CuOro Resources (CUA.V) has announced an update earlier this week. The company has appointed Joseph Belan to the board of directors, which we think is a good addition to the current board. Belan has held various positions in mining-focused investment entities such as Pala Investments (which holds in excess of 37% of the shares of Nevada Copper (NCU.TO)). Mr. Belan has extensive experience in Colombia, as he was the CEO of Coal Corp Mining, a coal-focused company in Colombia.
CuOro is cutting back on exploration expenses at Santa Elena and is currently conducting a 416km long VTEM survey over the entire Santa Elena property. We expect this survey will highlight new anomalies that will be drilled in 2013.
CuOro currently has approximately C$8.5M in cash, representing a cash position of C$0.28 per share. We hope and think 2013 will be a much better year for the company and would like to see them trading above the $1-treshold again.
Disclosure: Cuoro Resources Corp. is a sponsoring company. Please see our disclaimer for current positions.
