REG - Orosur Mining Inc - Colombia Update

Orosur MiningAnnouncement

23/01/2024 07:00

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RNS Number : 5327A  Orosur Mining Inc  23 January 2024

 

Orosur Mining Inc.

Colombia Update

 

London, January 23, 2024. Orosur Mining Inc. ("Orosur" or the "Company")
(TSX-V: OMI) (AIM: OMI) the minerals developer and explorer with operations in
Colombia, Argentina, Nigeria and Brazil, is pleased to announce an update on
the Company's Anzá Project ("Project") in Colombia.

The Project is the subject of an Exploration Agreement with Venture Option
("Exploration Agreement") dated September 7, 2018, with Colombian
company Minera Monte Águila S.A.S. ("MMA"), pursuant to which MMA has
earned a 51% interest in the Project.  MMA is itself a 50/50 joint venture
between Newmont Corporation ("Newmont") and Agnico Eagle Mines Limited
("Agnico"). MMA is the current operator of the Project.

As previously announced, MMA advised the Company that it would be undertaking
a review of its continued involvement in the Project.  Subsequently, the
parties commenced discussions regarding the future of the Project, which are
currently focussed on exploring options whereby Orosur would acquire MMA's
interest in the Project.  Such an outcome, if achieved, would see the Company
returning to having a direct or indirect interest of 100% in the Project.

Negotiations are progressing toward this objective; however, these are not
final and as such there is no certainty that such a transaction will be
agreed, and if so, on what terms.  The parties are examining a range of
commercial and structuring options, as well as undertaking prudent due
diligence, and as such, finalisation of any agreement may take some time.

Further announcements will be made in due course as the process continues.

Orosur CEO Brad George commented:

"We have stated publicly on several occasions that our desired outcome is to
retake control of Anzá, and if possible, to also resume 100% ownership of the
Project. We have been working towards this objective for some months, but we
are also focussed on the legal complexities of any such transaction, ensuring
that any commercial terms do not negatively impact the viability of the
Project going forward. We see great potential at Anzá, and whilst there is no
certainty this deal will complete, should it happen, we will then be in the
driving seat and be able to take the initiative on the Project."

 

For further information, visit www.orosur.ca (http://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 / Caroline Rowe / 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.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

 

About Orosur Mining Inc.

Orosur Mining Inc. (TSX-V: OMI; AIM: OMI) is a minerals explorer and developer
focused on identifying and advancing projects in Colombia, Argentina, Nigeria
and Brazil.

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 Company's MD&A. 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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