REG - Orosur Mining Inc - Colombia update

Orosur MiningAnnouncement

01/08/2024 07:00

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RNS Number : 6547Y  Orosur Mining Inc  01 August 2024

 

 

 

 

Orosur Mining Inc. - Colombia update

 

 

 

London, August 1, 2024. Orosur Mining Inc. ("Orosur" or the "Company")
(TSXV/AIM:OMI), provides an update on the transaction announced on March 25,
2024, pursuant to which Orosur would re-acquire a 100% ownership interest in
its flagship Anzá gold project  in Colombia.

 

Further to the update provided on July 1, 2024, the parties continue to work
in good faith on the finalisation of the share purchase agreement and the
negotiation of ancillary agreements that form the basis of the transaction as
well as seeking regulatory approval from the TSXV.  There are no material
changes to the terms of the transaction that were described in the Company's
press release dated March 25, 2024.

 

Orosur CEO Brad George commented:

 

"The parties remain committed to an outcome consistent with the agreed and
previously announced terms, although the finer details of the transaction have
proven more complex than initially anticipated and have unfortunately resulted
in substantial delays to completion. All parties are working in good faith to
resolve these issues and complete the transaction."

 

For further information, visit www.orosur.ca (http://www.orosur.ca) , follow
on X @orosurm or please contact:

 

Orosur Mining Inc

Louis Castro, Chairman

Brad George, CEO

info@orosur.ca (mailto:info@orosur.ca)

Tel: +1 (778) 373-0100

 

SP Angel Corporate Finance LLP - Nomad & Broker

Jeff Keating / Caroline Rowe

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

Tim Thompson

Mark Edwards

Fergus Mellon

orosur@flagstaffcomms.com (mailto: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 the Anzá Project

 

Anzá is a gold exploration project, comprising three exploration licences,
four exploration licence applications, and a small exploitation permit,
totalling in aggregate 207.5km2 in the prolific Mid-Cauca belt of Colombia.

 

Orosur's interest in the Anzá Project is currently held 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.

 

The Anzá Project is subject to an Exploration Agreement with Venture Option
dated September 7th, 2018, as announced on September 10th, 2018, between
Orosur's 100% subsidiary Minera Anzá S.A ("Minera Anzá") and Minera Monte
Águila SAS ("Monte Águila"), a 50/50 joint venture between Newmont
Corporation ("Newmont") and Agnico Eagle Mines Limited ("Agnico").

 

 

 

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 of those plans, finalisation and execution of
definitive agreements relating to the Acquisition; completion of the
acquisition to re-assume 100% of the Anza Project, and other events or
conditions that may occur in the future. The Company's continuance as a going
concern is also 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 to,
successful negotiation and execution of definitive documents relating to the
Acquisition, approval of the TSXV, reliance on exemptions from shareholder
approval of the Acquisition, and those other risks and uncertainties described
in Section "Risks Factors" of the Company's MD&A for the year ended May
31, 2023. 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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