Orofino Gold Corp: The Company plans to acquire Oil Production leases in Uinta and San Juan basins and negotiates to acquire ...
03 Octubre 2013 - 4:00AM
OTC Markets
Orofino Gold Corp: The Company plans to acquire Oil Production
leases in Uinta and San Juan basins and negotiates to acquire
Rio-Viejo Joint/Venture agreement to add shareholder value
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Orofino Gold Corp: The Company plans to acquire Oil Production
leases in Uinta and San Juan basins and negotiates to acquire
Rio-Viejo Joint/Venture agreement to add shareholder value
PR Newswire
LAS VEGAS, NV, Oct. 3, 2013
LAS VEGAS, NV, Oct. 3, 2013 /PRNewswire/ - Orofino Gold Corp:
The Company plans
to acquire Oil Production leases in Uinta and San Juan basins and
negotiates to acquire Rio-Viejo
Joint/Venture agreement to add
shareholder value.rofino Gold Corp: The Company plans to acquire
Oil
Production leases in Uinta and San
Juan basins and negotiates to
acquire Rio-Viejo Joint/Venture
agreement to add shareholder
value.evada, October 3rd, 2013
- Orofino Gold Corp. (PINK OTC: ORFG)
("Orofino Gold" or the "Company") is pleased to announce that
the
Company is in discussions with the a private Company to acquire
Oil
Production leases in Uinta basin in the State of Utah.
The Company is seeking to acquire Oil & Gas leases on Net
Revenue cash
flow basis in Sanpete County, in
Central Utah and San Juan Basin, The
San Juan structural basin is a
large downwarp of sedimentary rocks of
mostly Mesozoic age. As a geologic region, the San Juan Basin is noted
for its large deposits of coal, uranium, and natural gas. Since
the
1980s, the Fruitland Formation in the basin has been one of the
major
US sources of coal bed methane. In 2007, the San Juan Basin produced
1.32 trillion cubic feet of natural gas, making it the largest
source
of natural gas in the United States.[3] Uranium mining in
New Mexico is
also performed from the San Juan
Basin.
Several reports have suggested that Uintah, Duchesne and Sanpete
Counties in North Eastern Counties have recoverable Oil resource
in
excess of 14.5 Billion barrels of Shale Oil.
The Company has approved to grant of an option and formation of
joint
venture on its gold/silver properties located in Colombia.
Although Orofino's concessions are only in the initial stages
of
exploration, preliminary work done by previous claim holders
suggests
the company's concessions could include heavily mineralized
regions
well-suited for economic development. Orofino's geological
consultants
have confirmed the findings of the previous claim holders. In
addition,
early rock sample analysis has resulted in gold concentrations
above
industry-wide averages. These same reports have also revealed
substantial amounts of silver, suggesting the possibility of
additional
high-value mineral recoveries beyond gold. Further grab and
chip
samples will be assayed to establish an area to focus on for
initializing test production.
Forward-Looking Statements
These statements are not guarantees of future performance and
involve
certain risks and uncertainties that are difficult to predict.
Actual
results could vary materially from the description contained herein
due
to many risk factors that affect the industry the Company operates
in
and other risk factors listed from time to time in the
Company's
Securities and Exchange Commission (SEC) filings under "risk
factors"
and elsewhere. The forward-looking statements contained in this
press
release speak only as of the date on which they are made, and
the
Company does not undertake any obligation to update any
forward-looking
statement to reflect events or circumstances after the date of
this
press release.
SOURCE Orfino Gold Corp.
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