UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
UNDER the
Securities Exchange Act of 1934
For the month of June 2022
Commission File Number: 001-39766
ORLA MINING LTD.
(Translation of registrant's name into English)
Suite 202, 595 Howe Street
Vancouver, British Columbia,
V6C 2T5, Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ☐
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ORLA MINING LTD.. |
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Date: June 13, 2022 |
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/s/ Etienne Morin |
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Name: Etienne Morin
Title: Chief Financial Officer
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EXHIBIT INDEX
Exhibit 99.1
Orla Mining Expands into Nevada with Acquisition
of Gold Standard Ventures
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. |
2 Based on the assumed gold price in the Gold Standard feasibility study of US$1,650 per ounce. |
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.
Figure 1: Carlin and Battle Mountain Trends, Nevada
(CNW Group/Orla Mining Ltd.)
Figure 2: South Railroad Project and Targets (CNW
Group/Orla Mining Ltd.)
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.
Figure 3: Lewis Project Location (CNW Group/Orla Mining
Ltd.)
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: |
5844017 |
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Toll Free: |
1 (888) 550-5302 |
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International: |
1 (646) 960-0685 |
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Webcast: |
https://orlamining.com/investors/presentations-and-events/ |
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.
Gold Standard Ventures Corp. logo (CNW Group/Orla
Mining Ltd.)
SOURCE Orla Mining Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/13/c7680.html
%CIK: 0001680056
For further information: Orla Mining: Jason Simpson, President &
Chief Executive Officer; Andrew Bradbury, Vice President, Investor Relations & Corporate Development, info@orlamining.com; Gold Standard
Ventures: Jason Attew, President & Chief Executive Officer; Michael McDonald, Vice President, Corporate Development & Investor
Relations, info@goldstandardv.com
CO: Orla Mining Ltd.
CNW 06:00e 13-JUN-22
This regulatory filing also includes additional resources:
ex991.pdf
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