ROCHESTER, N.Y.--(BUSINESS WIRE)--Oraco Resources, Inc. (OTC:QB “ORAC”) announced today that the initial, and unofficial, reports concerning the recently completed survey of ORAC’s interests in the Nimini Hills concession, indicate that the concession encompasses an area that is close to 50 square kilometers (or approximately 12,355 acres) in size, rather than 500 acres, as the locals originally reported it to be.
“This is very exciting news for Oraco. If this initial report of the survey is certified as the official and accurate measurement of our holdings in Nimini Hills, it should be a substantial benefit to the Company,” says Bradley Rosen, President and CEO of ORAC.
Oraco’s interest in the Concession is the division of Net Revenues at 69% to Oraco’s wholly owned subsidiary JYORK, and 31% to the Nimikoro Chiefdom (“Net Revenue”, in broad terms, being 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).
The location of the interest is southwest of the town of Koidu, in the Nimikoro Chiefdom, Kono District of Sierra Leone.
About Oraco:
Oraco is both a diamond and gold mining company and an exporting company with operations presently centered in Sierra Leone. Oraco has a broad portfolio of capital investment opportunities that arise from the extensive knowledge that Oraco’s personnel and consultants have of the geology and history of diamonds and gold production, and also exportation, in Sierra Leone and other African countries. These opportunities were created, in large part, by Charles Huggins, the founder of Oraco’s wholly owned subsidiary JYORK Industries, Inc. (a Sierra Leone corporation). Mr. Huggins unique expertize was acquired from over the more than 20 years of experience he has in operating numerous ventures in these areas. Mr. Huggins has entered into a long term exclusive agreement as Chief Executive Consultant to Oraco. For more information, visit Oraco’s website at www.OracoResourcesInc.com.
Forward-Looking Statement
Certain statements, included in this release, statements such as “it should be a substantial benefit to the Company”, contain some statements that are other than purely historical information, including, but not limited to: estimates, projections, statements relating to our business plans, objectives, expected operating results, the assumptions upon which those statements are based, and all other like speculative and/or indefinite statements, are “forward-looking” statements. Forward-looking statements are identified by words such as: “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and any and all other similar expressions that are speculative and/or indefinite. Forward-looking statements are based on current expectations and assumptions, and are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to: our inability to monetize the concessions mentioned herein, changes in economic conditions, legislative/regulatory changes, changes in political climate, availability of capital, interest rates, competition, and changes in generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, can be found at our website www.OracoResourcesInc.com and in our filings with the SEC.