CuOro Resources (CUA.V) announced it will terminate the option on the Barranco de Loba Gold project in Colombia. The company conducted a first exploration program on the property and as the results weren’t as impressive as hoped for, CuOro decided to cancel the option agreement, and $600,000 will be written off.
The company also announced some board changes, as CEO Robert Sedgemore is stepping down and will be replaced by John Seaman as interim-CEO. The company has started the search to hire a new CEO.
CuOro has promoted Iain Kelso to the position of VP Exploration and appointed Pablo Orsolani as General Manager of CuOro’s Colombian subsidiary.
CuOro’s share price continues to go south without any specific reason. The company currently has a market capitalization of only C$12.2M, and has approximately C$9M in cash, so you basically get the Santa Elena VMS project for a little bit more than C$3M.
Press release: Option agreement termination
Press release: Management changes
Disclosure: Cuoro Resources Corp. is a sponsoring company. Please see our disclaimer for current positions.
