VANCOUVER, BC, June 13,
2022 /CNW/ - Orla Mining Ltd. (TSX: OLA)
(NYSE: ORLA) ("Orla" or the "Company") and Gold Standard
Ventures Corp. ("Gold Standard" or "GSV") (TSX: GSV) (NYSE:
GSV) are pleased to announce that they have entered into a
definitive agreement (the "Arrangement Agreement") whereby Orla
will acquire all of the issued and outstanding shares of Gold
Standard by way of a court-approved plan of arrangement (the
"Transaction").
Gold Standard's key asset is the 100%-owned South Railroad
Project ("South Railroad"), a feasibility-stage, open pit, heap
leach project located on the prolific Carlin trend in Nevada. In February
2022, Gold Standard completed a robust Feasibility Study and
permitting activities are currently underway. Gold Standard also
owns the Lewis Project ("Lewis"), a large, strategically located,
prospective land package on the Battle
Mountain trend in Nevada.
Jason Simpson, Chief Executive
Officer of Orla Mining – "This acquisition advances our
strategy of creating stakeholder value through responsibly building
and operating a portfolio of high-margin, cash-generating
assets with superior geological prospectivity. The South Railroad
Project is analogous to our recently completed Camino Rojo mine – a
low capital intensity, open pit, heap leach project in a desirable
location with exploration upside. We have the team, partners, and
financial resources to develop this quality asset and we are ready
to go."
Under the terms of the Transaction, Gold Standard shareholders
will receive, in exchange for each Gold Standard common share (a
"Gold Standard Share") held, 0.1193 of a common share of Orla (each
whole share, an "Orla Share") and C$0.0001 (the "Consideration"). The Consideration
implies a purchase price of C$0.655
per Gold Standard Share, or gross consideration of C$242 million, and represents a 35% premium based
on the close of Gold Standard's and Orla's share price on the
Toronto Stock Exchange ("TSX") on June 10,
2022 and a 35% premium based on Gold Standard's 10-day
volume weighted average price ("VWAP") on the TSX for the period
ended June 10, 2022. Existing
shareholders of Orla and Gold Standard will own approximately 87%
and 13% of the pro forma company, respectively, following the close
of the Transaction.
ACQUISITION HIGHLIGHTS AND STRATEGIC
RATIONALE
- Continues Orla's strategy of creating value for all
stakeholders by responsibly building and operating high-margin
mines in stable jurisdictions with superior geology.
- South Railroad is a low-complexity, feasibility-stage project
with robust project economics and is analogous to the recently
completed Camino Rojo Oxide Mine.
- South Railroad combined with the Camino Rojo Oxide Mine and
Orla's robust organic growth pipeline in Mexico and Panama creates a path towards annual gold
production of 500,000 ounces at industry leading all-in cost
margins.
- Entry into Nevada with extensive and highly prospective land
positions in the Carlin and
Battle Mountain trends to underpin
a long-term base of operations.
- Increases Orla's proven and probable reserve base to 3.8
million gold ounces and its measured and indicated mineral
resources to 12.3 million gold ounces.
- South Railroad dovetails with Orla's robust project pipeline
and is expected to be developed without further equity dilution for
Orla shareholders.
BENEFITS TO GOLD STANDARD
SHAREHOLDERS
- Immediate upfront premium of 35%.
- Ongoing exposure to future value creating milestones at South
Railroad and Lewis, as well as Orla's robust portfolio of
high-quality producing and development assets.
- Participation in an established gold producer with proven
construction capabilities, a strong exploration track record, and
an industry leading low-cost growth profile.
- Significantly enhanced financial strength, cash flow
generation, institutional investor following, trading liquidity,
and opportunity for index inclusion.
- Leverages Orla's leadership and expertise in constructing and
operating the Camino Rojo Oxide Mine, an open pit, heap leach
operation with similar technical characteristics to the South
Railroad project.
- Provides access to a strong balance sheet and robust cash flow
generation to fund the construction of South Railroad and future
exploration initiatives at reduced dilution, financing,
development, and execution risk.
Jason Attew, Chief Executive
Officer of Gold Standard – "We are excited to combine with
Orla to create a leading gold producer with the potential to have
multiple low-cost, low-complexity, open pit, heap leach operations
in the near future. This transaction provides Gold Standard
shareholders with an immediate upfront premium, exposure to a
well-financed gold producer, and strong upside potential as Orla
delivers and de-risks the combined asset portfolio. Based on their
recent success in constructing the Camino Rojo Oxide Mine on
schedule and under budget, we believe that Orla is an ideal partner
to bring South Railroad into production."
ABOUT SOUTH RAILROAD AND LEWIS
PROJECTS
South Railroad is a high-quality, open pit, heap leach project
with robust economics. Key project highlights as outlined in the
February 2022 Feasibility Study
include:
- Average annual gold production of 152 kozs over the first 4
years and 124 kozs1 over the mine life
- Life-of-mine average all-in sustaining cash cost of
approximately US$1,020 per gold
ounce
- Total gold production of 1.0 million ounces over an 8-year mine
life1
- Initial capital of US$190
million
- Average annual free cash flow of US$98
million over the first 4 years2
- US$315m after-tax net present
value at a 5% discount rate2
- 44% after-tax internal rate of return2
- Proven and probable reserve estimate of 1.6 million gold ounces
at 0.77 g/t
- Measured and indicated resource estimate of 1.8 million gold
ounces at 0.74 g/t
Permitting of South Railroad is currently progressing towards a
Record of Decision from the U.S. Bureau of Land Management.
_________________________________
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1 Average
based on the eight years in which both mining and stacking of ore
occur. Excludes pre-production and residual leach years of
operation.
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2 Based on
the assumed gold price in the Gold Standard feasibility study of
US$1,650 per ounce.
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South Railroad is situated within a prospective 21,000-hectare
land package that provides future opportunities for resource
expansion and conversion and the discovery of new deposits. Key
oxide and sulphide exploration targets include Pinion SB, Jasperoid
Wash, Dixie, LT, POD / Sweet Hollow, and North Bullion.
The Lewis Project is strategically located adjacent to the north
and within the Plan of Operations boundary of Nevada Gold Mines' Phoenix Operation. The Lewis
Project has an inferred mineral resource of 206,000 ounces of gold
at 0.83 g/t and several additional prospective targets that have
the potential to expand the resource base.
BOARD OF DIRECTORS
RECOMMENDATION
The Arrangement Agreement has been unanimously approved by the
Board of Directors of Orla and Gold Standard. The Board of
Directors of Gold Standard recommends that Gold Standard
shareholders vote in favour of the Transaction.
TD Securities has provided a fairness opinion to the Board of
Directors of Gold Standard stating that, as of the date of such
opinion, and based upon and subject to the assumptions, limitations
and qualifications stated in such opinion, the consideration to be
received by Gold Standard shareholders under the Transaction is
fair, from a financial point of view, to Gold Standard
shareholders.
Paradigm Capital has provided a fairness opinion to a Special
Committee of Gold Standard Directors stating that, as of the date
of such opinion, and based upon and subject to the assumptions,
limitations and qualifications stated in such opinion, the
consideration to be received by Gold Standard shareholders under
the Transaction is fair, from a financial point of view, to Gold
Standard shareholders.
Trinity Advisors Corporation and Stifel GMP have provided
fairness opinions to the Board of Directors of Orla, each stating
that, as of the date of such opinions, and based upon and subject
to the assumptions, limitations and qualifications stated in such
opinion, the consideration to be paid under the Transaction is
fair, from a financial point of view, to Orla.
Officers and Directors of Gold Standard, along with a key
shareholder of Gold Standard, Newmont Corp. ("Newmont"),
representing in aggregate approximately 5.7% of the issued and
outstanding Gold Standard Shares, have entered into voting support
agreements with Orla and have agreed to vote in favour of the
Transaction.
ACQUISITION STRUCTURE
The Transaction will be effected by way of a court-approved plan
of arrangement under the Business Corporations Act
(British Columbia) and will
require approval by (i) 66⅔% of the votes cast by Gold Standard
shareholders, (ii) 66⅔% of the votes cast by Gold Standard security
holders (comprised of shareholders, option holders and restricted
share unit holders) voting as a single class, at a meeting of Gold
Standard securityholders (the "Gold Standard Meeting"), and (iii) a
simple majority of the votes cast by Gold Standard shareholders,
excluding certain related parties as prescribed by MI 61-101. The
Gold Standard Meeting is expected to occur in August 2022. An information circular regarding
the Transaction will be filed with regulatory authorities and
mailed to Gold Standard's securityholders in accordance with
applicable securities laws. The Transaction is expected to be
completed in August 2022 following
the Gold Standard Meeting.
The completion of the Transaction remains subject to customary
conditions, including receipt of all necessary court and regulatory
approvals. The Arrangement Agreement includes customary
representations and warranties of each party, non-solicitation
covenants by Gold Standard, "right-to-match" provisions in favour
of Orla in the event of a Superior Proposal (as defined in the
Arrangement Agreement) and a termination fee in favour of Orla in
the amount of C$7.3 million should
the Arrangement Agreement be terminated in certain
circumstances.
None of the securities to be issued pursuant to the Transaction
have been or will be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act"), and securities
issued in the Transaction are anticipated to be issued in reliance
on the exemption from the registration requirements of the U.S.
Securities Act provided by Section 3(a)(10) thereof and will be
issued pursuant to similar exemptions from applicable state
securities laws. This news release does not constitute an offer to
sell or the solicitation of an offer to buy any securities. Details
regarding these and other terms of the Transaction are set out in
the Arrangement Agreement, which will be available in due course on
the Company and Gold Standard's respective profiles on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov.
ADVISORS
Orla's financial advisors are Trinity Advisors Corporation and
Stifel GMP and its legal advisors are Cassels Brock & Blackwell LLP with respect
to Canadian matters and Neal, Gerber & Eisenberg LLP regarding
US matters.
Gold Standard's financial advisor is TD Securities. Paradigm
Capital is financial advisor to a Special Committee of Gold
Standard Directors. Gold Standard's legal advisors are Blake,
Cassels & Graydon LLP with respect to Canadian matters and
Dorsey & Whitney LLP regarding US matters.
CONFERENCE CALL AND WEBCAST
DETAILS
Orla and Gold Standard will host a conference call on
Monday June 13, 2022, at 10:00 AM, Eastern Time, to discuss highlights of
the Transaction. Call and webcast details are outlined below:
Dial-In Numbers:
Conference
ID:
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5844017
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Toll Free:
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1 (888)
550-5302
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International:
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1 (646)
960-0685
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Webcast:
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https://orlamining.com/investors/presentations-and-events/
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TECHNICAL INFORMATION
Camino Rojo
The mineral reserve estimate for the Camino Rojo Oxide Mine
consists of 466 koz gold of proven reserves (18,067 k tonnes at 0.80 g/t gold) and 1,123 koz
gold of probable reserves (49,296 k
tonnes at 0.71 g/t gold) and the mineral resource estimate consists
of 482 koz gold of measured resources (19,391 k tonnes at 0.77 g/t gold) and 1,681 koz
gold of indicated resources (75,249 k
tonnes at 0.70 g/t gold). The mineral resource estimate for the
Camino Rojo Sulphide Project consists of 74 koz gold of measured
resources (3,358 k tonnes at 0.69 g/t
gold) and 7,221 koz gold of indicated resources (255,445 k tonnes at 0.88 g/t gold). For
additional information, see the Company's technical report prepared
in accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") titled
"Unconstrained Feasibility Study NI 43-101 Technical Report on
the Camino Rojo Gold Project – Municipality of Mazapil, Zacatecas, Mexico", dated
January 11, 2021. Mineral resources
are inclusive of mineral reserves.
Cerro Quema
The mineral reserve estimate for the Cerro Quema Oxide Project
consists of 562 koz gold of probable reserves (21,700 k tonnes at 0.80 g/t gold). The mineral
resource estimate at the Cerro Project consists of 1,023 koz gold
of indicated resources (66,222 k
tonnes at 0.48 g/t gold). For additional information, see the
Company's technical report prepared in accordance with NI 43-101
titled "Project Pre-Feasibility Updated NI 43-101 Technical
Report on the Cerro Quema Project, Province of Los Santos, Panama" dated January 18, 2022. Mineral resources are inclusive
of mineral reserves.
South Railroad and Lewis
The mineral reserve estimate for the South Railroad Project
consists of 333 koz of gold of proven reserves (8,960 k tonnes at 1.15 g/t gold) and 1,271 koz of
probable gold reserves (56,239 k
tonnes at 0.70 g/t gold). The open pit mineral resource estimate
for the South Railroad Project consists of 343 koz of gold of
measured resources (9,561 k tonnes at
1.12 g/t gold), 1,441 koz of indicated resources (65,761 k tonnes at 0.68 g/t gold), and 650 koz of
gold of inferred resources (21,795 k
tonnes at 0.93 g/t gold). The underground mineral resource estimate
consists of 66 koz gold of inferred resources (457 k tonnes at 4.49 g/t gold). For additional
detail, see Gold Standard's technical report prepared in accordance
with NI 43-101 titled "South Railroad Project, Form 43-101F1
Technical Report, Feasibility Study, Elko
County, Nevada" dated March 14,
2022 and an effective date of February 23, 2022. Mineral resources are
inclusive of mineral reserves.
The mineral resource estimate at the Lewis Project consists of
206 koz of gold of inferred resources (7.74 million tonnes at 0.83
g/t gold). For additional detail, see Gold Standard's technical
report prepared in accordance with NI 43-101 titled "Technical
Report and Mineral Resource Estimate for the Lewis Project,
Lander County, Nevada, USA
dated June 15, 2020 and an effective
date of May 1, 2020.
Qualified Persons Statement
The scientific and technical information relating to Camino Rojo
and Cerro Quema in this news release was reviewed and approved by
Mr. J. Andrew Cormier, P. Eng.,
Chief Operating Officer of the Company, who is the Qualified Person
as defined under NI 43-101 standards.
The scientific and technical information related to South
Railroad and Lewis in this news release was reviewed and approved
by Mr. Mark Laffoon, P. Eng.,
Project Director of Gold Standard, who is the Qualified Person as
defined under NI 43-101 standards.
About Orla Mining Ltd.
Orla is operating the Camino Rojo Oxide Gold Mine, a gold and
silver open-pit and heap leach mine, located in Zacatecas State,
Central Mexico. The property is
100% owned by Orla and covers over 160,000 hectares. The technical
report for the 2021 Feasibility Study on the Camino Rojo oxide gold
project entitled "Unconstrained Feasibility Study NI 43-101
Technical Report on the Camino Rojo Gold Project – Municipality of
Mazapil, Zacatecas, Mexico"
dated January 11, 2021, is available
on SEDAR and EDGAR under the Company's profile at
www.sedar.com and www.sec.gov, respectively. The technical
report is also available on Orla's website at www.orlamining.com.
Orla also owns 100% of Cerro Quema located in Panama which includes a near-term gold
production scenario and various exploration targets. Cerro Quema is
a proposed open pit mine and gold heap leach operation. The
technical report for the Pre-Feasibility Study on the Cerro Quema
oxide gold project entitled "Project Pre-Feasibility
Updated NI 43-101 Technical Report on the Cerro Quema
Project, Province of Los Santos,
Panama" dated January 18, 2022, is available on SEDAR and EDGAR
under the Company's profile at www.sedar.com and www.sec.gov,
respectively. The technical report is also available on Orla's
website at www.orlamining.com.
www.orlamining.com
info@orlamining.com
About Gold Standard Ventures
Corp.
Gold Standard owns the South Railroad Project, an open pit, heap
leach gold project located in Elko
County, Nevada. The project is part of a +21,000-hectare
land package on the Carlin Trend and is 100% owned or controlled by
Gold Standard.
www.goldstandardv.com
info@goldstandardv.com
Forward-looking Statements
This news release contains certain "forward-looking
information" and "`forward-looking statements" within the meaning
of Canadian securities legislation and within the meaning of
Section 27A of the United States Securities Act of 1933, as
amended, Section 21E of the United States Exchange Act of 1934, as
amended, the United States Private Securities Litigation Reform Act
of 1995, or in releases made by the United States Securities and
Exchange Commission, all as may be amended from time to time,
including, without limitation, statements regarding: the
potential benefits to be derived from the Transaction; the closing
of the Transaction, including receipt of all necessary court,
securityholder and regulatory approvals, and the timing thereof;
Orla's production following completion of the Transaction and
associated all-in sustaining costs; the economics of the South
Railroad Project, including NPV, IRR, mine life, capital
requirements and free cash flow; potential exploration at the South
Railroad Project; receipt of the Record of Decision at South
Railroad; the ability to develop South Railroad without further
equity dilution to shareholders of the Company; prospective targets
at the Lewis Project; the benefits of the Transaction to Gold
Standard Shareholders; and mineral resource and reserve
estimates. Forward-looking statements are statements that
are not historical facts which address events, results, outcomes or
developments that the Company expects to occur. Forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made and they
involve a number of risks and uncertainties. Certain material
assumptions regarding such forward-looking statements were made,
including without limitation, assumptions regarding the combined
company following completion of the Transaction, completion of the
Transaction, including receipt of required securityholder,
regulatory and court approvals, the price of gold, silver, and
copper; the accuracy of mineral resource and mineral reserve
estimations; that there will be no material adverse change
affecting the Company, Gold Standard or their respective
properties; that all required approvals will be obtained, including
concession renewals and permitting; that political and legal
developments will be consistent with current expectations; that
currency and exchange rates will be consistent with current levels;
and that there will be no significant disruptions affecting the
Company, Gold Standard or their respective properties.
Consequently, there can be no assurances that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements involve significant known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to: the failure to obtain securityholder, regulatory or
court approvals in connection with the Transaction; risks related
to the successful integration of acquisitions; uncertainty and
variations in the estimation of mineral resources and mineral
reserves, including risks that the interpreted drill results may
not accurately represent the actual continuity of geology or grade
of the deposit, bulk density measurements may not be
representative, interpreted and modelled metallurgical domains may
not be representative, and metallurgical recoveries may not be
representative; the Company's reliance on Camino Rojo and risks
associated with its start-up phase; financing risks and access to
additional capital; risks related to natural disasters, terrorist
acts, health crises and other disruptions and dislocations,
including by the COVID-19 pandemic; risks related to the Company's
indebtedness; success of exploration, development, and operation
activities; foreign country and political risks, including risks
relating to foreign operations and expropriation or nationalization
of mining operations; concession risks; permitting risks;
environmental and other regulatory requirements; delays in or
failures to enter into a subsequent agreement with Fresnillo Plc
with respect to accessing certain additional portions of the
mineral resource at Camino Rojo and to obtain the necessary
regulatory approvals related thereto; the mineral resource
estimations for Camino Rojo being only estimates and relying on
certain assumptions; the Layback Agreement with Fresnillo Plc
remaining subject to the transfer of surface rights; delays in or
failure to get access from surface rights owners; risks related to
guidance estimates and uncertainties inherent in the preparation of
feasibility and pre-feasibility studies, including but not limited
to, assumptions underlying the production estimates not being
realized, changes to the cost of production, variations in quantity
of mineralized material, grade or recovery rates, geotechnical or
hydrogeological considerations during mining differing from what
has been assumed, failure of plant, equipment or processes, changes
to availability of power or the power rates, ability to maintain
social license, changes to exchange, interest or tax rates, cost of
labour, supplies, fuel and equipment rising, changes in project
parameters, delays, and costs inherent to consulting and
accommodating rights of local communities; uncertainty in estimates
of production, capital, and operating costs and potential
production and cost overruns; the fluctuating price of gold,
silver, and copper; global financial conditions; uninsured risks;
competition from other companies and individuals; uncertainties
related to title to mineral properties; conflicts of interest;
risks related to compliance with anti-corruption laws; volatility
in the market price of the Company's securities; assessments by
taxation authorities in multiple jurisdictions; foreign currency
fluctuations; the Company's limited operating history; risks
related to the Company's history of negative operating cash flow;
litigation risks; intervention by non-governmental organizations;
outside contractor risks; risks related to historical data; unknown
labilities in connection with acquisitions; the Company's ability
to identify, complete, and successfully integrate acquisitions;
dividend risks; risks related to the Company's foreign
subsidiaries; risks related to the Company's accounting policies
and internal controls; the Company's ability to satisfy the
requirements of the Sarbanes-Oxley Act of 2002; enforcement of
civil liabilities; the Company's status as a passive foreign
investment company for U.S. federal income tax purposes;
information and cyber security; gold industry concentration;
shareholder activism; risks associated with executing the Company's
objectives and strategies, as well as those risk factors discussed
in the Company's most recently filed management's discussion and
analysis, as well as its annual information form dated March 18, 2022, to be available on www.sedar.com
and www.sec.gov. Except as required by the securities disclosure
laws and regulations applicable to the Company, the Company
undertakes no obligation to update these forward-looking statements
if management's beliefs, estimates or opinions, or other factors,
should change.
Cautionary Note to U.S. Readers
This news release has been prepared in accordance with
Canadian standards for the reporting of mineral resource and
mineral reserve estimates, which differ from the previous and
current standards of the United
States securities laws. In particular, and without limiting
the generality of the foregoing, the terms "mineral reserve",
"proven mineral reserve", "probable mineral reserve", "inferred
mineral resources,", "indicated mineral resources," "measured
mineral resources" and "mineral resources" used or referenced
herein and the documents incorporated by reference herein, as
applicable, are Canadian mineral disclosure terms as defined in
accordance with Canadian National Instrument 43-101 — Standards of
Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended (the "CIM Definition
Standards").
For United States reporting
purposes, the United States Securities and Exchange Commission (the
"SEC") has adopted amendments to its disclosure rules (the "SEC
Modernization Rules") to modernize the mining property disclosure
requirements for issuers whose securities are registered with the
SEC under the Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules
more closely align the SEC's disclosure requirements and policies
for mining properties with current industry and global regulatory
practices and standards, including NI 43-101, and replace the
historical property disclosure requirements for mining registrants
that were included in SEC Industry Guide 7. Issuers were required
to comply with the SEC Modernization Rules in their first fiscal
year beginning on or after January 1,
2021. As a foreign private issuer that is eligible to file
reports with the SEC pursuant to the multi-jurisdictional
disclosure system, the Company is not required to provide
disclosure on its mineral properties under the SEC Modernization
Rules and will continue to provide disclosure under NI 43-101 and
the CIM Definition Standards. Accordingly, mineral reserve and
mineral resource information contained or incorporated by reference
herein may not be comparable to similar information disclosed by
United States companies subject to
the United States federal
securities laws and the rules and regulations thereunder.
As a result of the adoption of the SEC Modernization Rules,
the SEC now recognizes estimates of "measured mineral resources",
"indicated mineral resources" and "inferred mineral resources." In
addition, the SEC has amended its definitions of "proven mineral
reserves" and "probable mineral reserves" to be "substantially
similar" to the corresponding CIM Definition Standards that are
required under NI 43-101. While the SEC will now recognize
"measured mineral resources", "indicated mineral resources" and
"inferred mineral resources", U.S. investors should not assume that
all or any part of the mineralization in these categories will be
converted into a higher category of mineral resources or into
mineral reserves without further work and analysis. Mineralization
described using these terms has a greater amount of uncertainty as
to its existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, U.S. investors are
cautioned not to assume that all or any measured mineral resources,
indicated mineral resources, or inferred mineral resources that the
Company reports are or will be economically or legally mineable
without further work and analysis. Further, "inferred mineral
resources" have a greater amount of uncertainty and as to whether
they can be mined legally or economically. Therefore, U.S.
investors are also cautioned not to assume that all or any part of
inferred mineral resources will be upgraded to a higher category
without further work and analysis. Under Canadian securities laws,
estimates of "inferred mineral resources" may not form the basis of
feasibility or pre-feasibility studies, except in rare cases. While
the above terms are "substantially similar" to CIM Definitions,
there are differences in the definitions under the SEC
Modernization Rules and the CIM Definition Standards. Accordingly,
there is no assurance any mineral reserves or mineral resources
that the Company may report as "proven mineral reserves", "probable
mineral reserves", "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources" under NI 43-101 would
be the same had the Company prepared the reserve or resource
estimates under the standards adopted under the SEC Modernization
Rules or under the prior standards of SEC Industry Guide
7.
SOURCE Orla Mining Ltd.