TIDMOMI
RNS Number : 8949M
Orosur Mining Inc
17 January 2023
Orosur Mining Inc - Colombia update
-- Negotiations to complete the Mining Company Constituent
Documents with Minera Monte Aguila are progressing.
-- US$2 million Phase 2 Payment to be paid soon.
-- Process of forming new JV company underway.
-- Once formed, the JV company will be owned 49% by Orosur and 51% by Minera Monte Aguila.
London, Tuesday 17(th) January, 2023 . Orosur Mining Inc.
("Orosur" or the "Company") (TSXV/AIM:OMI) , is pleased to provide
an update to progress 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 joint venture 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 the Company and MMA are
advancing negotiations of a joint venture agreement (the "Mining
Company Constituent Documents") that would govern the development
and operations of the Project. The joint venture will operate under
a new Colombia legal entity (the "Mining Company") that would hold
the Project mining concessions and applications, with MMA as
manager. The process to create the Mining Company has now commenced
and is expected to take several months to complete. During this
process, MMA will be able to continue exploration at the Project,
and any expenditures incurred by MMA during this interim period
will form part of the Phase 2 qualifying expenditures.
In the meantime, MMA has agreed to pay the US$2 million Phase 2
Payment contemplated by the Exploration Agreement to Orosur, in
advance of finalising the Mining Company Constituent Documents.
Funds are expected to be received from MMA soon.
After the formation of the Mining Company and entering into the
Mining Company Constituent Documents , as per the Phase 2 earn-in
provisions, MMA may earn an additional 14% ownership in the Mining
Company if it has spent US$20 million in qualifying exploration
expenditures on the Project on or prior to the fourth anniversary
of the parties entering into the Mining Company Constituent
Documents . If the Phase 2 earn-in 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 pleased that MMA will be advancing to Phase 2 of the
Project and that the US$2 million will be paid soon. Both actions
support the Company's continued belief in the strength and
potential of the Project".
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 / Kasia Brzozowska
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. (TSXV / 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 and
has discontinued operations in Uruguay.
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.
.
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 continued involvement
in the Anza Project ; 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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END
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(END) Dow Jones Newswires
January 17, 2023 02:00 ET (07:00 GMT)
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