VANCOUVER, BC, Jan. 17, 2022 /CNW/ - Orea Mining Corp.
("Orea") (TSX: OREA) (OTCQX: OREAF) (FSE: 3CG) provides an
update on the request for a final appeal filed by the French
Government on the renewal of the 5-million-ounce Montagne d'Or Gold
Deposit mining titles, located in French
Guiana, France, owned
44.99% by Orea and 55.01% by Nord
Gold plc (the "JV").
As announced on October 7, 2021,
the French Government filed a request before the Supreme Court of
France (Conseil d'Etat) to
hear a final appeal on the renewal of the Montagne d'Or project
mining titles, which are renewable for a term of up to 25 years.
Two French courts previously ruled in favor of the JV and ordered
the renewal of the mining titles.
The Supreme Court is to decide on whether to admit and hear the
appeal. In principle, an appeal before the Supreme Court has no
suspensive effect, therefore the initial court rulings to renew the
mining titles should, in theory, be upheld and implemented, even if
a final appeal is allowed.
Orea and the JV believe that a decision by the Supreme Court
could be expected sometime after the French Presidential election.
The second and final round of voting to select the next President
of France is scheduled for
April 24, 2022.
Furthermore, the JV filed additional pleadings before the Court
of Appeal in Bordeaux to issue an
injunction ordering the French Government to pay a fine of
20,000 Euro (~US$23,000) per day to the JV, retroactive to
the date of the initial court ruling of December 24, 2020.
If the mining titles are renewed, Montagne d'Or will be subject
to various regulatory requirements prior to proceeding with the
construction and operation of a mine, which include but are not
limited to, the grant of mining and environmental authorizations
and construction permits by the State.
Additional updates will be provided by Orea when available.
About Montagne d'Or
Montagne d'Or is a permitting-stage open pit gold deposit that
hosts Measured Mineral Resources of 10.3 Mt at 1.804 g/t gold
(600,000 oz), Indicated Mineral Resources of 74.8 Mt at 1.350 g/t
gold (3.25 Moz) and additional Inferred Mineral Resources of 20.2
Mt at 1.48 g/t gold (960,000 oz), prepared in accordance with the
requirements of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101"). The Mineral
Resources are confined within a pit shell defined by a gold price
of US$1,300/oz and a cut-off grade of
0.4 g/t gold. Mineral Reserves have also been defined with Proven
Mineral Reserves of 8.25 Mt at 1.99 g/t gold (530,000 oz) and
Probable Mineral Reserves of 45.87 Mt at 1.50 g/t gold (2.2 Moz).
The Proven and Probable Mineral Reserves were estimated using a
gold price of US$1,200 per ounce at
varied cut-off grades from 0.552 to 0.665 g/t gold, dependent on
lithological rock types, economics and estimated metallurgical
recovery. Montagne d'Or ore can be readily processed to recover the
contained gold and silver values using unit operations considered
standard to the industry. For more information, see Orea's news
release titled "Columbus Gold Announces Positive Bankable
Feasibility Study for Montagne d'Or Gold Project, French Guiana" dated March 20, 2017 and filed on SEDAR and the
technical report prepared in accordance with the requirements of NI
43-101 titled "NI 43-101 Technical Report, Bankable Feasibility
Study - Montagne d'Or Project, French
Guiana" by SRK Consulting for Columbus Gold (now Orea Mining) and Nordgold
with an Effective Date of March 6,
2017, and a report date of April 28,
2017, which was filed on SEDAR on April 28, 2017.
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea
and Qualified Person under National Instrument 43-101, has reviewed
this news release and is responsible for the technical information
reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company
operating in a prospective and underexplored segment of the Guiana
Shield, South America. Its mission
is to develop gold deposits with a reduced environmental footprint
using innovative technologies, upholding the highest international
standards for responsible mining. In French Guiana, Orea holds a major interest in
the world-class Montagne d'Or mine development project and is also
advancing the Maripa and Suriname gold exploration projects.
For more about Orea visit the company's website at
www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
Forward-looking statements
Certain statements made herein, including statements relating
to matters that are not historical facts and statements of the
Company's beliefs, intentions and expectations about developments,
results and events which will or may occur in the future,
constitute "forward looking information" within the meaning of
applicable Canadian securities legislation ("forward-looking
statements"). Forward-looking statements relate to future events or
future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as "anticipate", "could", "should", "expect", "seek", "may",
"intend", "likely", "budget", "plan", "estimate", continue",
"forecast", "believe", "predict", "potential", "target", "would",
"might", "will", and similar words, expressions or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. These include, but are not limited
to, statements and information regarding: the Company's plans to
construct and develop the Montagne d'Or project, including
anticipated timing thereof; the timing, processes, outcome and
other matters related to the renewal of the Montagne d'Or
concessions, including the appeal from the French Government; the
satisfaction of regulatory requirements in respect of the
permitting, construction and operation of the Montagne d'Or
project, including but not limited to, the submission and
processing of mine permit applications, the timing thereof and the
timing of completion of environmental and engineering studies; the
Company's ability to renew the concessions for the Montagne d'Or
project and to comply with the conditions thereof; economic
analysis for the Montagne d'Or project and related exploration
objectives and plans; the conversion of mineral resources into
mineral reserves and the conversion of inferred mineral resources
into higher resource classification categories; the Company's
objective of become an emerging gold producer; the acquisition of
exploration projects including terms of acquisition, exploration or
development plans, intentions to acquire additional exploration or
development interests and the implications thereof; the production
capacity and potential of future plant and equipment; future
exploration and mine plans, objectives and expectations and
corporate planning of the Company, future studies and environmental
impact statements and the timetable for completion and content
thereof and statements as to management's expectations with respect
to, among other things, the matters and activities contemplated in
this news release.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements. Such
assumptions and analyses are made by the Company's management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are reasonable and appropriate in
the circumstances. All assumptions and analyses are
those of the Company's. There can be no assurance that such
statements will prove to be accurate. Forward-looking statements
are based on numerous assumptions regarding present and future
business strategies, local and global economic conditions, and the
environment in which the Company will operate in the future,
including compliance by the Company with regulatory and permitting
requirements applicable in French
Guiana, the sufficiency of Company's working capital; the
Company's ability to secure additional funding for the continued
exploration and development of its properties; the price of gold
and other metals; and the Company's ability to retain key
personnel. You are hence cautioned not to place undue reliance on
forward-looking statements.
Certain important factors that could cause actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, political and
economic risks in France,
political and economic risks in French
Guiana, risks related to the renewal applications for the
Concessions and the possible outcomes thereof; possible negative
outcomes of any appeals from the decision of the Administrative
Court of Cayenne in French Guiana;
regulatory risk including but not limited to unforeseen changes in
regulatory requirements, the Company's ability to enforce its
contractual and other legal rights to explore and exploit its
properties, risks related to exploration and development,
permitting and licensing risk, the estimation of mineral resources
and mineral reserves and related interpretations and assumptions,
future profitability of the Company, the ability to obtain
additional financing on a timely basis, the price of gold and
marketability thereof, government regulations including with
respect to taxes, royalties, land tenure and land use, title to the
Company's properties, currency exchange rates and fluctuations,
environmental risks, dilution resulting from the issuance of
additional securities of the Company, joint venture risks, reliance
on Nord Gold SE as operator of the Montagne d'Or project, the
availability of equipment, conflicts of interest, competition in
the mining industry, uninsured risks, market fluctuations, global
financial conditions, credit risk and risks arising from pandemics
and epidemics such as the COVID-19 pandemic. Although the Company
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. These statements, however, are subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes will not occur. Events or
circumstances could cause the Company's actual results to differ
materially from those estimated or projected and expressed in, or
implied by, these forward-looking statements. Important factors
that could cause actual results to differ from these
forward-looking statements are included in the "Risk Factors"
section in Company's annual information form dated December 11, 2020 for the year ended September 30, 2020 ("AIF").
Readers are further cautioned that the list of factors
enumerated in the "Risk Factors" section of the AIF that may affect
future results is not exhaustive. When relying on the Company's
forward-looking statements and information to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Furthermore, the forward-looking statements and
information contained herein are made as of the date of this
document and the Company does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
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SOURCE Orea Mining Corp.