LAS VEGAS, NV, Oct. 3, 2013 /PRNewswire/ - Orofino Gold Corp:
The Company plans to acquire Oil Production leases in Uinta and
San Juan basins and negotiates to
acquire Rio-Viejo Joint/Venture
agreement to add shareholder value.rofino Gold Corp: The Company
plans to acquire Oil Production leases in Uinta and San Juan basins and negotiates to acquire
Rio-Viejo Joint/Venture agreement to
add shareholder value.evada, October
3rd, 2013 - Orofino Gold Corp. (PINK OTC: ORFG) ("Orofino
Gold" or the "Company") is pleased to announce that the Company is
in discussions with the a private Company to acquire Oil Production
leases in Uinta basin in the State of
Utah.
The Company is seeking to acquire Oil & Gas leases on Net
Revenue cash flow basis in Sanpete
County, in Central Utah and
San Juan Basin, The San Juan structural basin is a large downwarp
of sedimentary rocks of mostly Mesozoic age. As a geologic region,
the San Juan Basin is noted for
its large deposits of coal, uranium, and natural gas. Since the
1980s, the Fruitland Formation in the basin has been one of the
major US sources of coal bed methane. In 2007, the San Juan Basin produced 1.32 trillion cubic
feet of natural gas, making it the largest source of natural gas in
the United States.[3] Uranium mining in New Mexico is also performed from the
San Juan Basin.
Several reports have suggested that Uintah, Duchesne and Sanpete Counties in North Eastern Counties
have recoverable Oil resource in excess of 14.5 Billion barrels of
Shale Oil.
The Company has approved to grant of an option and formation of
joint venture on its gold/silver properties located in Colombia.
Although Orofino's concessions are only in the initial stages of
exploration, preliminary work done by previous claim holders
suggests the company's concessions could include heavily
mineralized regions well-suited for economic development. Orofino's
geological consultants have confirmed the findings of the previous
claim holders. In addition, early rock sample analysis has resulted
in gold concentrations above industry-wide averages. These same
reports have also revealed substantial amounts of silver,
suggesting the possibility of additional high-value mineral
recoveries beyond gold. Further grab and chip samples will be
assayed to establish an area to focus on for initializing test
production.
Forward-Looking Statements
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 Orfino Gold Corp.