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
10th, 2024 and remain unchanged.
Drilling
As announced on November
21st, 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, follow on X @orosurm or 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 & 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
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.
