TIDMOMI
Orosur Mining Inc. ("Orosur" or the "Company") (TSX/AIM: OMI), a
South America-focused gold producer, developer and explorer, is
pleased to announce an operations and exploration update for its
year ending 31 May 2017 ("FY 2017").
Highlights:
Operations
-- Successfully built and developed the San Gregorio West underground
mine in Uruguay ("SGW UG") from internal funds
-- FY 2017 production of 35,371 oz (within stated guidance of 35-40 koz)
following a significant increase in production in Q4 (10,748
oz)
-- Operating cash cost guidance of US$800 - 900/oz expected to be
confirmed when full year 2017 results are announced in
mid-August
-- Cash balance at the end of May 2017 was US$3.3M (Q3 US$2.4M and FY
2016 US$4.3M) with debt of just US$0.4.
Exploration
-- In Uruguay, the Company is extending its mine life with a particular
focus into the Central and East areas of SG UG. SRK Consulting
has
been engaged to prepare a scoping study covering an expanded SG
UG
project which will include not only the extensions to Central,
East
and Deeps, but also the neighbouring deposits of Veta Sur, Ombú
and
Veta A.
-- The deadline for Asset Chile ("AC") to make its decision to finance
Phase 2 in Anillo (which is strategically located between
Yamana`s El
Peñon and Pampa Augusta Victoria) has been extended to December
2017
AC is expected to cover Anillo Spa corporate and ongoing
costs
until then, which are estimated at approximately US$150k
the first US$85k was received from AC on June 14, 2017
under the extension agreement, Orosur is now able to have
open
discussions with alternative partners to progress Anillo in
the
event AC does not elect to fund Phase 2
-- The Company plans to commence a 15,000m - 30,000m drilling campaign in
2017 in Colombia, culminating in the preparation and publishing
of a
maiden N.I. 43- 101 compliant resource report for the APTA
project.
The Company will update the market once the exploration
programme has
been designed and validated, and a drilling contractor engaged.
Timing
and scope of the drilling programme will be driven by a
combination of
exploration results, funding requirements of the Company and
prevailing equity and gold market conditions.
Ignacio Salazar, CEO of Orosur, commented:
"We are delighted to have delivered in line with production
targets for the fourth consecutive year. Exploration and
development work has been running in parallel with production at
SGW UG this year allowing us not only to open a new underground
mine but also to expand it solely with internal funding from
operations. While emphasis on cost management, operational
excellence and delivery remains an overriding priority for us, we
expect our focus on growth to deliver further results this next
fiscal year initially centered on resource definition in Colombia,
tapping the potential of the 100km greenstone belt controlled by
OMI in Uruguay and advancing Anillo in Chile."
Forward Looking Statements
All statements, other than statements of historical fact,
contained or incorporated by reference in this news release,
including any information as to the future financial or operating
performance of the Company, constitute "forward-looking statements"
within the meaning of certain securities laws, including the "safe
harbour" provisions of the Securities Act (Ontario) and 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. There can be no assurance that such statements
will prove to be accurate. Such statements are subject to
significant risks and uncertainties, and actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements include, without limitation:
general economic, market and business conditions; international
political events; commodity prices; success of exploration
activities; permitting time lines; the failure of plant, equipment
or processes to operate as anticipated; accidents; labour disputes;
requirements for additional capital title disputes or claims; and
limitations on insurance coverage. The Company disclaims any
intention or obligation to update or revise any forward looking
statements whether as a result of new information and future
events, except to the extent required by applicable law.
For more information, please visit www.orosur.ca.
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. Upon the
publication of this announcement via Regulatory Information
Service, this inside information is now considered to be in the
public domain.
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold producer,
developer and explorer focused on identifying and advancing gold
projects in South America. The Company operates the only producing
gold mine in Uruguay (San Gregorio), and has assembled an
exploration portfolio of high quality assets in Uruguay, Chile and
Colombia. The Company is listed in Canada (TSX: OMI) and London
(AIM: OMI).
Orosur Mining Inc.Ignacio Salazar, +1-778-373-0100Chief
Executive Officerinfo@orosur.caorCantor Fitzgerald EuropeDavid
Porter / Craig Francis / Philip DaviesTel: +44 (0) 20 7894
7000orFTI ConsultingBen Brewerton / Sara Powell / Emerson
ClarkeTel: +44 (0) 20 3727 1000
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170619006308/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
June 20, 2017 02:00 ET (06:00 GMT)
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