Orosur Completes Phase one of El Pantano JV,
Argentina
·
The Company
successfully completes Phase one of its exploration JV over the El
Pantano gold exploration project in Santa Cruz province,
Argentina.
·
Company now owns
51% of the Project after having invested US$1m.
·
Company can now
move to 100% ownership of the Project by investing an additional
US$2m over two years.
London, February 17th,
2025. Orosur Mining
Inc. ("Orosur" or the "Company") (TSXV/AIM:OMI),
is pleased to announce successful completion of the first phase of
a two phase exploration joint venture ("JV") over the El Pantano
gold project in Santa Cruz province, Argentina ("Project" or "El
Pantano"). This milestone marks a significant step forward in the
Company's strategic development of the Project.
Having invested US$1m over three
years, the Company has now earned a direct 51% interest in the
Argentine company, Deseado Dorado S.A.S ("Deseado"), that owns the
exploration licences that make up the Project.
The Company can now move to the
second phase of the JV, that could see it move to 100% ownership of
Deseado upon investment of an additional US$2m over two
years. Upon such an outcome, the original vendors would then
retain a residual 2% NSR royalty, 1% of which the Company could
repurchase at its election for US$1m.
El Pantano is an early-stage
gold/silver exploration project in Santa Cruz province,
southern Argentina. The Project comprises a number of
contiguous, granted exploration licences totalling some
560km2 in the prolific Deseado Massif geological
province. The Deseado Massif plays host to a number of world class
gold and silver deposits, including Newmont's Cerro Negro mine and
Anglo Gold's Cerro Vanguardia operation.
The Project was in an early-stage,
greenfield state, having seen little or no historical exploration
before commencement of the JV in early 2022. However, Company
geological teams felt the Project held enormous potential on the
basis of regional geological data, suggestive of the presence of a
large epithermal system.
Over the last three years, the
Company's geological teams have been methodically undertaking base
level geoscience surveys including ground magnetics, geological
mapping and surface geochemistry. These data support the
rift-related low-sulphidation epithermal model, with identification
of a 25km long rift structure with pervasive silicification, quartz
veining and geochemical anomalism over a huge area.
The Company is to soon commence
induced polarisation surveys ("IP") designed to define silicified
drill targets.
Orosur CEO Brad George commented:
"We are delighted to have reached this key
stage in the Exploration Agreement. In particular we see the work
to date as tremendous testament to the value of back to basics,
grass roots exploration - taking an unwanted, untouched region,
doing the work, and transforming it into a huge and extraordinarily
exciting prospect in a world class province at a time of record
gold prices. Together with our partners we are starting to prepare
for Phase 2 of the Project, and we look forward to accelerated
exploration activities"
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 & Joint
Broker
Jeff Keating / Jen Clarke / Devik
Mehta
Tel: +44 (0) 20 3470 0470
Turner Pope Investments (TPI) Ltd - Joint
Broker
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor
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.
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI; AIM:
OMI) is a minerals explorer and developer currently operating in
Colombia, Argentina and Nigeria.
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'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. 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.
