VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2012) - Eco Oro Minerals Corp. (the "Company" or "Eco Oro") (TSX:EOM) announces that the Company has received a decision of Colombia's national mining agency (Agencia Nacional de Mineria or "ANM"), contained in Resolution VSC 002 dated August 8, 2012 (the "Resolution"), regarding the Company's application for an extension of the exploration phase of the Company's principal mining title, concession contract 3452 (the "Concession"). In the Resolution, the ANM indicates that approximately 54% of the Concession is located in what they regard as Santurban páramo based on the cartographic information contained in the National Mining Registry prepared by the Von Humboldt Institute (Instituto Alexander Von Humboldt or "IAVH")) and, on that basis, have extended only the remaining 46% of the Concession for 2 years, until August 8, 2014. In addition, the ANM is requiring that the Company revise the technical report detailing the Company´s current and proposed exploration activities on the Concession, which was submitted with the Company's May 4, 2012 application for the extension, such that the Company's activities on the Concession are limited to the areas of the Concession that are the subject of extension. The Resolution also provides that the Resolution should be forwarded, once it becomes final, to the area of the ANM responsible for the mining contracts and titles to take appropriate measures to have the areas of the Concession not subject to the extension returned. The portion of the Concession that was not extended and that is to be returned, pursuant to the Resolution, contains approximately 70% of the Company's Angostura deposit.
Today EOM (formerly Greystar Res.) is slashed off 55% ... to penny stock status.