Oroco Resource (TSX-V:OCO, StockForum), a Vancouver-based mineral exploration firm engaged in the development of Mexican precious metal projects, announced today that the company received a favorable ruling from the Federal Tribunal of Mexico, granting the company’s appeal of the lower Federal District Court ruling in regards to Oroco’s Xochipala project.
According to the news release, the Federal Tribunal’s ruling reaffirms that Oroco’s subsidiary Xochipala S.A. de C.V., is the sole registered owner of 100% of each of the Celia Gene and Celia Generosa concessions, also known as the Xochipala property.
The decision threw out Mr. 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.
Mexico’s Federal Tribunal determined, upon granting the company’s amparo and putting a stop to the entire court action process, that Bautista holds no legal claim or interest in the aforementioned concessions and therefore has no legal precedent on which to petition the courts.
The tribunal’s decision is final with no more appeals available.
Oroco was in the news recently when the company announced a 33% increase in production.
Shares climbed 214.29% on the news to $0.11 per share.
Currently there are 77.9m outstanding shares with a market cap of $8.6 million.
