Orosur Q2 2015 Operating Results
19 December 2014 - 06:00PM
Business Wire
Orosur Mining Inc. (the “Company”) (TSX: OMI) (AIM: OMI), a
South American-focused gold producer, developer and explorer, is
pleased to announce operating results for its second quarter ended
November 30, 2014 (“Q2 2015” or “the Quarter”).
Highlights
- Gold production of 12,854 oz (14,829 oz
Q2 2014)
- Cash operating costs of US$984/oz
(US$761/oz Q2 2014)
- Both production and cash operating
costs are in line with original guidance, and the Company remains
on track to deliver its Full Year guidance of 50,000 – 55,000 oz at
a cash operating cost of US$850 - $950/oz
- During the Quarter Orosur extended the
terms of its farm-in with Corporación Nacional del Cobre de Chile
(“Codelco”) until January 2020, with an option to extend for an
additional two years
- Orosur also entered into a non-binding
letter of intent to option up to 40% of its interest in the Anillo
project in Chile to Asset Chile Exploración Minera Fondo de
Inversión Privado for non-dilutive funding of up to US$3.5
milion
Production and cash operating costs for Q2 2015 are in line with
both the Company’s mine plan and previously stated guidance. As
previously stated, Orosur planned for higher expected unit costs in
the first half of fiscal 2015 resulting from the current mining
sequence, and this trend was observed during the Quarter.
During Q2 2015, and in accordance with the mine plan, gold
production from Arenal Deeps accounted for approximately 45% of
total production in the Quarter. The Company expects this figure to
average between 70-75% in the second half of Fiscal 2015. Due in
large part to the implementation of pillarless mining in the Arenal
stopes, the Company maintains a specific mining sequence to safely
and optimally operate the mine, which has, as planned, resulted in
varying grade and volume figures over the fiscal year to date. As
previously announced, the Company expects to return to mining
higher grade, larger transverse stopes in the second half of its
fiscal year, which is expected to reduce cash operating costs as
well as mining open pits with lower strip ratios..
Orosur continues to focus on cost reduction initiatives,
including optimizing corporate and operational teams, geological
modelling, mine planning, and fleet use.
Ignacio Salazar, CEO Orosur Mining, said: “We are pleased
to once again have delivered operational results in line with our
stated guidance. As announced in our full year results, costs
during the first half of our fiscal 2015 were expected to be higher
than our guided annual average in large part due to planned lower
grades and volumes from our Arenal Deeps underground mine. We
expect unit costs to drop in the second half of the year as we
return to mining higher grade ore at Arenal and mining open pits
with lower strip ratios.”
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold production,
development and exploration company focused on identifying and
developing gold projects in South America. The Company operates the
only producing gold mine in Uruguay (San Gregorio), and has
assembled an exploration portfolio of high quality assets in
Uruguay Chile, and Colombia. The Company is quoted in Canada (TSX:
OMI) and London (AIM: OMI).
For more information please visit
www.orosur.ca
Orosur Mining IncIgnacio Salazar, Chief Executive
Officerinfo@orosur.caTel: +562-2924-6800orCantor Fitzgerald
EuropeStewart Dickson / Jeremy Stephenson / Carrie LunTel:
+44-(0)-20-7894-7000orFTI ConsultingBen Brewerton / Oliver
Winters / Sara PowellTel: +44-(0)-20-3727-1000