Oromonte Resources Inc. (ORR) - News Release
Monday August 28, 5:21 pm ET
The company acquires over 33,000 hectares of mining concessions in Ecuador
CALGARY, Aug. 28 /CNW/ - Oromonte Resources Inc. announces that it has entered into an agreement to purchase 100 per cent of over 33,000 hectares of mining concessions close to its Nambija property and immediately adjacent to the property owned by Aurelian Resources Inc. in the Province of Zamora Chinchipe, Ecuador. The Agreement dated August 26th, 2006 has been signed between Oromonte's wholly owned subsidiary Ecuaora Resources S.A. and an arm's length Ecuadorian party. The purchase price of the concessions is payable US $50,000 upon signing and payment of the remainder of the purchase price on the date of the transfer. The granting of the mining concessions is subject to approval by the District Office of Mines of the Province of Zamora Chinchipe. Following government approval, the transfer of the mining concessions will be subject only to the final payment of the purchase price by Oromonte and there will be no further obligations between the two parties.
Burkhard Franz, President states: "Given the exploration knowledge of the region, the purchase of these concessions is a major step in adding shareholder value to the company and consistent with the company's strategic plan to increase its land position in Ecuador. The proximity of the new concessions to Oromonte's existing Nambija property and Aurelian's high grade gold discoveries at Fruta Del Norte is strategically very significant".
Exploration activity was conducted on the property in the past by Minerales del Ecuador in and around 1998. The vendor, a mining engineer, has agreed to assist the company to retrieve relevant geological information for further exploratory development.
The company's new office address is 525, 101 - 6th Avenue S.W., Calgary, Alberta T2P 3P4 Canada. Phone: (403) 262-1816, Fax: (403) 262-1826
CAUTIONARY STATEMENT
The TSX Venture Exchange does not accept responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein. The News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Oromonte, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Oromonte's expectations are exploration risks detailed herein and from time to time in the filings made by Oromonte with securities regulations.
For further information
Burkhard Franz, President, Oromonte Resources Inc., Suite 525, 101-6 Ave. S.W., Calgary, AB T2P 3P4
