Eco Oro Reschedules Annual General and Special Shareholders' Meeting, Amends Settlement Agreement and Obtains Loan

VANCOUVER, Sept. 11, 2017 /CNW/ - Eco Oro Minerals Corp. ("Eco Oro" or the "Company") (TSX: EOM) announces that it has rescheduled the annual general and special meeting (the "2017 Meeting") of the holders of common shares of Eco Oro (the "shareholders") previously scheduled for September 26, 2017, that it has approved an amendment to the previously disclosed settlement agreement dated July 31, 2017 and that it has obtained a loan.

2017 Meeting Rescheduled

As a result of recent amendments made to the settlement agreement entered into on July 31, 2017 (the "Amended and Restated Settlement Agreement"), which are outlined below, the board of directors (the "Board") has determined that it is in the best interests of the Company to reschedule the 2017 Meeting. The rescheduling of the 2017 Meeting is also possible due to an order obtained on August 28, 2017 from the Ontario Securities Commission (the "OSC"), which varied the April 23, 2017 order of the OSC by providing that the Company has until October 30, 2017 to comply with the April 23, 2017 order.

The 2017 Meeting has been rescheduled to be held on Tuesday, October 10, 2017 at 10:00 a.m. (Toronto time) at the offices of Norton Rose Fulbright Canada LLP, Royal Bank Plaza, South Tower, Suite 3800, 200 Bay Street, Toronto, Ontario M5J 2Z4. The record date for determining shareholders entitled to vote at the 2017 Meeting remains August 11, 2017.

Eco Oro intends to mail the notice of annual general and special meeting and management information circular, together with the other materials related to the 2017 Meeting and other proxy-related materials, to the shareholders of record on or about September 14, 2017.

Amended and Restated Settlement Agreement

The Board has determined that it is in the best interest of the Company to approve certain amendments to the previously disclosed comprehensive settlement agreement dated July 31, 2017. As disclosed in a press release dated August 1, 2017, this agreement was approved by the Board and, upon its implementation, will resolve all outstanding litigation relating to the Board's composition, investments by certain of the Company's shareholders, and the 2017 Meeting.

The Amended and Restated Settlement Agreement includes two principal amendments. The Company will not be proceeding with the previously proposed amendment of its convertible unsecured notes. Also, the current composition of the Board is contingent on the Board (including David Kay and Anna Stylianides) approving a financing for no more than US$6.5 million by November 30, 2017 in order to enable the Company to meet its working capital needs.

The terms of the Amended and Restated Settlement Agreement will be available at www.sedar.com.

Loan

In order to fund the implementation of the settlement contemplated by the Amended and Restated Settlement Agreement and the short-term working capital needs of the Company, Trexs Investments, LLC has agreed to loan the Company US$4 million (the "Loan") pursuant to the terms of a loan agreement (the "Loan Agreement"). Owing to these needs, the Loan will be funded immediately, which management believes is reasonable and necessary in the circumstances. The Loan is unsecured and for a term of 150 days and bears interest at a rate of 5% per annum. The Loan Agreement was approved by each of the independent directors of the Company.

The terms of the Loan Agreement will be available at www.sedar.com

Company Profile

Eco Oro Minerals Corp. is a publicly-traded precious metals exploration and development company with a portfolio of projects in Colombia. Eco Oro has been focused on its wholly-owned, multi-million ounce Angostura gold-silver deposit, located in northeastern Colombia.

Forward-Looking Information

Certain statements in this press release are "forward-looking" statements within the meaning of Canadian and United States securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to a potential shareholders' meeting and the Company being able to meet its short-term working capital needs. Forward-looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "in the event", "if", "believes", "assets", "position", "intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to significant litigation, business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward looking statements. These factors include, among others, uncertainties related to the calling of a shareholders' meeting, obtaining all required regulatory approvals, and additional costs that may be incurred by the Company which are currently not contemplated. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

SOURCEEco Oro Minerals Corp.

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