Orosur Mining Inc. - Colombia
update
London, August 1, 2024.
Orosur Mining Inc.
("Orosur" or the
"Company") (TSXV/AIM:OMI), provides an
update on the transaction announced on
March 25, 2024, pursuant to which Orosur would re-acquire a 100%
ownership interest in its flagship Anzá gold project in
Colombia.
Further to the update provided on
July 1, 2024, the parties continue to work in good faith on the
finalisation of the share purchase agreement and the negotiation of
ancillary agreements that form the basis of the transaction as well
as seeking regulatory approval from the TSXV. There are no
material changes to the terms of the transaction that were
described in the Company's press release dated March 25,
2024.
Orosur CEO Brad George commented:
"The parties remain committed to an
outcome consistent with the agreed and previously announced terms,
although the finer details of the transaction have proven more
complex than initially anticipated and have unfortunately resulted
in substantial delays to completion. All parties are working in
good faith to resolve these issues and complete the
transaction."
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.
About the Anzá Project
Anzá is a gold exploration project,
comprising three exploration licences, four exploration licence
applications, and a small exploitation permit, totalling in
aggregate 207.5km2 in the prolific Mid-Cauca belt of
Colombia.
Orosur's interest in the Anzá
Project is currently held via its subsidiary, Minera Anzá
S.A.
The project is located 50km west of
Medellin and is easily accessible by all-weather roads and boasts
excellent infrastructure including water, power, communications and
large exploration camp.
The Anzá Project is subject to an
Exploration Agreement with Venture Option dated September 7th,
2018, as announced on September 10th, 2018, between Orosur's 100%
subsidiary Minera Anzá S.A ("Minera Anzá") and Minera Monte
Águila SAS ("Monte Águila"), a 50/50 joint venture between
Newmont Corporation ("Newmont") and Agnico Eagle Mines Limited
("Agnico").
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 exploration plans in Colombia and the
funding of those plans, finalisation and execution of definitive
agreements relating to the Acquisition; completion of the
acquisition to re-assume 100% of the Anza Project, and other events
or conditions that may occur in the future. The Company's
continuance as a going concern is also dependent upon its ability
to obtain adequate financing, to reach profitable levels of
operations and to reach a satisfactory implementation 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. 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, successful negotiation and execution of definitive
documents relating to the Acquisition, approval of the TSXV,
reliance on exemptions from shareholder approval of the
Acquisition, and those other risks and uncertainties described in
Section "Risks Factors" of the Company's MD&A for the year
ended May 31, 2023. 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.