VANCOUVER, BC, Aug. 13, 2020 /CNW/ - Orla Mining
Ltd. (TSX: OLA) ("Orla" or the "Company") is pleased to
announce that the Mexican Federal Environmental Department
("SEMARNAT") has granted approval of the Company's Environmental
Impact Statement ("Manifestos de Impacto Ambiental" or "MIA")
required for the development of the Camino Rojo Oxide Gold Project
("Camino Rojo") located in Zacatecas State, Mexico. The approval of the MIA is conditional
upon Orla meeting certain customary conditions and standard
requirements which the Company intends to complete in the coming
weeks. Orla now has the two principal permits necessary for
commencement of construction activities at Camino Rojo. The receipt
of the MIA also satisfies one of the key conditions precedent to
the drawdown of the remaining US$100
million available on the previously announced US$125 million project finance facility ("Credit
Facility").
"The approved MIA is the next step to develop the Camino Rojo
Oxide Project. We can now begin construction and maintain our
schedule to produce our first gold in 2021", stated Jason Simpson, President and Chief Executive
Officer of Orla. "We would like to thank and recognize everyone who
has worked on the permitting process and supported us to get to
this point. We look forward to continuing to work closely with our
various stakeholders, including the local communities around the
Camino Rojo Project".
Detailed engineering is now over 73% complete and in
anticipation of the receipt of the final permit, Orla has
pre-ordered and committed to over US$50
million for long-lead time items. Major contracts for earth
moving and civil work are well advanced and are expected to be
finalized in the coming weeks. Under Mexico's current COVID-19 legislation, mining
and construction are now permitted economic activities and the
Camino Rojo site has been ramping up in strict compliance with the
Mexican Health Authority and Company requirements. Orla has
implemented a strict COVID-19 protocol, including rigorous testing
programs as it begins a controlled mobilization to site for
construction. Exploration work programs have already begun and are
testing regional targets in the large area of prospective geology
that surrounds the known deposit.
About Orla Mining Ltd.
Orla is developing the Camino Rojo Oxide Gold Project, an
advanced gold and silver open-pit and heap leach project, located
in Zacatecas State, Central
Mexico. The project is 100% owned by Orla and covers over
160,000 hectares. The technical report entitled "Feasibility Study,
NI 43-101 Technical Report on the Camino Rojo Gold Project —
Municipality of Mazapil, Zacatecas,
Mexico" dated June 25, 2019 is
available on SEDAR under the Company's profile as well as on Orla's
website at www.orlamining.com. Orla also owns 100% of the
Cerro Quema Project located in Panama which includes a near-term gold
production scenario and various exploration targets. The Cerro
Quema Project is a proposed open pit mine and gold heap leach
operation. Please refer to the "Cerro Quema Project -
Pre-feasibility Study on the La Pava and Quemita Oxide Gold
Deposits" dated August 15, 2014,
which is available on SEDAR.
Forward-looking Statements
This news release contains certain "forward-looking
statements" within the meaning of Canadian and United States securities legislation,
including, without limitation, statements with respect to the
timing of meeting certain conditions with respect to the approval
of the MIA, the timing of commencement of construction activities,
the results of exploration and planned exploration programs, the
potential for discovery of additional mineral resources and the
Company's objectives and strategies. Forward-looking statements are
statements that are not historical facts which address events,
results, outcomes or developments that the Company expects to
occur. Forward-looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made and they involve a number of risks and
uncertainties. Certain material assumptions regarding such
forward-looking statements are discussed in this news release,
including without limitation, assumptions that all conditions of
the MIA will be met, the Company's activities will be in accordance
with the Company's public statements and stated goals; that there
will be no material adverse change affecting the Company or its
properties; that all required approvals will be obtained and that
there will be no significant disruptions affecting the Company or
its properties. Consequently, there can be no assurances that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements involve significant known
and unknown risks and uncertainties, which could cause actual
results to differ materially from those anticipated. These risks
include, but are not limited to: risks related to uncertainties
inherent in the preparation of feasibility studies, drill results
and the estimation of mineral reserves and mineral resources; and
risks associated with executing the Company's objectives and
strategies, including costs and expenses. Except as required by the
securities disclosure laws and regulations applicable to the
Company, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change.
SOURCE Orla Mining Ltd.