TORONTO, June 19, 2017 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce
the details of its Annual General Meeting ('AGM') to be held at
10:00am Eastern Time, July 13, 2017 at its offices at 2500 – 120
Adelaide Street West, in Toronto.
Management encourages all shareholders to attend and hear a
presentation on the Company's asset and plan going forward which
will follow the AGM procedures.
As a part of the mailing sent to all shareholders with AGM
details, management provided a Report to Shareholders which is
reproduced below.
Orefinders 2017 Report to Shareholders
2016 was a milestone year for Orefinders. The company
successfully exited the prolonged mining and metals industry
downturn which significantly impacted the company's ability to move
its flagship Mirado project forward. Now Orefinders is financially
stable with a clear plan to move forward. The Orefinders team sees
a bright future ahead for the Mirado and our shareholders. It is
our pleasure to write this report and provide shareholders with our
plan for the 2017 upcoming year.
Orefinders 12 Month Plan Going Forward
Publish PEA & Updated Resource Calculation on Mirado Open
Pit High Grade Zone
In the coming months, Orefinders is working to complete the
Mirado's updated resource calculation and Preliminary Economic
Assessment ('PEA') to delineate the economics of restarting its
open pit mine using a toll milling scenario. This new resource
calculation and PEA report will incorporate only a small portion of
the Mirado Project itself as it will evaluate solely the high-grade
zones within the Open Pit that are close to surface and which we
view as minable in the near term. Upon defining the economics of
restarting the Mirado Open Pit, the company will move towards
permitting and ultimately a production decision. Management would
like to note that, while the updated resource calculation and
corresponding PEA will apply to less than 5% of the Mirado land
package, the Company sees tremendous potential to explore the
remaining targets. However, we are operating in a high cost of
capital environment and must allocate our capital accordingly. The
Company's plan is to generate its own cash flow from the Open Pit
so that it can finance further exploration while maintaining its
current capital structure as much as possible.
Two Fully Permitted Drill Programs
- The South Zone drill program is our priority. Its purpose will
be to join Mirado's Open Pit (South Zone) and the MZ Zone (the Open
Pit's western extension). The two zones are approximately 300
metres apart with identical geology and mineralization which we
confirmed in our 2014 trenching results. The company believes these
two zones can be connected via infill drilling that will expand
minable ounces near surface.
- The North Zone VMS mineralization geology is distinct from the
Open Pit/South Zone and is also unique to the Kirkland Lake camp. The North Zone was mined
from underground in the 1940's and the Company sees the North Zone
having similarities to the Laronde/Bousquet deposits in
Val D'Or. With the South Zone's
Open Pit being the priority, Orefinders drilled only a few drill
holes in 2013's drill program which returned excellent results that
warrant further drilling. The North Zone offers substantial
exploration upside, see results from Orefinders 2013 North Zone
Drill Program below, and as reported in our March 16, 2017 News Release.
HOLE
|
INTERVAL
|
GRADE
|
FROM
|
TO
|
#
|
(m)
|
(g/t
Au)
|
(m)
|
(m)
|
MD13-08
|
17.5
|
2.41
|
73.9
|
91.4
|
incl.
|
3.1
|
6.68
|
79.3
|
82.4
|
MD13-10
|
3.7
|
6.68
|
12.5
|
16.2
|
MD13-10
|
5.5
|
4.05
|
114.8
|
120.3
|
MD13-10
|
19.5
|
3.65
|
265.2
|
284.7
|
incl.
|
4.5
|
6.5
|
265.2
|
269.7
|
and incl.
|
6
|
6.32
|
278.7
|
284.7
|
MD13-25
|
6
|
6.27
|
48
|
54
|
MD13-26
|
5.7
|
4.31
|
291.5
|
297.2
|
Creating investor awareness
Orefinders has been under the radar over the last two years as
it righted its course from its 2015 share price low. Management
believes that market awareness is one factor that may separate us
from our peers with much larger market capitalizations. In early
2014 Orefinders was valued at $0.70
per share. Shortly thereafter the Company's value had a steady
decline to a penny, and was then largely dismissed by the market.
With the Company's balance sheet strengthened and a clear plan in
place to advance a well-established asset in a world class
district, we believe our message will resonate with investors.
Drill Bits
As a part of Orefinders' initiative to create investor
awareness, as well as transparency for all shareholders and
stakeholders, we have initiated a new program called Drill Bits.
Drill Bits is a series of informational videos aimed at educating
our shareholders about Orefinders' assets and day-to-day
operations. Since launching Drill Bits we received tremendous
feedback from shareholders who appreciate these videos along with
encouragement to keep up the content, which we pledge to do. The
videos are available at www.orefinders.ca/drill-bits and the
Company sees these videos as a way to communicate directly with
existing and prospective shareholders in a low cost and innovative
manner.
Annual General Meeting
Our AGM will be held on July 13,
2017 at our offices at 2500 – 120 Adelaide Street West in
Toronto. We encourage all
shareholders to attend. Enclosed with this letter you will find the
AGM materials and the Proxy form. We would appreciate your support
at the meeting either in person or by proxy.
Contact Orefinders Management
We encourage
shareholders to reach out directly to management and we make every
attempt to respond to our shareholders promptly. Orefinders' CEO,
Stephen Stewart, can be reached at
416-644-1567 or sstewart@orefinders.ca.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain information in this press release
may contain forward-looking statements. This information is based
on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Orefinders' assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Orefinders. Additional information identifying risks
and uncertainties is contained in filings by Orefinders with
Canadian securities regulators, which filings are available under
Orefinders' profile at www.sedar.com.
For information and updates on Orefinders, please visit:
www.orefinders.ca
And please follow us on Twitter @OrefindersR
SOURCE Orefinders Resources Inc.