Orosur Mining Inc Colombia Update (9067K)
07 September 2021 - 4:00PM
UK Regulatory
TIDMOMI
RNS Number : 9067K
Orosur Mining Inc
07 September 2021
Orosur Mining Inc - Colombia Update
Minera Monte Aguila to assume operatorship of Anzá Project
London, September 7(th) , 2021 . Orosur Mining Inc. ("Orosur" or
the "Company") (TSX/AIM:OMI) , announces that it has been informed
by its Colombian Joint Venture ("JV") partner, Minera Monte Águila
SAS ("Monte Águila") that it has elected to exercise its right to
assume operatorship of the Anzá Project in Colombia.
Monte Águila is a 50/50 JV between Newmont Corporation
("Newmont") (NYSE:NEM, TSX:NEM) and Agnico Eagle Mines Limited
("Agnico") (TSX:AEM), and is the vehicle by which these two
companies jointly exercise their rights and obligations with
respect to the Exploration Agreement with Venture Option
("Exploration Agreement") over the Anzá Project.
The Anzá Project now moves into its fourth year of Phase 1
during which time a further US$4 million is required to be spent
pursuant to the Exploration Agreement.
The Exploration Agreement specifies a notice period of 90 days
for the assumption of operatorship to become effective, however
this period is largely to allow sufficient time for various staff
and operating contracts to be moved across from the Company's local
subsidiary, Minera Anzá to Monte Águila. This process will commence
immediately, but it is expected to take substantially less than the
allowed 90 days.
Operationally, this change in operatorship is not expected to
result in major changes, with most of the existing staff continuing
in their current roles. Furthermore, while Monte Águila manages the
Anzá Project, Minera Anzá will continue to be the 100% owner of the
licences, until such time as Monte Águila has met its financial
obligations with respect to the Exploration Agreement and elected
to move to Phase 2 in September 2022.
Orosur CEO Brad George commented:
"It is with pleasure that we note the decision by Monte Aguila
to assume operational control of the Anzá Project and to move into
the fourth year of Phase 1, during which time a further minimum of
US$4 million is required to be spent. While little may change on
the ground, the decision by our partners to step in and operate the
project is testament to the scale of its exploration
potential."
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
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker
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 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.
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