Oroco and Goldgroup Agree to an Extension of the Closing Date for the Sale of Cerro Prieto

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 16, 2013) - Oroco Resource Corp. ("Oroco") (TSX VENTURE:OCO)(FRANKFURT:OR6) announces that it has agreed to extend to August 15, 2013 the closing date for the sale to Goldgroup Mining Inc. ("Goldgroup") of Oroco's Cerro Prieto project so as to allow sufficient time for the completion of documentation relating to the financing announced today by Goldgroup (See Goldgroup News Release dated July 16, 2013).

In consideration of the granting of the extension, Goldgroup has agreed to reimburse Oroco for all fees, expenses and liabilities incurred from June 28, 2013 by Minas de Oroco S.A. de C.V., a wholly-owned subsidiary of Oroco and the holder of the Cerro Prieto project, and all interest charges accruing from June 28, 2013 in regard to the debentures issued by Oroco on May 21, 2012. Goldgroup has also paid to Oroco a US$100,000 deposit against the initial payment of US$4,500,000 due to Oroco upon closing of the sale.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.