TIDMOMI
RNS Number : 8511Y
Orosur Mining Inc
09 September 2022
Orosur Mining Inc - Colombia update
-- The Company's JV partner, Minera Monte Águila ("MMA"), has
provided the Company with a Phase 1 Earn-In Notice, having
completed all of the Phase 1 obligations, including investing US$10
million in the Anzá Project (the "Project")
-- The Company and MMA will begin the process of forming a new
mining company that will hold title to the Project's concessions
and applications.
-- The Company has also been notified by MMA that in accordance
with the Exploration Agreement, it will enter Phase 2 following
negotiation and execution of a joint venture agreement (the
"JVA").
-- The Company will initially have 49% ownership and MMA, 51%
ownership in the Mining Company, which will be managed by MMA.
London, September 9(th) , 2022 . Orosur Mining Inc. ("Orosur" or
the "Company") (TSXV/AIM:OMI) , is pleased to announce a key
development at the Company's flagship Anzá Project ("Project") in
Colombia.
The Project is subject to an Exploration Agreement with Venture
Option ("Exploration Agreement") with Colombian company Minera
Monte Águila ("MMA"). MMA is itself a JV between Newmont
Corporation ("Newmont") and Agnico Eagle Mines Limited ("Agnico"),
and is the Colombian entity by which these two companies jointly
exercise their rights and obligations with respect to the
Exploration Agreement over the Project.
Orosur is pleased to announce that further to the announcement
of September 6(th) 2022, MMA has now provided the Company with a
Phase 1 Earn-In Notice, having completed all of the obligations
under the Exploration Agreement, including the investment of US$10
million in the Project. The Company has also been informed by MMA
that it will enter Phase 2 under the Exploration Agreement, which
will be governed by the JVA.
As set out in the Exploration Agreement, the Company and MMA
will now begin the process of forming a new mining company (the
"Mining Company") that will hold title to the Project's concessions
and other mining interests. Phase 2 will commence once the Mining
Company is constituted and the JVA is signed. The Company will
initially have a 49% ownership interest in the Mining Company and
MMA the remaining 51%. Once formed, the Mining Company will be
managed by MMA.
The formation of the Mining Company is expected to take several
months to finalise. In the interim period, MMA will be able to
continue exploration at the Project, and any expenditures incurred
by MMA in this interim period will form part of the Phase 2
qualifying expenditures under the JVA. In recognition of this
continued exploration work, and provided that the parties continue
to work towards forming the Mining Company and finalising the JVA,
MMA has committed to making the Phase 2 payment of US$2 million to
the Company no later than early January 2023.
After the formation of the Mining Company and entering into the
JVA, MMA may earn an additional 14% ownership in the Mining Company
by spending US$20 million in qualifying exploration expenditures on
the Project over a maximum period of four years. If the Phase 2
earn-in option is completed, MMA would own 65% of the Mining
Company and the Company would own the remaining 35%.
Orosur Executive Chairman Louis Castro commented:
"We are delighted to have reached this key stage in the
Exploration Agreement. Together with our partners we are starting
to prepare for Phase 2 of the Project, and we look forward to
accelerated exploration activities during this period"
F or further information, visit www.orosur.ca , follow on
twitter @orosurm or 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
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
orosur@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 Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), 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 minerals explorer
and developer focused on identifying and advancing projects in
South America. The Company operates in Colombia, Argentina and
Brazil.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration
licences, four exploration licence applications, and several small
exploitation permits, totalling 207.5km2 in the prolific Mid-Cauca
belt of Colombia.
The Anzá Project is currently wholly owned by Orosur via its
subsidiary, Minera Anzá S.A.
The project is located 50km west of Medellin and is easily
accessible by all-weather roads and boasts excellent infrastructure
including water, power, communications and large exploration
camp.
The Anza Project is subject to an Exploration Agreement with
Venture Option dated September 7th, 2018, as announced on September
10th, 2018, between Orosur's 100% subsidiary Minera Anza S.A
("Minera Anza ") and Minera Monte A guila SAS ("Monte A guila"), a
50/50 joint venture between Newmont Corporation ("Newmont") and
Agnico Eagle Mines Limited ("Agnico").
Qualified Persons Statement
The information in this news release was compiled, reviewed and
verified by Mr. Brad George, BSc Hons (Geology and Geophysics),
MBA, Member of the Australian Institute of Geoscientists (MAIG),
CEO of Orosur Mining Inc. and a qualified person as defined by
National Instrument 43-101.
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 Minera Monte
Águila of those plans; Minera Monte Águila's decision to continue
with Phase 2 of the option; the timing for the formation of a new
mining company or mining venture to hold the project; the entering
into of the JVA between the Company and MMA; the possibility of
further expenditures by MMA during the interim period; the ability
for Loryser to implement the Creditor's Agreement successfully in
Uruguay 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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