TIDMOMI
RNS Number : 5102A
Orosur Mining Inc
30 September 2020
Orosur Mining Inc - Colombia update
-- Agnico Eagle to join Newmont in Anzá exploration effort.
-- Approximately US$0.7m in funding expected initially.
-- Preparations for field work underway.
London, September 30th, 2020 . Orosur Mining Inc. ("Orosur" or
the "Company") (TSX/AIM:OMI) , announces that it has been informed
by Newmont Corporation ("Newmont") (NYSE:NEM, TSX:NGT), that it has
entered into a Joint Venture Agreement ("Joint Venture") with
Agnico Eagle Mines Limited ("Agnico") (NYSE:AEM, TSX:AEM) whereby
the two companies will jointly assume and advance Newmont's prior
rights and obligations with respect to the Anzá Project in Colombia
on a 50-50 basis, with Agnico as operator of the Joint Venture.
Orosur's Anzá Project is subject to an Exploration Agreement
with Venture Option dated September 7(th) , 2018, as announced on
September 10(th) , 2018, (the "Agreement") between Orosur's 100%
subsidiary Minera Anzá S.A ("Minera Anzá") and Newmont Colombia SAS
("Newmont Colombia"), a subsidiary of Newmont. Orosur's position
with respect to the Anzá project, and all terms and conditions of
the Agreement remain unchanged.
Newmont Colombia will become the Joint Venture vehicle between
Newmont and Agnico and its name will change to Minera Monte Águila
SAS (" Monte Águila").
Monte Águila assumes all rights and obligations with respect to
the Anzá project that were previously held by Newmont Colombia,
with Minera Anzá remaining operator of the Anzá project and
conducting exploration work on behalf of Monte Águila, until such
time as Monte Águila assumes operatorship at its discretion .
Exploration funding to commence
The Company has been informed by Monte Águila that initial
funding of approximately US$0.7m to restart the exploration program
will be provided to Minera Anzá in several days.
This funding is to be directed solely to fund exploration on the
Anzá Project for the 12-month period starting September 7(th) ,
2020 and is the first contribution of the required $4m of
expenditure for this 12-month period per the terms of the
Agreement.
This funding is not related to the previously announced payment
in lieu for the shortfall of qualifying expenditure for the
previous 12-month period ended September 6(th) , 2020. The payment
in lieu, which amounts to US$582,170, is payable no later than
November 6(th) , 2020.
Pending Commencement of Exploration at Anzá
In anticipation of receipt of exploration funds, Minera Anzá is
well advanced in refurbishing its field camp at Anzá in readiness
for the commencement of field activities as soon as possible given
the limitations currently imposed by the Covid-19 pandemic.
Future announcements will detail work plans as they are
developed, but these are likely to include re-logging of core,
geophysical surveys, geochemical surveys, and extensive drilling
campaigns.
About Agnico
Agnico is a senior Canadian gold mining company that has
produced precious metals since 1957. Its operating mines are
located in Canada, Finland and Mexico, with exploration and
development activities in each of these countries as well as in the
United States and Sweden.
Orosur CEO Brad George commented:
"We warmly welcome Agnico to Anzá. To now have two of the
world's top 10 gold miners (combined production of over 7.5 million
oz per year) investing in our project is testament to its potential
and we look forward to an eventful year."
F or further information, please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
info@orosur.ca
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
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 .
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 Monte Águila of
those plans, Monte Águila's decision to continue with the
Exploration and Option agreement, the ability for Loryser to
continue and finalize with the remediation in Uruguay, the ability
to implement the Creditors' Agreement successfully as well as
continuation of the business of the Company as a going concern and
other events or conditions that may occur in the future. The
Company's continuance as a going concern is dependent upon its
ability to obtain adequate financing, to reach profitable levels of
operations and to reach a satisfactory implementation of the
Creditor's Agreement in Uruguay. 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. 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, but not
limited, those as described in Section "Risks Factors" of the MDA
and the Annual Information Form. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events
and such forward-looking statements, except to the extent required
by applicable law.
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