REG - Orosur Mining Inc - Colombia Update

Orosur MiningAnnouncement

28/11/2024 07:00

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RNS Number : 0038O  Orosur Mining Inc  28 November 2024

 

 

 

Orosur Mining Inc. - Colombia Update

 

·    Acquisition of Minera Monte Aguila S.A.S. successfully completed.

 

·    Company has reassumed 100% ownership and operatorship of its flagship
Anzá Gold Project in Colombia with no upfront payments

 

·    Drilling at Pepas is progressing well with first hole completed

 

 

 

London, November 28, 2024. Orosur Mining Inc. ("Orosur" or the "Company")
(TSXV/AIM:OMI) is pleased to announce that it has completed the acquisition
("Acquisition") of Minera Monte Aguila S.A.S.("MMA") as a result of which the
Company now has 100% indirect ownership of the Company's flagship Anzá Gold
Project ("Anzá Project" or the "Project") in Colombia.

 

About the Anzá Project

 

Anzá is a gold exploration project, comprising granted exploration licences
and applications for exploration licences in the prolific Mid-Cauca belt of
Colombia. Since September 2018, the Anzá Project was the subject of an
Exploration Agreement with Venture Option with MMA. Since September 2020, MMA
has been a 50/50 joint venture between Newmont Corporation ("Newmont") and
Agnico Eagle Mines Limited ("Agnico").

 

The Project is located 50km west of Medellin and is easily accessible by
all-weather roads and boasts excellent infrastructure including water, power,
communications as well as a large exploration camp.  Since the Company first
acquired the Anzá Project in December 2014, almost 48,000m of drilling has
been undertaken, mostly on the central APTA prospect where a high-grade body
of gold mineralisation had been discovered. The most recent drilling
activities were at Pepas in the north of the Anzá Project area where three
holes returned excellent results, the best being 150.9m @ 3g/t Au from surface
(hole PEP001, announced on September 6, 2022).

 

Terms of the Acquisition

 

Under a share purchase agreement (the "SPA"), between Orosur, Agnico, Newmont
and certain of their respective subsidiaries, Orosur's wholly owned Canadian
subsidiary, Waymar Resources Ltd. has acquired all of the issued shares of MMA
resulting in Orosur holding 100% indirect ownership of the Project. The key
terms of the Acquisition were announced on September 10(th), 2024 and remain
unchanged.

 

Drilling

 

As announced on November 21(st), 2024, the Company has commenced drilling at
Pepas ,with plans for a small program of six or seven holes for a total of
roughly 800m.  The first of these holes (PEP-012) has been completed with
samples being submitted to an assay laboratory in Medellin on a gradual
basis.  First results are expected soon.

 

 

 

Orosur CEO Brad George commented:

 

"It is pleasing to finally be back in charge of our destiny. And with drilling
already well underway, we are looking forward to a period of enhanced
newsflow."

 

 

 

 

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.

 

Qualified Persons Statement

The information in this news release was compiled, reviewed and verified by
Mr. Brad George, BSc hons (Geology and Geophysics), MBA, Member of the
Australian Institute of Geoscientists (MAIG), CEO of Orosur Mining Inc. and a
qualified person as defined by National Instrument 43-101.

 

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 continuing focus
on the Pepas prospect, the exploration plans in Colombia and the funding of
those plans, and other events or conditions that may occur in the future.
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 those
described in the Section "Risks Factors" of the Company's MD&A for the
year ended May 31, 2024. 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. 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 closure 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.

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