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Oroco stocks rocket 200% after winning Mexican appeal

Oroco stocks rocket 200% after winning Mexican appeal

Photo by Reuters

7th February 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The TSX-V-listed stocks of junior exploration firm Oroco Resource Corp on Friday shot up 200% after a Federal Tribunal of Mexico had granted the company's appeal of the decision of the lower Federal District Court regarding Oroco's Xochipala project.

The Federal Tribunal's ruling reaffirmed that Oroco's subsidiary Xochipala was the sole registered owner of 100% of the Celia Gene and Celia Generosa concessions, also known as the Xochipala property, and scrapped Avinadain Bautista's competing claim on the property, which arose from the earlier court action concerning the Camacho interest.

The tribunal also dismissed Bautista's appeal to enforce his claim to the Camacho interest. Upon granting the company's protection of rights and setting aside the entire court auction process, the Federal Tribunal determined that Bautista had no legal claim or interest in the concessions and thus had no legal standing to petition the courts.

The decision of the Federal Tribunal was final, with no appeal available.

The Mexico-focused company’s TSX-V-listed shares rose to C$0.12 in early trade on Friday.

Edited by Creamer Media Reporter

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