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).

P. ZIHLMANN INVESTMENT MANAGEMENT AG

2

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.

P. ZIHLMANN INVESTMENT MANAGEMENT AG

3

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.

P. ZIHLMANN INVESTMENT MANAGEMENT AG

4

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.

P. ZIHLMANN INVESTMENT MANAGEMENT AG

5

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.

P. ZIHLMANN INVESTMENT MANAGEMENT AG

6

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.

P. ZIHLMANN INVESTMENT MANAGEMENT AG

7

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…

P. ZIHLMANN INVESTMENT MANAGEMENT AG

8

BOTH PROJECTS ARE IN POLITICALLY STABLE MEXICO. BOTH PROJECTS COULD BE SUBJECT TO FUTURE CONSOLIDATION OF THE GOLD MINING INDUSTRY IN MEXICO.

Technical Considerations

+34%

+26% +27%

TARGET +30% = $ 2,100

P. ZIHLMANN INVESTMENT MANAGEMENT AG

9

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.

+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.

How to invest: http://www.timeless-funds.com/en/timeless-precious-metal-how-invest

ONE MAN’S DESPAIR, ANOTHER

MAN’S OPPORTUNITY!

P. ZIHLMANN INVESTMENT MANAGEMENT AG

10

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.

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.

Our aim is to focus on a sustainable and constantly growing performance.

0

2

4

6

8

10

12

14

16

18

20

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

in E

UR

NAV - The Timeless Precious Metal Fund

0

0.2

0.4

0.6

0.8

1

1.2

1.4

Nov-06 May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11 May-12

in C

AD

NAV - Sierra Madre Gold and Silver Venture Capital Fund

P. ZIHLMANN INVESTMENT MANAGEMENT AG

11

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.

************************************************************************************************************************************************

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.

*******************************************************************************

60

80

100

120

140

160

180

Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12

in C

AD

P&V Precious Metals Mining Fund