New Oroperu Resources Inc.: Company Announcement/Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 23, 2016) - New Oroperu Resources Inc. ("New Oroperu" or the "Company") (TSX VENTURE:ORO) announces, at the request of IIROC (Investment Industry Regulatory Organization of Canada), that it is fully disclosed of all material facts regarding the Company.
The Company's flagship property, the Tres Cruces project in north central Peru, has been described in the Company's earlier news releases. The Company continues to maintain its 100% interest in the Tres Cruces gold project, which has been under an option to purchase agreement with a subsidiary of Barrick Gold Corp. (Minera Barrick Misquichilca S.A.) ("Barrick") since 2003. The Tres Cruces project is located about 10 km south of Barrick's Lagunas Norte gold deposit, where production started in June 2005.
Following the Company's grass roots discovery and geological definition by widely spaced exploration drilling, Barrick conducted extensive exploration work on the Tres Cruces project. New Oroperu has a NI-43-101 technical report on the Tres Cruces project entitled "Technical Report on the Tres Cruces Project, North Central Peru", dated September 28, 2012, by Peter A. Lacroix, P. Eng. of Lacroix and Associates, which updated mineral resource estimates based on all available information to that date (available on SEDAR or through the Company's website). According to the report, the Tres Cruces mineral resource is estimated to contain 2.6 million oz. of gold at a 0.6 g/t Au cut-off in the measured and indicated category. This estimate was based on 359 drill holes and nearly 74,000 meters of drilling. There is also an inferred resource in areas immediately adjacent to the deposit and at depth which may be converted to a higher category with additional drilling. The gold mineralized system is open to depth with some drill holes bottoming in mineralization. Further exploration is warranted to define the full extent of mineralization at Tres Cruces.
About the Company
New Oroperu is a junior exploration company based in Vancouver, B.C., which owns the Tres Cruces gold project in Peru. The Tres Cruces is a 100% Company-owned project, subject to 1 1/2% NSR royalty and subject to an option agreement with Barrick. Under the terms of the agreement, in order to exercise its option Barrick must pay for all expenditures up to a production decision. To maintain the option Barrick must pay US$250,000.00 to the Company by May 31st each year until a production decision is made. The Company retains a 30% interest and its share of production costs are financed by Barrick. Additionally, under the agreement New Oroperu retains a 2% NSR royalty of which US$1,000,000 is to be paid in advance at the time of a production decision.
ON BEHALF OF THE BOARD OF DIRECTORS:
K. Wayne Livingstone, President
Note: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
