Orosur Mining Inc - Colombia update
CORPORATE
Orosur Mining Inc - Colombia update
London, July 1, 2024. Orosur Mining Inc. ("Orosur" or the "Company") (TSXV/AIM:OMI),
provides an update on the progress of the previously announced transaction that would see
Orosur return to 100% ownership interest in its flagship Anzá gold project ("Project") in
Colombia.
The Project is the subject of an Exploration Agreement with Venture Option ("Exploration
Agreement") with Colombian company Minera Monte Águila SAS ("MMA"). MMA is itself a
50/50 joint venture between Newmont Corporation ("Newmont") and Agnico Eagle Mines
Limited ("Agnico") and is the Colombian vehicle by which these two companies jointly exercise
their rights and obligations under the Exploration Agreement in respect of the Project. MMA is
the current operator of the Project.
As announced on March 25 th, 2024, Orosur entered into a non-binding letter of intent ("LOI")
with MMA and affiliates of Newmont and Agnico, that provided for the acquisition of MMA,
resulting in Orosur acquiring, indirectly, a 100% legal and beneficial ownership of the Project
("Acquisition"). The proposed consideration for the Acquisition is a 1.5% net smelter royalty
and deferred cash payments which are all wholly contingent on future production.
The parties continue to work in good faith to finalise the details of the share purchase
agreement and the negotiation of ancillary agreements that form the basis of the proposed
transaction. There are no material changes to the terms of the transaction as set out in the
LOI. However, finalisation of details and determination of the need for approvals will continue
in July.
In the meantime, the Company has largely completed most preparations for its resumption of
ownership and operational control of the Project and stands ready to commence exploration
as soon as the transaction is completed.
For further information, visit www.orosur.ca, follow on X @orosurm or please contact:
Orosur Mining Inc
Louis Castro, Chairman
Brad George, CEO
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Broker
Jeff Keating / Caroline Rowe / Kasia Brzozowska
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
CORPORATE
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 Anz á 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 Anz á S.A ("Minera Anz á") 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 Stat es 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 ap proval 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.