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Oroco and Goldgroup Extend the Closing Date for the Cerro Prieto Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 16, 2013) - Oroco Resource Corp. ("Oroco") (TSX VENTURE:OCO)(OR6.F) announces that they have agreed to extend the closing of Goldgroup Mining Inc.'s acquisition of the Cerro Prieto project (the "Cerro Prieto project") to August 30, 2013.

Goldgroup has made a further deposit of US $40,000 to Oroco, in addition to the US $100,000 deposited on July 15, 2013, which will be applied against the US $4.5 million initial payment due to Oroco on the closing of the acquisition of the Cerro Prieto project. The closing has been extended to allow Goldgroup time to complete the CDN $4 million senior secured loan facility announced in its news release of July 16, 2013. Goldgroup and Oroco remain committed to the Cerro Prieto transaction and they intend to close the transaction simultaneously with Goldgroup's closing of the related senior secured loan facility.