Orosur Mining Orosur Mining Inc. - Start of Exploration Activities at Anzá
July 09 2019 - 2:00AM
UK Regulatory
TIDMOMI
Orosur Mining Inc. ("Orosur" or "the Company") (TSX/AIM: OMI), a
South American-focused gold developer and explorer is pleased to
announce the start of exploration activities with Newmont at the
Anzá project in Colombia and provide an update on the Uruguayan
reorganisation process.
Start of Exploration Activities in Colombia
Exploration activities at the Anzá project have been initiated
within the scope of the Exploration Agreement with Venture Option
with Newmont Colombia SAS, a subsidiary of Newmont Goldcorp
("Newmont"). The Company has already relogged 2,400 metres of the
drill core from an area north of APTA. This is the area where a new
broad zone of gold mineralization covering a continuous strike of
450m was discovered by Orosur during the 2018 drilling campaign.
Geophysical and geochemical reinterpretation is now planned at the
Anzá project. The objective of this initial activity, which
requires no field work, is to update the geological model, in
conjunction with Newmont.
Update on Uruguay Reorganization Process
As announced in December 2018, Loryser SA ("Loryser"), the
Company's primary Uruguayan subsidiary, reached an agreement to
cease Loryser's creditor protection process, with the majority of
its creditors ("the Agreement") with a final endorsement of
approximately 72% of creditors by value.
Pursuant to the Uruguayan Reorganization Act, the Intervenor
reviewed the legitimacy of the creditors' debt claims and prepared
the final list of creditors. The Court and the Intervenor are in
the last stages finalising the process and publishing the Agreement
for ratification. Although the process has run its course without
any significant incidents, it is progressing slower than expected
due to the high number of national and international creditors
involved; totalling approximately 200, of which some 30 filed a
late claim. As a result of this and also the Uruguayan judiciary
holidays in July, the Company now expects the ratification process
to be extended well into the second half of calendar 2019. Once
approved by the Court, the Agreement will be legally binding on all
of Loryser's creditors and Loryser's creditor protection status
will cease together with the Intervenor's control over Loryser.
Loryser has already started implementing some of the commitments
included in the Agreement; most notably advancing the remediation
of the tailings dam. The dewatering of the tailings dam was almost
completed during the recent summer months in the Southern
hemisphere (which made the activity significantly more efficient),
having successfully dewatered and treated approximately 1,000,000
cubic metres of material. This work represents approximately 40% of
the total remediation work in the tailings dam.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain. If you
have any queries on this, then please contact Ryan Cohen, VP
Corporate Development of the Company (responsible for arranging
release of this announcement on behalf of the Company) on: +1 (778)
373-0100.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals
developer and explorer focused on identifying and advancing gold
projects in South America. The Company operates in Colombia and
Uruguay.
Forward Looking Statements
All statements, other than statements of historical fact,
contained in this news release constitute "forward looking
statements" within the meaning of applicable securities laws,
including but not limited to the "safe harbour" provisions of the
United States Private Securities Litigation Reform Act of 1995 and
are based on expectations, estimates and projections as of the date
of this news release. Forward-looking statements include, without
limitation, the exploration plans in Colombia and the funding from
Newmont of those plans, Newmont´s decision to continue with the
option agreement, the ability to continue and finalize with the
remediation in Uruguay, and the approval by the Court of the
Agreement in Uruguay, expectations that the Agreement will become
legally binding on all creditors of Loryser and successful
emergence from creditor protection proceedings and Intervenor
control. There can be no assurance that such statements will prove
to be accurate. Actual results and future events could differ
materially from those anticipated in such forward looking
statements. Such statements are subject to significant risks and
uncertainties including those as described in Section "Risks
Factors" of the Management's Discussion and Analysis for the three
months ended February 28, 2019 and for the year ended May 31, 2018.
The Company's continuance as a going concern is dependent upon its
ability to obtain adequate financing. These material uncertainties
may cast significant doubt upon the Company's ability to realize
its assets and discharge its liabilities in the normal course of
business and accordingly the appropriateness of the use of
accounting principles applicable to a going concern. Although the
Company has been successful in the past in obtaining financing
there is no assurance that it will be able to obtain adequate
financing in future or that such financing will be on terms
advantageous to the Company. The Company disclaims any intention or
obligation to update or revise any forwardlooking statements
whether as a result of new information, future events and such
forward-looking statements, except to the extent required by
applicable law.
For further information, please contact:
Orosur Mining Inc Ignacio Salazar, Chief Executive OfficerRyan
Cohen, VP Corporate Developmentinfo@orosur.ca Tel: +1 (778)
373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker Jeff
Keating / Stephen WongTel: +44 (0)20 3 470 0470
Numis Securities Limited - Joint Broker John Prior / James Black
/ Paul GillamTel: +44 (0) 20 7260 1000
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190708005800/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 09, 2019 02:00 ET (06:00 GMT)
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