Orosur Mining Inc. – First Quarter 2021 Results

Alleen voor leden beschikbaar, wordt daarom gratis lid!

Overig advies 19/10/2020 08:50
London, October 19, 2020. Orosur Mining Inc. (“Orosur” or “the Company”) (TSX: OMI) (AIM: OMI) announces the
unaudited results for the quarter ended August 31, 2020. All dollar figures are stated in US$ unless otherwise noted. The
unaudited condensed financial statements of the Company for the quarter ended August 31, 2020 and the related
management’s discussion and analysis have been filed and are available for review on the SEDAR website at
www.sedar.com. And they are also available on the Company’s website at www.orosur.ca.
Highlights
• As announced on September 3, 2020, an additional cash payment of $500k, in addition to the $500k received in
March 2020, was received by the Company from Newmont Colombia, in connection with maintaining its earn-in rights
pursuant to the Exploration Agreement.
• As announced on 30th September 2020, Newmont Corporation, entered into a Joint Venture with Agnico whereby
the two companies will jointly assume and advance Newmont’s prior rights and obligations with respect to the Anzá
Project in Colombia on a 50:50 basis, with Agnico as operator of the Joint Venture which is named Monte Aguila.
• Initial funding of approximately $650k was received by Minera Anzá on October 2, 2020 from Agnico to restart the
exploration program. This funding is to be directed solely to fund exploration on the Anzá Project for the 12 month
period starting September 7, 2020 and is the first contribution of the required US$4m of expenditure for this 12 month
period per the terms of the Exploration Agreement.
• This funding is not related to the payment in lieu, for the shortfall of qualifying expenditure for the previous 12 month
period ended September 6, 2020. The payment in lieu, which amounts to $582k is payable no later than November
7, 2020.
• In Uruguay, the Company’s wholly owned subsidiary, Loryser, has focused its activities on the implementation of the
Creditors Agreement and the sale of its Uruguayan assets. Loryser is also continuing with the reclamation and
remediation of the tailings dam.
• On August 6, 2020, the Company sold its mining and exploration permits in the San Gregorio Project area of Uruguay
to Kiwanda Group LLC for an aggregate cash consideration of $550k of which $250k was received on completion
and a further $300k is payable on August 1, 2021.
• On August 31, 2020, the Company had a cash balance of $356k (May 31, 2020 $782k). As at the date of this
announcement the Company had a cash balance of $630k.
• On July 17, 2020 Brad George was appointed Chief Executive Officer and Thomas Masney was appointed as a nonexecutive director, replacing Ignacio Salazar and HD Lee respectively.

Strategy and outlook
During the first quarter ended August 31, 2020 the Board has continued to apply its strategic plan to recapitalize and
transform the Company by advancing its Anzá Project in Colombia (with Newmont and Agnico as partners), whilst
progressing other opportunities, as well as finding a fair solution in Uruguay for all stakeholders.
As explained above, Newmont, and its new partner in the Anza project, Agnico, will need to spend $4 million on the Anza
project between now and September 2021,to maintain its earn-in rights in the project, which should lead to an
acceleration in the exploration and appraisal of the project in the coming year.
In Uruguay, the Company wholly owned subsidiary, Loryser is well advanced in the sale of its assets in Uruguay and
with the reclamation and remediation of the tailings dam.

see & read more on
https://www.orosur.ca/files/Orosur-Mining-Q1-2021-Results-Press-Release-FINAL-181020-1-VAN.pdf



Beperkte weergave !
Leden hebben toegang tot meer informatie! Omdat u nog geen lid bent of niet staat ingelogd, ziet u nu een beperktere pagina. Wordt daarom GRATIS Lid of login met uw wachtwoord


Copyrights © 2000 by XEA.nl all rights reserved
Niets mag zonder toestemming van de redactie worden gekopieerd, linken naar deze pagina is wel toegestaan.


Copyrights © DEBELEGGERSADVISEUR.NL