Orofino Gold Corp: Sur de Bolivar region produced approx. 7.8 Billion dollars worth of (6 Million ounces) of Gold, or 358 million dollars (275,000 ounces) of Gold per year. (based on current gold prices)
LAS VEGAS, NV, June 12, 2013 /PRNewswire/ - Orofino Gold Corp. (PINK OTC: ORFG) ("Orofino Gold" or the "Company") is pleased to announce that in Colombian mining districts of Sur de Bolivar, where the Company has its concessions under option has produced approximately 7.8 billion dollars worth (6 Million ounces) of Gold or 358 million dollars worth( 274,000 ounces) of Gold per year.
Colombian Government recorded gold production from the Sur de Bolivar region, between 1987 and 1994 was 1,271,000 ounces of gold, and the region is presently reporting the highest annual gold production in Colombia, averaging 275,000 ounces per year since 1991.
This area has produced more than 6 million ounces using old recovery methods, now after three years of observation and study, Orofino Gold Corp. is working to create and implement a model that offers business contracts to groups of local artisanal miners.
These contracts will require the artisanal miners to form companies or cooperatives that comply with local employment and other laws and agree to follow contract rules and procedures (which were developed in consort with the mining communities), to operate within the company's plan and deliver the ore to Orofino's plant for proper optimal processing. The company will pay these miners based on the US dollar spot price of the gold that is recovered from the ore they deliver.
Orofino Gold Corp. is a mining exploration and development company formed to acquire, develop, and exploit natural resource properties focusing primarily on the rich, yet highly underdeveloped gold deposits of Colombia in a socially and environmentally responsible manner. The high-grade vein system was sampled by Orofino and returned grades as high as 150g or 4.8 ozs/t of Au.
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 Orofino Gold Corp.