CuOro Resources Corp. (TSXV:CUA) announced the completion of its initial assessment of the Barranco de Lobo project. CuOro reported that the overall results did not meet expectations. The Company’s board has decided that it will be terminating its option agreement.
As quoted in the press release:
The Barranco de Lobo project is held pursuant to an option agreement that calls for further cash payments of US $600,000. The Company has been in negotiations with the underlying owner seeking an amendment of the quantum and timing of the option payments.