Orosur Mining Inc Provides Colombia Project Update
Orosur Mining Inc., a mineral developer and explorer operating in Colombia, Argentina, Nigeria and Brazil, has issued an update on the Anzá Project in Colombia. The project is the subject of an Exploration Agreement with Venture Option dated September 7, 2018, with the Colombian company Minera Monte Águila S.A.S. (“MMA”), in which MMA has earned a 51% interest in the Project. MMA is a 50/50 joint venture between Newmont Corporation and Agnico Eagle Mines Limited and is the current operator of the Project. The company has been in discussions regarding the future of the Project, focusing on options whereby Orosur would acquire MMA’s interest in the Project, potentially resulting in the company returning to having a 100% interest in the Project.
Negotiations are ongoing, but there is no certainty that such a transaction will be agreed upon. The parties are examining a range of commercial and structuring options, as well as undertaking prudent due diligence. As such, finalization of any agreement may take some time. Further announcements will be made in due course as the process continues.
CEO Brad George has stated that the desired outcome is to retake control of Anzá and potentially resume 100% ownership of the Project. He emphasized the company’s focus on the legal complexities of any such transaction, ensuring that any commercial terms do not negatively impact the viability of the Project going forward. George mentioned that while there is no certainty the deal will complete, if it happens, the company will be in the driving seat and be able to take the initiative on the Project.
For further information, please visit www.orosur.ca, follow on Twitter @orosurm or contact Orosur Mining Inc at [email protected] or +1 (778) 373-0100. The company’s Nomad & Joint Broker is SP Angel Corporate Finance LLP, which can be reached at +44 (0) 20 3 470 0470. Turner Pope Investments (TPI) Ltd serves as the Joint Broker and can be contacted at +44 (0)20 3657 0050. Additionally, Flagstaff Communications and Investor Communications can be reached at [email protected] or +44 (0)207 129 1474.
Orosur Mining Inc is a minerals explorer and developer focused on identifying and advancing projects in Colombia, Argentina, Nigeria, and Brazil.
This news release contains forward-looking statements that are based on expectations estimates and projections. The company disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law.
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SOURCE: Orosur Mining Inc
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