Orosur Mining Inc: 2017 Year End Operations Update
Orosur Mining Inc: 2017 Year End Operations Update
SANTIAGO, Chile, June 20, 2017. Orosur Mining Inc. (“Orosur” or the “Company”) (TSX/AIM: OMI), a South
America-focused gold producer, developer and explorer, is pleased to announce an operations and exploration
update for its year ending 31 May 2017 (“FY 2017”).
Highlights:
Operations
• Successfully built and developed the San Gregorio West underground mine in Uruguay (“SGW UG”)
from internal funds
• FY 2017 production of 35,371 oz (within stated guidance of 35-40 koz) following a significant increase
in production in Q4 (10,748 oz)
• Operating cash cost guidance of US$800 - 900/oz expected to be confirmed when full year 2017
results are announced in mid-August
• Cash balance at the end of May 2017 was US$3.3M (Q3 US$2.4M and FY 2016 US$4.3M) with debt
of just US$0.4.
Exploration
• In Uruguay, the Company is extending its mine life with a particular focus into the Central and East
areas of SG UG. SRK Consulting has been engaged to prepare a scoping study covering an expanded
SG UG project which will include not only the extensions to Central, East and Deeps, but also the
neighbouring deposits of Veta Sur, Ombú and Veta A.
• The deadline for Asset Chile (“AC”) to make its decision to finance Phase 2 in Anillo (which is
strategically located between Yamana`s El Peñon and Pampa Augusta Victoria) has been extended
to December 2017
- AC is expected to cover Anillo Spa corporate and ongoing costs until then, which are estimated
at approximately US$150k
- the first US$85k was received from AC on June 14, 2017
- under the extension agreement, Orosur is now able to have open discussions with alternative
partners to progress Anillo in the event AC does not elect to fund Phase 2
• The Company plans to commence a 15,000m - 30,000m drilling campaign in 2017 in Colombia ,
culminating in the preparation and publishing of a maiden N.I. 43 - 101 compliant resource report for
the APTA project. The Company will update the market once the exploration programme has been
designed and validated, and a drilling contractor engaged. Timing and scope of the drilling programme
will be driven by a combination of exploration results, funding requirements of the C ompany and
prevailing equity and gold market conditions.
Ignacio Salazar, CEO of Orosur, commented:
“We are delighted to have delivered in line with production targets for the fourth consecutive year. Exploration
and development work has been running in parallel with production at SGW UG this year allowing us not only
to open a new underground mine but also to expand it solely with internal funding from operations. While
2
emphasis on cost management, operational excellence and delivery remains an overriding priority for us, we
expect our focus on growth to deliver further results this next fiscal year initially centered on resource definition
in Colombia, tapping the potential of the 100km greenstone belt controlled by OMI in Uruguay and advancing
Anillo in Chile.”
Forward Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this news
release, including any information as to the future financial or operating performance of the Company,
constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe
harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform
Act of 1995 and are based on expectations estimates and projections as of the date of this news release.
There can be no assurance that such statements will prove to be accurate. Such statements are subject to
significant risks and uncertaint ies, and actual results and future events could differ materially from those
anticipated in such statements. Forward -looking statements include, without limitation : general economic,
market and business conditions; international policitcal events; commodit y prices; success of exploration
activities; permitting time lines; the failure of plant , equipment or processes to operate as anticipated;
accidents; labour disputes; requirements for additional capital title disputes or claims ; and limitations on
insurance coverage. The Company disclaims any intention or obligation to update or revise any forward
looking statements whether as a result of new information and future events, except to the extent required by
applicable law.
For more information, please visit www.orosur.ca or contact:
Orosur Mining Inc.
Ignacio Salazar, Chief Executive Officer
Tel: +1 (778) 373-0100
Cantor Fitzgerald Europe
David Porter / Craig Francis / Philip Davies
Tel: +44 (0) 20 7894 7000
FTI Consulting
Ben Brewerton / Sara Powell / Emerson Clarke
Tel: +44 (0) 20 3727 1000
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. Upon the publication of this
announcement via Regulatory Information Service, this inside information is now considered to be in the public
domain.
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold producer, developer and explorer focused on identifying and
advancing gold projects in South America. The Company operates the only producing gold mine in Uruguay
(San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay, Chile and
Colombia. The Company is listed in Canada (TSX: OMI) and London (AIM: OMI).