VANCOUVER, BC, April 12,
2023 /CNW/ - Orla Mining Ltd. (TSX: OLA)
(NYSE: ORLA) ("Orla" or the "Company") today is pleased to provide
an interim operational update for the first quarter ended
March 31, 2023.
During the first quarter of 2023, the Camino Rojo Oxide Mine
produced 25,910 ounces of gold and sold 26,752 ounces of gold. At
March 31, 2023, Orla had a cash
position of $83.8 million, after
making its first planned income tax payment (including the Special
Mining Duty) in Mexico of
$29.1 million related to the 2022
fiscal year. The operations are performing to plan, and the Company
remains on track to meet 2023 annual gold production guidance of
100,000 to 110,000 ounces.
Camino Rojo Mining
and Processing Totals
|
|
Q1 / YTD
2023
|
Ore Mined
|
tonnes
|
1,948,543
|
Ore -
processed
|
tonnes
|
1,646,595
|
Low Grade Ore -
stockpiled
|
tonnes
|
301,948
|
Waste Mined
|
tonnes
|
1,183,781
|
Total Mined
|
tonnes
|
3,132,324
|
Strip Ratio
|
w:o
|
0.61
|
Total Ore Mined Gold
Grade
|
g/t
|
0.72
|
Ore -
processed
|
g/t
|
0.80
|
Low Grade Ore -
stockpiled
|
g/t
|
0.29
|
|
|
|
Ore Crushed
|
tonnes
|
1,770,355
|
Ore Stacked
|
tonnes
|
1,701,188
|
Stacked Ore Gold
Grade
|
g/t
|
0.80
|
Gold
Produced
|
oz
|
25,910
|
|
|
|
Daily Stacked
Throughput Rate – Average
|
tpd
|
18,902
|
Daily Stacked
Throughput / Nameplate Capacity
|
%
|
105 %
|
Total Crushed Ore
Stockpile
|
tonnes
|
114,117
|
Total Crushed Ore
Stockpile Au Grade
|
g/t
|
0.87
|
Total ROM Ore
Stockpile*
|
tonnes
|
2,420,575
|
Total ROM Ore Stockpile
Grade
|
g/t
|
0.34
|
*ROM ore stockpile
includes mined ore but yet crushed, and low-grade
stockpiles.
|
Base Shelf Prospectus
In order to maintain financial flexibility, and consistent with
past practice, the Company intends to file a new base shelf
prospectus in April 2023. The Company
has maintained a base shelf prospectus since 2019 and its existing
base shelf prospectus expired on April 12,
2023. The Company has no present intention to offer
securities pursuant to the new base shelf prospectus. The notice
set out in this paragraph does not constitute an offer of any
securities for sale or an offer to sell or the solicitation of an
offer to buy any securities.
First Quarter 2023 Conference
Call
Orla will host a conference call on Friday, May 12, 2023, at 10:00 AM, Eastern Time, to provide a corporate
update following the release of its financial and operating results
for the first quarter 2023:
Dial-In Numbers / Webcast:
Conference ID:
5844017
Toll Free:
1 (888) 550-5302
Toll:
1 (646) 960-0685
Webcast:
https://orlamining.com/investors/presentations-and-events/
Qualified Persons Statement
The scientific and technical information related to Camino Rojo in this news release was reviewed
and approved by Mr. J. Andrew
Cormier, P. Eng., Chief Operating Officer of the Company,
who is the Qualified Person as defined under NI 43-101
standards.
About Orla Mining Ltd.
Orla's corporate strategy is to acquire, develop, and operate
mineral properties where the Company's expertise can substantially
increase stakeholder value. The Company has three material gold
projects: (1) Camino Rojo, located
in Zacatecas State, Mexico, (2)
South Railroad, located in Nevada,
United States, and (3)
Cerro Quema, located in Los Santos Province, Panama. Orla is operating the Camino Rojo
Oxide Gold Mine, a gold and silver open-pit and heap leach mine.
The property is 100% owned by Orla and covers over 160,000 hectares
which contains a large oxide and sulphide mineral resource. Orla
also owns 100% of Cerro Quema
located in Panama which includes a
pre-feasibility-stage, open-pit, heap leach gold project, a
copper-gold sulphide resource, and various exploration targets.
Orla also owns 100% of the South Railroad Project, a
feasibility-stage, open pit, heap leach gold project located on the
Carlin trend in Nevada. The technical reports for the
Company's material projects are available on Orla's website at
www.orlamining.com, and on SEDAR and EDGAR under the Company's
profile at www.sedar.com and www.sec.gov, respectively.
Forward-looking Statements
This news release contains certain "forward-looking
information" and "forward-looking statements" within the meaning of
Canadian securities legislation and within the meaning of Section
27A of the United States Securities Act of 1933, as amended,
Section 21E of the United States Exchange Act of 1934, as amended,
the United States Private Securities Litigation Reform Act of 1995,
or in releases made by the United States Securities and Exchange
Commission, all as may be amended from time to time, including
statements regarding the Company's filing of a new base shelf
prospectus. Forward-looking statements are statements that are not
historical facts which address events, results, outcomes or
developments that the Company expects to occur. Forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made and they
involve a number of risks and uncertainties. Certain material
assumptions regarding such forward-looking statements were made.
Consequently, there can be no assurances that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements involve significant known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include those risk
factors discussed in the Company's most recently filed management's
discussion and analysis, as well as its annual information form
dated March 20, 2023, which are
available on www.sedar.com and
www.sec.gov. Except as required by the securities
disclosure laws and regulations applicable to the Company, the
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change.
SOURCE Orla Mining Ltd.