This is some in-depth on the company and its Gold Silver Deposit in Mexico. With a indicated resource looking to go into production in the near term this is a interesting read. The president has extremely good credentials as former exploration president for Tech-Cominco

1. P. ZIHLMANN INVESTMENT • MANAGEMENT AG
Your independent Swiss asset manager
THE TIMELESS PRECIOUS METAL FUND
THE TIMELESS ENERGY FUND
THE SIERRA MADRE GOLD & SILVER VENTURE CAPITAL FUND
OROCO RESOURCE CORP. (TSX:OCO) NEW RECOMMENDATION, February 25, 2009
Home page of OCO
Chart 3 years
OROCO RESOURCE CORP: RETURN ON CAD 10,000 INVESTMENT
Purchase Date No. of Shares Purchase Price Cost (CAD) Price Today Value Today
February 19, 2009 66'700 0.15 10'005.00
Total 66'700 0.15 10'005.00 0.20 13'340.00
Profit 3'335.00
Profit (in %) 33%
SHARES OUTSTANDING / FULLY DILUTED MARKET CAP
27,593,521 / 35,145,281 CAD 3.8 Million
52 WEEK LOW / HIGH TSXV
CAD 0.03 to 0.75 58,600 (200-day)
RECOMMENDATION RISK RATING
BUY HIGHEST
$ 250 CONTAINED METAL FOR EACH $ 1 MARKET CAP AND ADDITIONAL DEVELOPMENT
DRILLING IN 2009
Business Summery
Oroco is a Canadian junior mining company focused on the exploration and development of the Cerro
Prieto Mine, a historical gold and silver producer in Sonora State, Mexico.
The mine is contained within Oroco's 27.23 sq. km. of 100% owned mining concessions.
A successful phase one exploration program was completed in October, 2008, drilling in detail just 600
meters of strike length of the mineralized structure out of the several thousand meters of the structure
contained on Oroco’s concessions. The results of an independently calculated mineral resource
estimate based on data from the Phase 1 exploration program were announced on January 27, 2009.
The National Instrument 43-101 compliant study concludes that work to date on the property
has outlined an indicated resource of 25,250,000 tonnes with an average grade of 0.52 g/t Au,
8.6 g/t Ag, 0.34% Pb and 1.02% Zn and, in addition, a total inferred resource of 4,690,000 tonnes
with an average grade of 0.17 g/t Au, 19.4 g.t Ag, 0.37% Pb and 1.20% Zn.
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2. Project Location
OROCO's principal assets are:
• A 100% ownership interest in the 215 hectare San Francisco and San Felix mining
concessions hosting the past producing Cerro Prieto Mine, as well as a 100% interest in the
2,508 hectare, Cerro Prieto North mining concession containing additional strike length of the
mineralized structure which hosts the Cerro Prieto Mine.
• 100% ownership of 3 mining concessions within the original Morelos National Mining Reserve.
The Celia Gene and Celia Generosa mining concessions lie within 2 kilometres of
Goldcorp’s Los Filos-El Bermejal open pit gold mine and contain mineralization similar in
style to that mine as well as the mineralization hosting several other gold mines in the area.
High grade underground zones within the concessions hosted historic gold production.
History
The Cerro Prieto Mine operated from 1906 with production reportedly between 500 and 720 tpd of
gold and silver ore grading 3 to 15 g/ton Au and 50 to 60 g/ton Ag.
Mining operations ceased in 1912 at the time of the Mexican Revolution and were never resumed. A
number of factors, including the 1966 mining law requiring 51% Mexican ownership, prevented further
mining in the 20th century.
Companies conducting exploration programs from 1969 to 1999 issued consistent reports of
mineralization at Cerro Prieto. In 1998 Morgain Minerals Inc. conducted a reverse circulation drill
program of 23 holes on a limited portion of the structure and based on this drill program Morgain
management estimated that within the area of drilling and detailed work there is a bulk underground
resource* of 7,061,129 tons at an average gold equivalent grade of 4.40 g/ton and an open pit
resource* of 1,391,000 with an average gold equivalent grade of 2.47 g/ton.
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3. NI 43-101 COMPLIANT RESOURCE
At the completion of Oroco's Phase 1 exploration program at Cerro Prieto, Giroux Consultants Ltd.
of Vancouver, an independent consulting firm specializing in resource and reserve calculations,
completed a resource calculation using information from 23 of the 24 holes completed by Oroco in
2008. Drilling consisted of 24 holes in 6,000 meters diamond drilling at 100 meter centers over a strike
length of 6000 meters and to a maximum depth of 400 meters as well as a single step out drill hole.
CP023, drilled on strike 300 meters north of the area of detailed drilling. Drill hole CP023, considered
a step out hole, intercepted a broad zone of well mineralized rock but data from this hole was not
included in the resource calculation.
On January 27, 2009 the results of this independent resource calculation were announced.
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4. A Phase 2 drill program is planned which will include detailed drilling at 100 meter centers over an
additional 650 of strike length and to a depth of 400 meters. Mineralization over this strike length has
been confirmed by trenching and sampling on the outcropping structure at 50 meter intervals returning
grades and widths comparable to those in the area of the existing resource, as well as the step out
hole at approximately the mid point of this 650 meters of strike. Phase 2 exploration will also include
preliminary testing of the additional several kilometres of length of the geological structure which hosts
the mineralization.
The Xochipala project
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5. Oroco holds a 100% interest in two contiguous mineral concessions in Guerrero, Mexico; Celia
Generosa and Celia Gene, totaling 193 hectares and together called the Xochipala Project.
The Xochipala claims cover ground in the Guerrero Gold Belt sufficient to potentially generate
reserves greater than 1 million ounces gold in ore bodies similar to the productive high-grade ore
bodies that have been discovered in the past within the region.” (Report on the Xochipala Property
“Morelos” National Reserve District, Guerrero, Mexico, Prepared by Tawn Albinson F., M.Sc., for
Britannia Gold Corporation, 1997, the “Albinson Report”)
Oroco’s Xochipala Project is located in the southeast extreme of the original Morelos National Mining
Reserve, a 49,400 ha federal mineral reserve which includes the most promising and expanding gold
reserves in Mexico. This region encompasses a northwest trend of intrusions with associated gold
bearing iron skarn deposits and is part of a wider area which has come to be known as the Guerrero
Gold Belt (the “GGB”).
The GGB is currently the focus of aggressive exploration, delineation, development, and
mining by Canadian and Mexican majors.
Teck Cominco, Goldcorp and Grupo Mexico are exploring and delineating gold reserves in the GGB
and to date have discovered in excess of 12 million ounces of gold. Regionally, several multi million
ounce gold deposits related to skarns along the peripheries of felsic to intermediate intrusions have
recently been identified. These include the El Limon deposit as well as the Nukay and Todos Santos
deposits, and approximately two kilometres from the Xochipala Project boundary, Goldcorp’s Los
Filos-El Bermejal mine, forecast to produce 280,000 ounces of gold in 2008.
Oroco’s Celia Generosa and Celia Gene concessions contain mineralization in very well defined
structures that outcrop for over one kilometre and were the site of some of the earliest gold mining in
the region from a number of small underground workings. These concessions host intrusives of similar
age and composition and several areas of skarn mineralization with significant associated gold
assays. Past work, including exploration and artisanal mining, has focused on the high grade
showings on the properties. The exploration program at Xochipala will focus on the high grade
showings on the properties and potential for medium to lower grade deposits amenable to open pit
mining. The project area is well served by a network of local roads and the principal centers of
population are Xochipala just one kilometre from the property boundary, and the State capital of
Chilpancingo approximately 30 kilometres away by good paved road. The district is served by
hydroelectric power from the Caracol dam and water is locally available. A large trained labour pool is
locally available.
Recent Developments: OROCO REPORTS A 25.3 MILLION TONNE INDICATED RESOURCE
AND 4.69 MILLION TONNE INFERRED RESOURCE AT CERRO PRIETO
Oroco Resource Corp. reports the results of an independently calculated mineral resource estimate
based on data from the recently completed Phase 1 exploration program at the 100% owned Cerro
Prieto project in Sonora State, Mexico.
The National Instrument 43-101 compliant study concludes that work to date on the property
has outlined an indicated resource of 25,250,000 tonnes with an average grade of 0.52 g/t Au,
8.6 g/t Ag, 0.34% Pb and 1.02% Zn and, in addition, a total inferred resource of 4,690,000 tonnes
with an average grade of 0.17 g/t Au, 19.4 g.t Ag, 0.37% Pb and 1.20% Zn.
Ken Thorsen, President and CEO of Oroco, stated: quot;We are extremely excited to be releasing this
initial National Instrument 43-101 Resource Estimate on the Cerro Prieto project. It is based on a
diamond drill program of 23 holes, all of which successfully intercepted the mineralized zone (with the
exception of two which failed to reach the zone because of bad ground conditions) and included
mineralization that contributed to the resource. Also noteworthy is that the Phase 1 exploration
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6. program included surface trenching confirming mineralization over a strike length 100% greater than
that of the drill holes incorporated in this resource estimate, as well as a successful step out drill hole
300 meters north of the resource. The deposit remains open on strike to the north and south and to
depth.
We strongly feel that drilling in a Phase 2 exploration program, expected to be completed
during 2009, has significant potential to add to the resource both on strike and down dip.”
Fundamental Considerations
A Phase 2 drill program is planned which will include detailed drilling at 100 meter centers over an
additional 650 of strike length and to a depth of 400 meters. Mineralization over this strike length has
been confirmed by trenching and sampling on the outcropping structure at 50 meter intervals returning
grades and widths comparable to those in the area of the existing resource, as well as the step out
hole at approximately the mid point of this 650 meters of strike. Phase 2 exploration will also include
preliminary testing of the additional several kilometres of length of the geological structure which hosts
the mineralization.
The value of the contained metal in the resource is over $ 1 billion, approximately 1.25 million
oz gold equivalent or 76 million oz silver equivalent.
85% is an indicated resource and will not require infill drilling.
Oroco is confident that this resource can be substantially expanded as 20% of the drilled area
remain to be included in the resource calculation.
The phase 2 drill program will start in April for completion in October.
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7. Some highlights:
• At today’s metal prices, Oroco has $ 38 of contained metal per share in
the current resource.
• For each $ 1 market cap, Oroco has $ 250 of contained metal in the
current resource.
• For each $1 spent on exploration last year, Oroco created $ 1,000 of
contained metal in the current resource and Phase 2 is projected to have
similar results.
• Mineralization is contained in a single contiguous ore body, averaging 40
meters wide, starting at surface, with topography favourable for low cost
open pit mining.
An economic assessment is under way and is expected to be completed in the next several
weeks.
The current resource is sufficient to support a 5,000 tpd mine with a 20 year mine life and
management plans additional resource definition with the 2009 drill program sufficient to
support a 10,000 tpd operation with a 20 year mine life.
Mining and milling costs are estimated to be between $ 10 and $ 14 per tonne, and contained
metal values are of $36 per tonne at current metal prices.
Technical Considerations
GOLD SHARES LIKELY TO
OUTPERFORM THE PRICE OF GOLD!
GOLD OUTPERFORMS THE SHARE
PRICE OF GOLDCORP!
THE SHARE PRICE OF GOLDCORP
OUTPERFORMS THE PRICE OF GOLD!
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8. TARGET $ 1,340
+70%
GOLD OUTPERFORMING
THE S&P 600 SMALL CAP
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9. MAJORS PAID AT LEAST $ 50 PER OUNCE OF
GOLD IN THE GROUND IN THE PAST AT A
TIME WHEN THE GOLD PRICE WAS AT $ 650.
THE GOLD EQUIVALENT
RESOURCE OF 1.25 MILLION
OUNCES HAS A MARKET
CAP OF $ 3.30 PER SHARE.
THE GOLD EQUIVALENT
RESOURCE OF 1.25 MILLION
OUNCES HAD A MARKET
CAP OF $14 PER SHARE.
THE GOLD EQUIVALENT
RESOURCE OF 1.25 MILLION
OUNCES HAD A MARKET
CAP OF $0.58 PER SHARE.
Peter Zihlmann
www.pzim.ch
invest@pzim.ch
phone +41 44 268 51 10
mobile +41 79 379 51 57
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10. www.timeless-funds.com
is a shareholder in the company and will benefit from any increase in the company’s
share price.
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Disclosure: The author has not been paid to write this article, nor has he received any other
inducement to do so.
The author is a shareholder in the company and will benefit from any increase in the
company’s share price.
Disclaimer: The author’s objective in writing this article is to invoke an interest on the part of
potential investors in this stock to the point where they are encouraged to conduct their own
further diligent research. Neither the information nor the opinions expressed should be
construed as a solicitation to buy or sell this stock. Investors are recommended to obtain the
advice of a qualified investment advisor before entering into any transactions in the stock.
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