REG - Orosur Mining Inc - AGM Results

Orosur MiningAnnouncement

23/12/2021 14:05

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RNS Number : 6724W  Orosur Mining Inc  23 December 2021

 

 

 

 

 

 

Orosur Mining Inc. - AGM Results

Notification of Shareholder Conference call

 

London, December 23rd 2021, Orosur Mining Inc. ("Orosur" or "the Company")
(AIM/TSX-V: OMI), a South American-focused minerals explorer and developer,
announces that at the Company's Annual General & Special Meeting ("AGM")
held at 12:00 p.m. GMT today, all resolutions put to shareholders were duly
passed.

Details of the voting are set out at the bottom of this press release.

 

Louis Castro, Executive Chairman of Orosur, provided the following update to
those in attendance at the AGM:

 

"It is now roughly 18 months since the Company began its transformation with a
new board and executive and a major change in focus.

 

After a two-year hiatus, our flagship Anzá project restarted in early
September 2020 with a move into year three of the JV and the entry of Agnico
Eagle, joining Newmont in a 50/50 venture to jointly fund exploration at the
project.

 

Orosur, through its local Colombian subsidiary, managed the operation and
quickly ramped up its operational capacity from a standing start to over 100
people, with at times five drill rigs on site - all during the peak of the
Covid pandemic, a tremendous testament to the diligence and dedication of the
Colombian team.

 

Since commencement of drilling operations in November 2020, over 13,000m have
been drilled to date, all focussed on or around the core APTA deposit.  To
date, results for 24 holes have been released with several outstanding
intersections demonstrating the potential of APTA and the wider region.

 

While able to control our immediate working environment, we were still subject
to external influences, the most significant being extreme Covid-related
delays in assay results from the commercial laboratory in Lima. These delays
are now largely resolved and we anticipate more timely turnaround of results.

 

In late November 2020, the Company's balance sheet was strengthened by a well
supported £4m capital raising in London.

 

The drilling focus at APTA was designed to test and prove the mineralisation
at APTA so as to give Agnico/Newmont sufficient comfort to make the major
decision to move forward with the JV and to assume operatorship of the
project. In addition a wider regional programme was undertaken, including
mapping and sampling of the other licences and applications to identify
targets for the next phase of work.

 

The drilling campaign and wider regional work were successful and in early
September 2021, Agnico/Newmont informed us that they were moving into the next
year of the JV and exercising its right to assume operatorship of the Anzá
project. This transition in operatorship was a complex process which saw work
wound back for two months to allow the large number of staff and operating
contracts to be handed  over in an orderly fashion.  This process is now
largely complete and work is accelerating.

 

At the time of writing, three rigs are in operation at Anzá, still focussed
at APTA, while work commences on the conversion of our major applications to
granted status so that these may be drilled in 2022.

 

The handover of operatorship to Agnico/Newmont, coupled with our improved
balance sheet position, has now allowed the Company to examine new projects
and the process of identification and negotiation has been ongoing for over
six months. A large number of high quality projects have been assessed over
this time, with a key focus on projects with large landholdings in key
mineralised provinces, that can be entered at low or zero cost and offer the
potential for rapid and cost effective generation of shareholder value.

 

We have previously announced a non-binding Letter Of Intent over a tin project
in Brazil and this opportunity is at the advanced negotiation stage with a
resolution expected soon.  Several other opportunities are also at the
advanced stages of negotiation and it is hoped these may be finalised in the
very near term.

 

Final closure of our historical Uruguay operations has progressed well and is
near completion. Employee entitlements have been settled with funds from a
combination of asset and share sales, and remediation of the tailings dam,
while delayed by an unusually wet winter, should now be complete by mid 2022.

 

The Board feels the Company is now in a very strong position, setting up well
for 2022. The historical operations in Uruguay are near to being fully closed,
the Anzá project is now in the hands of two of the world's three largest gold
miners, and we look forward to being able to explore several new high quality
opportunities if current negotiations can be successfully concluded.

 

Covid remains with us, but the world appears to be opening for business again,
allowing us to advance our projects and communicate our investment case to the
market.

 

 

AGM Voting Results

At the AGM, a total of 35,180,729 common shares of the 188,420,300 shares
outstanding as at the record date of November 16, 2021, were voted at the
meeting, representing approximately 18.7% of the issued and outstanding common
shares of the Company. The votes cast were as follows:

 ORDINARY BUSINESS                                                               FOR         AGAINST    VOTES WITHELD  VOTES FOR

                                                                                                                       %
 to set the number of directors of the Company for the ensuing year at four (4)  34,786,533  99,083     0              99.7%
 members
 to elect Bradley George as a director of the Company to hold office for the     31,875,009  0          3,010,607      91.4%
 ensuing year;
 to elect Thomas Masney as a director of the Company to hold office for the      34,786,301  0          99,315         99.7%
 ensuing year;
 to elect Louis Castro as a director of the Company to hold office for the       31,880,862  0          3,004,754      91.4%
 ensuing year;
 to elect Nick von Schirnding as a director of the Company to hold office for    34,786,301  0          99,315         99.7%
 the ensuing year;
 to appoint PricewaterhouseCoopers LLP, as the auditors of the Company for the   35,067,126  0          113,603        99.7%
 ensuing year and, to authorise the board of directors to fix the auditors'
 remuneration
 to consider and if thought fit, pass a resolution to confirm, ratify and        34,755,054  130,562    0              99.6%
 approve the amended and restated stock option plan of the Company
 to consider and if thought fit, pass a resolution to confirm, ratify and        31,780,801  3,104,815  0              91.1%
 approve the advance notice by-law of the Company

 

 

Shareholders conference call

 

To supplement the AGM, attendance at which was adversely affected by the
current wave of COVID, the Company will hold a shareholders conference call on
12th January 2022, at 16:30 (UK Local time).  The Company's Chief Executive,
Brad George, and Chairman Louis Castro, will host the call followed by a
question and answer session. To participate in this conference call, please
dial in to the following:

 

Standard International Access Tel: + 44 (0) 33 0551 0200

UK Toll Free Tel: 0808 109 0700

Password:    Orosur

 

Should participants wish to submit questions beforehand, please send to
orosur@flagstaffcomms.com by 17:00 (UK Local time) by 9th January 2022.
Shortly following the conference call, a recording will be available to
download from the Company website https://www.orosur.ca for seven days.

 

 

For 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

JamesPope

Tel: +44 (0)20 3657 0050

 

Flagstaff Strategic and Investor Communications

Tim Thompson

Mark Edwards

Fergus Mellon

Tel: +44 (0) 207 129 1474

orosur@flagstaffcomms.com (mailto:orosur@flagstaffcomms.com)

 

 

 

About Orosur Mining Inc.

 

Orosur Mining Inc. (AIM/TSX-V: OMI) is a minerals explorer and developer
focused on identifying and advancing projects in South America.

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