1. P. ZIHLMANN INVESTMENT MANAGEMENT AG
Your independent Swiss asset manager
THE TIMELESS PRECIOUS METAL FUND
THE TIMELESS ENERGY FUND
THE SIERRA MADRE GOLD & SILVER VENTURE CAPITAL FUND
OROCO RESOURCE CORP. (TSX: OCO) FOLLOW-UP NO. 4, JULY 4, 2012
Home page of OCO
Chart 3 years
OROCO RESOURCE CORP: RETURN ON CAD 10,000 INVESTMENT
Purchase Date No. of Shares Purchase Price Cost (CAD) Price Today Value Today
February 19, 2009 66'700 0.15 10'005
Total 66'700 0.15 10'005 0.25 16'675
Profit 6'670
Profit (in %) 67%
SHARES OUTSTANDING / FULLY DILUTED MARKET CAP
69,376,155 / 106,137,822 CAD 17.34 Million
52 WEEK LOW / HIGH TSXV
CAD 0.17 to 0.35 43,743 (200-day)
RECOMMENDATION RISK RATING
BUY SPECULATIVE
LOW-COST PRODUCTION IN MEXICO TO BE EXPECTED SOON. CURRENT STOCK PRICE
OFFERS HUGE POTENTIAL.
Business Summery
Oroco is a Canadian-based mineral exploration company with its primary focus on the accelerated
development of the gold-bearing oxide zones of its Cerro Prieto Project. The Cerro Prieto Project
consists of a group of 100% owned concessions comprising over 7,000 ha in northern Sonora State,
Mexico.
Oroco also owns a 100% interest in the the Xochipala Project, consisting of important and historical
concessions contained within the original Morelos National Mining Reserve (more recently dubbed the
Guerrero Gold Belt).

2. P. ZIHLMANN INVESTMENT MANAGEMENT AG
Projects
Cerro Prieto Project, Sonora, Mexico
Location: Sonora State, Mexico, 135 kilometers north of state capital Hermosillo. The concessions
cover land that is a privately owned cattle range land with no communities or residents. Access to the
property is secured by agreement with the landowner. The nearest community of Cucurpe is 12
kilometres south. The regional center of Magdalena de Kino (population 40,000) is 27 kilometres
northwest and is a one hour drive on mostly paved road.
Infrastructure: National Grid power lines and a paved road leading to the State’s major highway are
each less than five kilometres from the property. Ground water is available on site and a river flows
year round four kilometers south of the property. There are numerous nearby road and rail links to
ports in the state of Sonora.
During the first field season in 2008, the Company drilled 5,975 meters of core and tabled a NI 43-101
compliant resource estimate together with the results of a preliminary metallurgical study
Concessions: Oroco owns 100% of a 7,000 hectares land position: San Francisco, San Felix and
Elba (220 ha), Cerro Prieto North (2,508 ha), Argonauta (4,224 ha) and newly acquired Reyna de
Plata and Huerto de Oro contain four historical mines and strike length of mineralized structures.
The Cerro Prieto Mine is fully permitted for the construction and operation of an open
pit, heap leach gold and silver mine, surface rights necessary for the commencement
of mining and gold production are secure, and a contractor to provide engineering,
procurement, construction and management (EPCM) services is engaged.
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3. P. ZIHLMANN INVESTMENT MANAGEMENT AG
Property overview for the Cerro Prieto Project:
NI 43-101 Compliant Resource: The results of an independently calculated mineral resource
estimate based on data from the Phase 1 exploration program were announced in 2009.
With the completion of preliminary metallurgical testing demonstrating high percentage recoveries of
gold and zinc the resource estimate was redefined and a restated resource estimate was issued in
2009.
using 0.25 g/T gold cut-off
Positive Preliminary Economic Assessment completed in December 2010. Capital cost of $22.2
million, 157% IRR at $1350/oz gold and undiscounted cash flow of $89.5 million.
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4. P. ZIHLMANN INVESTMENT MANAGEMENT AG
Preliminary Economic Assessment and Mine Plan (see below):
Highlights
Oxide Gold and Silver Resource: 390,000 ounces gold and 6,193,000 ounces silver, 98% in
the Measured and Indicated resource confidence classification, with additional strike length of
geological structure drilled in 2012 yet to be incorporated into resource estimate
A positive Preliminary Economic Assessment by an independent mining engineering firm
demonstrates low CAPEX, rapid payback, and robust economics: Capital cost of US $22.2
million, 157% IRR at $1350/oz gold and undiscounted cash flow of US $89.5 million
Term Sheet executed, securing US $19.75 million project financing to be repaid with future
gold production
7 Year surface rights lease prepaid with extension option
Experienced Engineering, Procurement, and Construction Management (EPCM) contractor
engaged
Fully permitted for construction and operation
100% ownership interest in 7,000 hectares of concessions containing up to 17.5 km of strike
length
Favorable location and mining laws
If all goes as planned, construction on the mine site should start within the next couple of months.
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5. P. ZIHLMANN INVESTMENT MANAGEMENT AG
Exploration Potential:
On May 14, 2012 - Oroco reported additional results from the 2011 and 2012 exploration and infill drill
program at its Cerro Prieto.
As part of this overall drill program, the Company tested the southern extension of the mineralized
structure on strike from the southern boundary of the area containing the current resource, a length of
500 meters from Line 150N to Line 350S. All but one of the completed drill holes intersected
intervals of gold mineralization greater than the cut-off grade used in the existing resource
estimate for Cerro Prieto.
Highlights of the results include:
1. Holes CP067 and CP068A, both drilled on line 100N (50 m south of the boundary of the
current resource estimation), intersected 10.35 m of 0.65 g/t Au and 11.2 m of 0.60 g/t Au
respectively;
2. At Line 200S, hole CP095 intersected 15.0 m of 0.50 g/t Au in one of two zones intersected;
3. At Line 250S, hole CP097 intersected 9.00 m of 3.29 g/t Au in one zone and 12.65 m of 0.45
g/t Au in a deeper zone; and
4. At Line 300S, hole CP098 intersected 9.15 m of 0.57 g/t Au
The drill holes were spaced to test the structure to a maximum vertical depth of 100 meters at 50
meter intervals along strike. All drill holes intersected the structure and in some cases intersected
more than one mineralized zone.
The south end of the current proposed open pit extends south from line 150N to Line 000, however as
no drilling had previously taken place south of line 150N, the Current Resource is presently estimated
only as far south as Line 150N. Drill results within this area reported herein include intersections of
mineralization at gold grades greater than the cut-off grade used in the Company’s previously
announced resource calculation and Preliminary Economic Assessment.
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6. P. ZIHLMANN INVESTMENT MANAGEMENT AG
The Xochipala project, Guerrero Gold Belt, Mexico
Oroco holds a 100% interest in two contiguous mineral concessions in Guerrero, Mexico; Celia
Generosa and Celia Gene, totalling 193 hectares and together called the Xochipala Project.
The Xochipala claims cover ground in the Guerrero
Gold Belt sufficient to potentially generate reserves
greater than 1 million ounces gold in ore bodies
similar to the productive high-grade ore bodies that
have been discovered in the past within the region.”
Oroco’s Xochipala Project is located in the
southeast extreme of the original Morelos National
Mining Reserve, a 49,400 ha federal mineral reserve
which includes the most promising and expanding
gold reserves in Mexico. This region encompasses a
northwest trend of intrusions with associated gold
bearing iron skarn deposits and is part of a wider
area which has come to be known as the Guerrero
Gold Belt. The Oroco claim is totally surrounded by
a Goldcorp claim.
All gold mineralization discovered in the Guerrero Gold Belt occurs in clusters around these
intrusions. Gold deposits along this trend include El Limon (Torex Gold Resources Inc.), Nukay,
Los Filos and Bermejal (Golcorp) and Ana Paula (Newstrike Capital Inc.). Goldcorp’s Los Filos-mine
currently is the largest gold mine in Mexico and produced est. 345,000 ounces of gold in 2012.
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7. P. ZIHLMANN INVESTMENT MANAGEMENT AG
Oroco’s concessions contain mineralization in very well defined structures that outcrop for over one
kilometre and were the site of some of the earliest gold mining in the region from a number of small
underground workings. These concessions host intrusives of similar age and composition and several
areas of skarn mineralization with significant associated gold assays. Past work, including exploration
and artisanal mining, has focused on the high grade showings on the properties. Recent exploration
drilling by Goldcorp still needs to be analysed. It will be interesting to see what kind of first resource
estimate for the Xochipala project can be made on the basis of these drill results.
Xochipala Exploration and Potential
The Xochipala project has great exploration potential. Goldcorp’s Los Filos and Bermejal mine are
basically neighbours to Oroco’s Xochipala claim. These Goldcorp mines are open pit, heap-leach
operations. A couple of months ago Goldcorp published its new vastly expanded reserves for these
mines:
(Source: Goldcorp – Investor Day Presentation)
Fundamental Considerations
OROCO HAS RECEIVED THE PERMITS TO ADVANCE THE MINE PROJECT AT CIERRO
PRIETO.
THE PRELIMINARY ECONOMIC ASSESSMENT IS INDICATING THAT THE WAYS FORWARD
TOWARDS PRODUCTION WILL CAUSE A REVALUATION OF THIS UNDERVALUED STOCK.
OROCO HAS ENTERED INTO A CAD 19.75 MILLION FINANCING AGREEMENTS WITH A US-
BASED INSTITUTIONAL INVESTOR TO FUND THE CERRO PRIETO GOLD MINE PROJECT.
THE SHARE PRICE IN NO WAY REFLECTS THESE POSITIVE RESULTS AS THE MARKET
CAPITALIZATION IS ONLY $ 30 PER OUNCE OF GOLD EQUIVALENT.
THE POTENTIAL OF THE XOCHIPALA PROJECT HAS NOT BEEN REALIZED AND
APPRECIATED BY THE MARKET YET…
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8. P. ZIHLMANN INVESTMENT MANAGEMENT AG
BOTH PROJECTS ARE IN POLITICALLY STABLE MEXICO. BOTH PROJECTS COULD
BE SUBJECT TO FUTURE CONSOLIDATION OF THE GOLD MINING INDUSTRY IN
MEXICO.
Technical Considerations
TARGET +30% = $ 2,100
+26%
+27%
+34%
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9. P. ZIHLMANN INVESTMENT MANAGEMENT AG
+1,100%
THE DIFFERENCE BETWEEN 2008
AND 2012:
THE COMPANY HAS RECEIVED
PERMITS TO PUT A MINE WITH
OVER 500’000 oz. GOLD EQ. INTO
PRODUCTION.
ONE MAN’S DESPAIR, ANOTHER
MAN’S OPPORTUNITY!
Peter Zihlmann / Andrew Portmann
P. ZIHLMANN INVESTMENT MANAGEMENT AG
www.pzim.ch
www.timeless-funds.com
invest@pzim.ch
phone +41 44 268 51 10
THE TIMELESS PRECIOUS METAL FUND
is a shareholder in the company and will benefit from any increase in the company’s
share price.
How to invest:
http://www.timeless-funds.com/en/timeless-precious-metal-how-invest
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10. P. ZIHLMANN INVESTMENT MANAGEMENT AG
THE TIMELESS PRECIOUS METAL FUND
Is a Retail Collective Investment Scheme (SICAV), licensed by the Malta Financial Services Authority (MFSA).
THE TIMELESS PRECIOUS METAL FUND invests in listed mining companies of medium or small market capitalization,
which have to fulfill the following criteria:
Companies that are in production on the one hand, and have a high potential of adding new reserves and
resources.
Companies that are set to go into production and that have, at the same time, considerable exploration
prospects.
Companies that concentrate their exploration for precious metals in resource rich regions that have a
positive track record.
In addition we consider the experience and integrity of the mining company’s management as another
important investment criterion.
Emphasis on operations in mining friendly countries and jurisdictions.
Shares of medium sized mining companies are more volatile than big cap mining stocks and are best suited for long-
term investors. We also believe that mining companies are extremely undervalued at this time in relation to gold and
silver and that, for this very reason, they offer an outstanding capital gain potential.
NAV - The Timeless Precious Metal Fund
20
18
16
14
12
in EUR
10
8
6
4
2
0
Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12
THE SIERRA MADRE GOLD & SILVER VENTURE CAPITAL FUND
Is a Professional Investor Fund targeting experienced investors and is licensed by the MFSA.
The SIERRA MADRE GOLD AND SILVER VENTURE CAPITAL FUND invests in listed precious metal venture capital
mining companies with a focus on Mexico and other Latin American countries which have to fulfill the following
criteria:
Companies that are in production on the one hand, and have a high potential of substituting exhausted
resource bases, and at the same time, of adding new reserves.
Companies that concentrate on the exploration for precious metals in commodity rich regions that already
have a substantial resource.
In addition we consider the experience and integrity of the mining company’s management as another
important investment criterion.
Geographic focus is on Mexico and other Latin America countries but 10% of assets may be invested in other
countries.
The fund has no limitations as to the amount that can be invested in one company, giving the investor the chance to
benefit fully from the capital appreciation potential of a company.
NAV - Sierra Madre Gold and Silver Venture Capital Fund
1.4
1.2
1
0.8
in CAD
0.6
0.4
0.2
0
Nov-06 May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11 May-12
Our aim is to focus on a sustainable and constantly growing performance.
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11. P. ZIHLMANN INVESTMENT MANAGEMENT AG
P&V PRECIOUS METAL MINING FUND
Is a UCITS III fund, conform with EU law.
This fund also invests in junior precious metal mining companies world-wide.
The fund is more restrictive than the two previous ones as investments which exceed 5% cannot be more than 40% of
total assets. Not more than 10% can be invested in one single company.
The P&V PRECIOUS METAL MINING FUND offers less capital potential than the first two but it is also less exposed to
risk.
P&V Precious Metals Mining Fund
180
160
140
in CAD
120
100
80
60
Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12
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Disclosure:
The author has not been paid to write this article, nor has he received any other
inducement to do so.
Disclaimer:
The author’s objective in writing this article is to invoke an interest on the part
of potential investors in this stock to the point where they are encouraged to
conduct their own further diligent research. Neither the information nor the
opinions expressed should be construed as a solicitation to buy or sell this
stock.
Investors are recommended to obtain the advice of a qualified investment
advisor before entering into any transactions in the stock - or to use their own
brains.
In our opinion, the best approach is to buy a diversified portfolio of stocks as
represented in THE TIMELESS PRECIOUS METAL FUND or THE SIERRA MADRE
GOLD & SILVER VENTURE CAPITAL FUND instead of shares of only a small
number of companies.
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