Nov 21 2011
Oraco Resources, Inc. has announced 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.
“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.”
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.
Source: www.OracoResources.com