all costs incurred in connection
with the recovery and evaluation of the product).
"JYORK has operated in Sierra Leone for over 11 years. We have strong
partnerships there and we are excited to take our holdings to the next
level with this new contractual right. We believe it’s the beginning of
a new chapter in mining exploration for us, and this project is the
perfect start for Oraco,” said Chris Butchko, COO and EVP of Oraco
Resources, Inc.
Bradley Rosen, President and CEO of Oraco, stated that "We are very
happy about the mining prospects in Boroma. We believe that, once begun,
this will enhance our revenues, and give us the possibility of expanding
our operations in a timely fashion.”
Oraco plans to begin mining in Boroma within the next 60 days. Findings
will be released shortly after excavation.
About Oraco:
Oraco, as a result of the acquisition of Oraco Resources, Inc. (Canada)
and JYORK, is both a diamond and gold mining and an exporting company
with operations in Sierra Leone. Oraco has a broad portfolio of capital
investment opportunities that arise from Charles Huggins’ extensive
knowledge of the geology and history of diamonds and gold production and
also exportation in Sierra Leone and other African countries, which he
has acquired from over 20 years of experience operating in these areas.
Mr. Huggins has entered into a long term agreement as Chief Executive
Consultant to Oraco. For more information, visit Oraco’s website at www.OracoResources.com.
Forward-Looking Statement
Certain statements, included in this release, statements such as "this
will enhance our revenues”, contain some statements that are other than
purely historical information, including, but not limited to: estimates,
projections, statements relating to our business plans, objectives,
expected operating results, the assumptions upon which those statements
are based, and all other like speculative and/or indefinite statements,
are "forward-looking” statements. Forward-looking statements are
identified by words such as: "believes,” "project,” "expects,”
"anticipates,” "estimates,” "intends,” "strategy,” "plan,” "may,”
"will,” "would,” "will be,” "will continue,” "will likely result,” and
any and all other similar expressions that are speculative and/or
indefinite. Forward-looking statements are based on current expectations
and assumptions, and are subject to risks and uncertainties which may
cause actual results to differ materially from the forward-looking
statements. Our ability to predict results or the actual effect of
future plans or strategies is inherently uncertain. Factors which could
have a materially adverse affect on our operations and future prospects
on a consolidated basis include, but are not limited to: changes in
economic conditions, legislative/regulatory changes, changes in
political climate, availability of capital, interest rates, competition,
and changes in generally accepted accounting principles. These risks and
uncertainties should also be considered in evaluating forward looking
statements and undue reliance should not be placed on such statements.
We undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. Further information concerning our business,
including additional factors that could materially affect our financial
results, can be found at our website www.OracoResources.com
and in our filings with the SEC.
