Oroco Receives Favourable Judgement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 28, 2015) - Oroco Resource Corp. (TSX VENTURE:OCO) ("Oroco" or "the Company") is pleased to announce that the United States District Court for the District of Arizona (the "Court") has granted summary judgement in favour of Oroco and the other defendants on certain key claims in the legal action brought by Sonoran Resources LLC ("Sonoran") arising from the contracts, events and services between Oroco, its former Mexican subsidiary, Minas de Oroco Resources SA de CV ("MOR"), Goldgroup Mining Inc. ("Goldgroup") and Sonoran relating to the mine construction at, and the sale of the Cerro Prieto Property in Sonora State, Mexico.
Summary judgement is appropriate when there is no genuine dispute as to any material facts after the evidence is viewed most favourably to the opposing party. Applying this standard, and frequently citing Sonoran's failure to produce any evidence with regard to various elements of its claims, the Court granted the Defendants' motion for partial summary judgement regarding Sonoran's claims of fraudulent and negligent misrepresentation, and for punitive damages, employee severance charges and unspecified damages arising from breaches of environmental permits. The Court denied the Defendants application for summary judgement on Sonoran's claims for performance bonus shares and post-termination fees.
The Court further ruled that, as Sonoran provided no evidence to show that Goldgroup assumed MOR's liabilities, Goldgroup is entitled to summary judgement on all Sonoran claims against it.
The Court also denied in its entirety Sonoran's concurrent motion for summary judgement on all of its claims.
As a result of this ruling, the remaining outstanding claims against the Company and Minas de Oroco are those for breach of contract relating to 250,000 performance bonus shares, certain fee invoices and for breach of good faith and fair dealing. The net amount of the disputed invoices, after deduction of a Sonoran credit invoice for double billing, is $101,000. The Company continues to dispute these remaining claims and remains confident as to their practical limits.
Neither 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 release.
Contact
Oroco Resource Corp.
Mr. Craig Dalziel
President and CEO
604-688-6200
604-688-6260
www.orocoresourcecorp.com
