NOVEMBER 10, 2013, Davao, Philippines— With heavy hearts, Oro East Mining, Inc. (OTCBB: OROE), a global mines acquisition, exploration, and development group and pioneer in sustainable mining and refinery technologies, announced today that Typhoon Haiyan devastated the Davao region of the Philippines where the Company’s MPSA 320-2010-XI claim is located. The typhoon swept away and destroyed roads, developed lands, and buildings. On the grounds of force majeure, the Company’s mining operations ceased and are presently ceased indefinitely as the region focuses on rebuilding itself. As a result of Typhoon Haiyan, there have been no further activities by the company in the Philippines.
Oro East directors convened to discuss the trajectory of its business, given the natural disasters that have ravaged its mining claims in the Philippines, and decided unanimously to focus business in the United States, in particular gold and other precious mineral acquisitions in California. The Company voted to cease exploration in the Philippines and invest fully in developing its business acquisitions in the mineral industry within the United States.
Tian Q. Chen, the company’s Chief Executive Officer, made a special trip to the Philippines to convey the company’s sympathies to the local workers. “Without the local support and love Oro East has received throughout its inception, we would not have had the success we enjoyed and the warm reception we were privileged to experience in the Philippines. We now wish to give back as much as we can and will see to it that those of our employees and workers who were affected by the typhoon are taken care of. The company has donated to local disaster relief funds and is using all of its resources, construction equipment, and local manpower to assist in the clean-up efforts. Our hearts truly go out to those who have lost loved ones in this tragedy. On behalf of Oro East, I extend my sincerest prayers of condolence.”
Disclaimer about forward-looking statements. This news release includes “forward-looking statements” as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the control of Oro East. These forward- looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding future expectations of Oro East. Readers can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “risk,” “should,” “will” or “would” and other similar expressions. Risks, uncertainties and other factors may cause Oro East’s actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Philippine peso; failure to recover the resource and reserve estimates of the Project; the failure of Oro East’s suppliers and service providers to fulfill their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements.