VANCOUVER, BC, Oct. 16,
2023 /CNW/ - Orla Mining Ltd. (TSX: OLA)
(NYSE: ORLA) ("Orla" or the "Company") is pleased to provide
an interim operational update for the third quarter ended
September 30, 2023.
During the third quarter of 2023, the Camino Rojo Oxide Mine
produced and sold 32,425 and 31,060 ounces of gold, respectively.
Year to date, Camino Rojo has been performing better than plan and,
as a result, the Company is increasing full year gold production
guidance to 110,000 to 120,000 ounces from its initial guidance of
100,000 to 110,000 ounces.
As at September 30, 2023, Orla had
a cash position of US$132.7 million
and US$36.7 million undrawn on its
revolving credit facility for total liquidity of US$169.4 million. Subsequent to quarter end, Orla
repaid US$25 million towards its
revolving credit facility, reducing the balance outstanding under
the facility to US$88.4 million.
Camino Rojo Mining
and Processing Totals
|
|
Q3
2023
|
YTD
2023
|
Ore Mined
|
tonnes
|
1,840,224
|
5,575,892
|
Ore -
processed
|
tonnes
|
1,716,819
|
5,092,788
|
Low Grade Ore -
stockpiled
|
tonnes
|
123,404
|
483,104
|
Waste Mined
|
tonnes
|
1,087,231
|
3,358,767
|
Total Mined
|
tonnes
|
2,927,455
|
8,934,659
|
Strip Ratio
|
w:o
|
0.59
|
0.60
|
Total Ore Mined Gold
Grade
|
g/t
|
0.81
|
0.76
|
Ore -
processed
|
g/t
|
0.85
|
0.81
|
Low Grade Ore -
stockpiled
|
g/t
|
0.28
|
0.29
|
|
|
|
|
Ore Crushed
|
tonnes
|
1,882,139
|
5,530,933
|
Ore Stacked
|
tonnes
|
1,766,828
|
5,257,878
|
Daily Stacked
Throughput Rate – Average
|
tpd
|
19,205
|
19,260
|
Stacked Ore Gold
Grade
|
g/t
|
0.85
|
0.81
|
Gold
Produced
|
oz
|
32,425
|
87,393
|
Gold Sold
|
oz
|
31,060
|
87,693
|
Third Quarter 2023 Conference Call
Orla will host a conference call on Tuesday November 14, 2023, at 10:00 AM, Eastern Time, to provide a corporate
update following the release of its financial and operating results
for the third 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 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.sedarplus.ca 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 revised 2023 annual gold
production guidance of 110,000 to 120,000 ounces.
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,
including without limitation, assumptions regarding: the future
price of gold, silver, and copper; anticipated costs and the
Company's ability to fund its programs; the Company's ability to
carry on exploration, development, and mining activities; tonnage
of ore to be mined and processed; ore grades and recoveries;
decommissioning and reclamation estimates; the Company's ability to
secure and to meet obligations under property agreements, including
the layback agreement with Fresnillo plc; that all conditions of the
Company's credit facility will be met; the timing and results of
drilling programs; mineral reserve and mineral resource estimates
and the assumptions on which they are based; the discovery of
mineral resources and mineral reserves on the Company's mineral
properties; that political and legal developments will be
consistent with current expectations; the timely receipt of
required approvals and permits, including those approvals and
permits required for successful project permitting, construction,
and operation of projects; the timing of cash flows; the costs of
operating and exploration expenditures; the Company's ability to
operate in a safe, efficient, and effective manner; the Company's
ability to obtain financing as and when required and on reasonable
terms; the impact of the COVID-19 pandemic on the Company's
operations; that the Company's activities will be in accordance
with the Company's public statements and stated goals; and that
there will be no material adverse change or disruptions affecting
the Company or its properties. 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, but are not limited to: uncertainty and
variations in the estimation of mineral resources and mineral
reserves; the Company's dependence on the Camino Rojo oxide mine;
risks related to the Company's indebtedness; risks related to
exploration, development, and operation activities; risks related
to natural disasters, terrorist acts, health crises, and other
disruptions and dislocations, including the COVID-19 pandemic;
foreign country and political risks, including risks relating to
foreign operations and expropriation or nationalization of mining
operations; concession risks at the Cerro Quema project; delays in
obtaining or failure to obtain governmental permits, or
non-compliance with permits; environmental and other regulatory
requirements; delays in or failures to enter into a subsequent
agreement with Fresnillo plc with
respect to accessing certain additional portions of the mineral
resource at the Camino Rojo project and to obtain the necessary
regulatory approvals related thereto; the mineral resource
estimations for the Camino Rojo project being only estimates and
relying on certain assumptions; loss of, delays in, or failure to
get access from surface rights owners; uncertainties related to
title to mineral properties; water rights; financing risks and
access to additional capital; risks related to guidance estimates
and uncertainties inherent in the preparation of feasibility and
pre-feasibility studies; uncertainty in estimates of production,
capital, and operating costs and potential production and cost
overruns; the fluctuating price of gold, silver, and copper;
unknown labilities in connection with acquisitions; global
financial conditions; uninsured risks; climate change risks;
competition from other companies and individuals; conflicts of
interest; risks related to compliance with anti-corruption laws;
volatility in the market price of the Company's securities;
assessments by taxation authorities in multiple jurisdictions;
foreign currency fluctuations; the Company's limited operating
history; litigation risks; the Company's ability to identify,
complete, and successfully integrate acquisitions; intervention by
non-governmental organizations; outside contractor risks; risks
related to historical data; the Company not having paid a dividend;
risks related to the Company's foreign subsidiaries; risks related
to the Company's accounting policies and internal controls; the
Company's ability to satisfy the requirements of Sarbanes-Oxley Act
of 2002; enforcement of civil liabilities; the Company's status as
a passive foreign investment company for U.S. federal income tax
purposes; information and cyber security; gold industry
concentration; shareholder activism; and risks associated with
executing the Company's objectives and strategies; as well as 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.sedarplus.ca 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.