OROSUR MINING INC.: Orosur Mining Inc. -- Colombia update
March 05 2020 - 11:41AM
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 that it has received a cash payment of US$500,000 from
Newmont Colombia S.A.S. ("Newmont"), a wholly owned subsidiary of
Newmont Corporation, in connection with maintaining its earn-in
rights pursuant to the Exploration Agreement with Venture Option
over the Anzá project in Colombia (the "Exploration
Agreement").
As previously announced on September 10, 2018, the Exploration
Agreement comprises a three-phase earn-in structure, allowing
Newmont to earn up to a 75% ownership interest in the Anzá project
("Anzá") by making semi-annual cash payments to Orosur equaling a
total of US$4 million over Phases 1 and 2, spending a minimum of
US$30 million in qualifying expenditures over twelve years, and
also completing N.I. 43-101 compliant pre-feasibility and
feasibility studies through the end of Phase 3.
In Phase 1, Newmont may earn a 51% ownership interest in Anzá by
spending US$10 million in qualifying expenditures over four years
and making cash payments to Orosur equalling a total of US$2
million during the first two years of the Phase 1 earn-in period.
In accordance with the Phase 1 earn-in right, Newmont has made
three of four US$500,000 cash payments to Orosur and the fourth
payment is expected in September 2020.
During the first two years of the Exploration Agreement
(commencing September 2018), Newmont is committed to spend a
minimum of US$1 million per year on qualifying expenditures
("Minimum Work Commitment"), or pay Orosur cash in lieu of
completing said minimum work commitment, in order to maintain the
Phase 1 earn-in right. In years 3 and 4, the Minimum Work
Commitment increases to US$4 million per year.
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.
Orosur Mining Inc
Ignacio Salazar, Chief Executive Officer
Ryan Cohen, VP Corporate Development
info@orosur.ca
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP -- Nomad & Joint Broker
Jeff Keating / Stephen Wong
Tel: +44 (0) 20 3 470 0470
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200305005655/en/
CONTACT:
Orosur Mining Inc.
SOURCE: Orosur Mining Inc.
Copyright Business Wire 2020
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March 05, 2020 11:41 ET (16:41 GMT)
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