VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/03/12 -- Oroco Resource Corp. (TSX VENTURE:OCO) ("Oroco" or "the Company") announces that it has closed a private placement of $3,750,000 of convertible debentures (the "Debentures") to two private investment funds controlled by an American institutional investor.

The Debentures have a term of two years and a coupon rate of 10% per annum. Each will be convertible into units of the Company's equity at a deemed price of $0.25 per unit, with each unit being comprised of one common share and one half of one share purchase warrant. Each whole warrant will entitle the holder to purchase a common share of the Company at a price of $0.40 per share for a period of two years from the date of issuance of the Debenture.

Part of the proceeds from the Debenture, in the approximate amount of $2,540,000, have been used to repay the outstanding loan from EXP T1 Ltd. The balance of the proceeds of the Debentures will be used for the continuing advancement of the Company's Cerro Prieto Project in Sonora State, Mexico.

The Company will pay a finder's fee of $56,250 in connection with the closing of the Debentures.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.