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UPDATE: Oroco and Goldgroup Sign Formal Sale Agreement for Cerro Prieto

Oroco Resource Corp (ORO.V) which closed at a yr low of 9 cents yesterday, and Goldgroup Mining Inc. (GGA.to) announced that, further to the binding letter agreement between them in January, the Companies have now signed a formal agreement whereby Goldgroup will effectively purchase from Oroco a 100% interest in Oroco's Cerro Prieto Project, located in Sonora State, Mexico.

Oroco announced that it has also terminated the agreement with Waterton Global Value L.P. whereby Waterton was committed to provide a secured $5 million convertible debt facility to Oroco.

Goldgroup is now at 23 cents. Oroco is unchanged at 9 cents.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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