TIDMOMI
RNS Number : 7066B
Orosur Mining Inc
12 October 2020
Orosur Mining Inc - Colombia update
-- Exploration funds received in Colombia.
-- Field planning underway - drilling planned to commence in November.
London, October 12th, 2020 . Orosur Mining Inc. ("Orosur" or the
"Company") (TSX/AIM:OMI), announces that its 100% owned Colombian
subsidiary, Minera Anzá S.A ("Minera Anzá") has received from
Minera Monte Águila SAS ("Monte Águila") the sum of COP$2.52
billion Colombian Pesos (approximately US$650,000) as a first
payment to fund exploration at the Anzá project for the 12 month
period commencing 7 September 2020. Monte Águila is the new name
for Newmont Colombia SAS which is owned 50-50 by Newmont and
Agnico.
Field planning underway
Prior to receipt of these funds, Minera Anzá and Monte Aguila
staff had been developing detailed exploration plans for the
re-commencement of field work at Anzá once restrictions and risks
associated with the Covid-19 pandemic had subsided sufficiently to
allow operations to safely resume.
These plans are now being formally implemented.
-- Covid-19 protocols related to movement and testing of staff are complete.
-- Refurbishment and expansion of the camp is near completion.
-- Additional technical staff are being recruited.
-- Necessary community and government notifications have been
made and required permit applications submitted.
-- Importation of geophysical equipment should commence soon.
-- Advanced discussions with drill contractors are underway.
Commencement of active exploration is still subject to the ebb
and flow of the local Covid-19 situation; however, if current
positive trends continue, it is hoped that geophysical surveys and
drilling should be underway by early November 2020.
Orosur CEO Brad George commented:
"Clearly the Covid-19 pandemic is presenting challenges to
remote exploration that were not expected at the start of the year.
However, the operating protocols that we have established are
allowing our diligent and professional staff to plan and implement
as near to a full exploration program as could be achieved under
these trying circumstances."
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 & Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Flagstaff Communications
Tim Thompson
hello@flagstaffcomms.com
Tel: +44 (0)207 129 1474
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.
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 Newmont of those
plans, Newmont'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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