 Shortly after the foundation of Panama City in 1519, the Spanish Governor-Captain Pedrarias Dávila began moving into the country, hoping to find a gold-rich village.The Spanish conquered the Veragua province, which is particularly rich in gold mining.Urracá's territory was in the vicinity of the present town of Nata de los Caballeros, founded on 20 May 1520 to serve as a basis for exploration of the rest of Central America.