TIDMOMI
RNS Number : 6724W
Orosur Mining Inc
23 December 2021
Orosur Mining Inc. - AGM Results
Notification of Shareholder Conference call
London, December 23rd 2021 , Orosur Mining Inc. ("Orosur" or
"the Company") (AIM/TSX-V: OMI) , a South American-focused minerals
explorer and developer, announces that at the Company's Annual
General & Special Meeting ("AGM") held at 12:00 p.m. GMT today,
all resolutions put to shareholders were duly passed.
Details of the voting are set out at the bottom of this press
release.
Louis Castro, Executive Chairman of Orosur, provided the
following update to those in attendance at the AGM:
" It is now roughly 18 months since the Company began its
transformation with a new board and executive and a major change in
focus.
After a two-year hiatus, our flagship Anzá project restarted in
early September 2020 with a move into year three of the JV and the
entry of Agnico Eagle, joining Newmont in a 50/50 venture to
jointly fund exploration at the project.
Orosur, through its local Colombian subsidiary, managed the
operation and quickly ramped up its operational capacity from a
standing start to over 100 people, with at times five drill rigs on
site - all during the peak of the Covid pandemic, a tremendous
testament to the diligence and dedication of the Colombian
team.
Since commencement of drilling operations in November 2020, over
13,000m have been drilled to date, all focussed on or around the
core APTA deposit. To date, results for 24 holes have been released
with several outstanding intersections demonstrating the potential
of APTA and the wider region.
While able to control our immediate working environment, we were
still subject to external influences, the most significant being
extreme Covid-related delays in assay results from the commercial
laboratory in Lima. These delays are now largely resolved and we
anticipate more timely turnaround of results.
In late November 2020, the Company's balance sheet was
strengthened by a well supported GBP4m capital raising in
London.
The drilling focus at APTA was designed to test and prove the
mineralisation at APTA so as to give Agnico/Newmont sufficient
comfort to make the major decision to move forward with the JV and
to assume operatorship of the project. In addition a wider regional
programme was undertaken, including mapping and sampling of the
other licences and applications to identify targets for the next
phase of work.
The drilling campaign and wider regional work were successful
and in early September 2021, Agnico/Newmont informed us that they
were moving into the next year of the JV and exercising its right
to assume operatorship of the Anzá project. This transition in
operatorship was a complex process which saw work wound back for
two months to allow the large number of staff and operating
contracts to be handed over in an orderly fashion. This process is
now largely complete and work is accelerating.
At the time of writing, three rigs are in operation at Anzá,
still focussed at APTA, while work commences on the conversion of
our major applications to granted status so that these may be
drilled in 2022.
The handover of operatorship to Agnico/Newmont, coupled with our
improved balance sheet position, has now allowed the Company to
examine new projects and the process of identification and
negotiation has been ongoing for over six months. A large number of
high quality projects have been assessed over this time, with a key
focus on projects with large landholdings in key mineralised
provinces, that can be entered at low or zero cost and offer the
potential for rapid and cost effective generation of shareholder
value.
We have previously announced a non-binding Letter Of Intent over
a tin project in Brazil and this opportunity is at the advanced
negotiation stage with a resolution expected soon. Several other
opportunities are also at the advanced stages of negotiation and it
is hoped these may be finalised in the very near term.
Final closure of our historical Uruguay operations has
progressed well and is near completion. Employee entitlements have
been settled with funds from a combination of asset and share
sales, and remediation of the tailings dam, while delayed by an
unusually wet winter, should now be complete by mid 2022.
The Board feels the Company is now in a very strong position,
setting up well for 2022. The historical operations in Uruguay are
near to being fully closed, the Anzá project is now in the hands of
two of the world's three largest gold miners, and we look forward
to being able to explore several new high quality opportunities if
current negotiations can be successfully concluded.
Covid remains with us, but the world appears to be opening for
business again, allowing us to advance our projects and communicate
our investment case to the market.
AGM Voting Results
At the AGM, a total of 35,180,729 common shares of the
188,420,300 shares outstanding as at the record date of November
16, 2021, were voted at the meeting, representing approximately
18.7% of the issued and outstanding common shares of the Company.
The votes cast were as follows:
ORDINARY BUSINESS FOR AGAINST VOTES WITHELD VOTES FOR
%
to set the number of
directors of the Company
for the ensuing year
at four (4) members 34,786,533 99,083 0 99.7%
----------- ---------- -------------- ---------
to elect Bradley George
as a director of the
Company to hold office
for the ensuing year; 31,875,009 0 3,010,607 91.4%
----------- ---------- -------------- ---------
to elect Thomas Masney
as a director of the
Company to hold office
for the ensuing year; 34,786,301 0 99,315 99.7%
----------- ---------- -------------- ---------
to elect Louis Castro
as a director of the
Company to hold office
for the ensuing year; 31,880,862 0 3,004,754 91.4%
----------- ---------- -------------- ---------
to elect Nick von Schirnding
as a director of the
Company to hold office
for the ensuing year; 34,786,301 0 99,315 99.7%
----------- ---------- -------------- ---------
to appoint PricewaterhouseCoopers
LLP, as the auditors
of the Company for the
ensuing year and, to
authorise the board of
directors to fix the
auditors' remuneration 35,067,126 0 113,603 99.7%
----------- ---------- -------------- ---------
to consider and if thought
fit, pass a resolution
to confirm, ratify and
approve the amended and
restated stock option
plan of the Company 34,755,054 130,562 0 99.6%
----------- ---------- -------------- ---------
to consider and if thought
fit, pass a resolution
to confirm, ratify and
approve the advance notice
by-law of the Company 31,780,801 3,104,815 0 91.1%
----------- ---------- -------------- ---------
Shareholders conference call
To supplement the AGM, attendance at which was adversely
affected by the current wave of COVID, the Company will hold a
shareholders conference call on 12th January 2022, at 16:30 (UK
Local time). The Company's Chief Executive, Brad George, and
Chairman Louis Castro, will host the call followed by a question
and answer session. To participate in this conference call, please
dial in to the following :
Standard International Access Tel: + 44 (0) 33 0551 0200
UK Toll Free Tel: 0808 109 0700
Password: Orosur
Should participants wish to submit questions beforehand, please
send to orosur@flagstaffcomms.com by 17:00 (UK Local time) by 9th
January 2022. Shortly following the conference call, a recording
will be available to download from the Company website
https://www.orosur.ca for seven days.
F or further information, 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 / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker
JamesPope
Tel: +44 (0)20 3657 0050
Flagstaff Strategic and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
Tel: +44 (0) 207 129 1474
orosur@flagstaffcomms.com
About Orosur Mining Inc.
Orosur Mining Inc. (AIM/TSX-V: OMI) is a minerals explorer and
developer focused on identifying and advancing projects in South
America.
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END
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December 23, 2021 09:04 ET (14:04 GMT)
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