Orosur Mining Inc. – Change of Nominated Adviser & Update
Orosur Mining Inc. – Change of Nominated Adviser & Update
Medellin, Colombia, April 1, 2019. Orosur Mining Inc. (“Orosur” or “the Company”) (TSX/AIM: OMI), a South
American-focused gold developer and explorer is pleased to announce that the Company has appointed, with
immediate effect, SP Angel Corporate Finance LLP as the Company's nominated adviser and joint broker.
Update on Colombia
Orosur has received from Newmont Mining the first of four half yearly US$500,000 cash payments as part of
the previously announced Exploration Agreement with Venture Option for the Anzá project, as well as
US$240,000 to fund the property maintenance costs in Colombia during the first 6 months of the exploration
period. In cooperation with Orosur, Newmont is performing a strategic review of the project to define an
exploration program in the area.
Update on Uruguay
As announced on 18 December 2018, Loryser SA (“Loryser”), the Company’s Uruguayan subsidiary, reached
an agreement with the majority of its creditors (“the Agreement”). At that time, 68% of the creditors by value
had executed the Agreement. Loryser has continued to receive support for its plan in recent months from
additional creditors, increasing the endorsement of the Agreement at the date of this announcement to
approximately 72% of creditors by value, comprising 67 different creditors.
Pursuant to the Uruguayan Reorganization Act, the reorganisation process and the Agreement are subject to
consideration by the Court and the Intervenor, and the normal formal procedures for approval. As part of the
reorganisation process, the Intervenor has been reviewing the legitimity of the creditors´ debt claim in order to
prepare the final list of creditors. Out of more than 150 creditors, only a small minority is still under discussion
and review due to minor formalities. The process will continue by the Court confirming formally that the
majorities required for the Agreement were effectively obtained, which will be followed by public notice of the
Agreement to all interested parties. Provided there is no valid opposition, the Court will proceed to ratify the
Agreement and the ratification process is expected to conclude during the first half of 2019. Once approved
by the Court, the Agreement will be legally binding on all the creditors and Loryser’s creditor protection status
will cease together with Intervenor’s control over Loryser.
Loryser has started part of the work included in the Agreement, specifically advancing the remediation of the
tailings dam and dewatering approximately 700,000 cubic metres, equivalent to 26 hectares of the total 40
hectares covered by the dam. In parallel, Loryser is starting to cover with gravel the dry area of the tailings
dam.
Loryser has been running a process to recover the scavenger gold from the San Gregorio CIL plant in
cooperation with Goldplat Recovery Ghana Ltd/Goldplat Plc and some 160 Au oz have been recovered so far.
The analysis continues of the potential additional gold remaining in the San Gregorio complex.
Update on Chile
Following the relinquishment by Fortune Valley Resources Chile S.A. (“FVRC”) (an indirect, wholly-owned
subsidiary of Orosur) of the Pantanillo project located in Chile, Anglo American Inversiones SA, sought the
payment of minimum royalties totalling US$3 million and requested arbitration in September, 2017. Arbitration
proceedings were conducted in Santiago, Chile. On March 28, 2019, the Arbitral Tribunal rendered its
decision, ruling that FVRC is required to pay Anglo approximately US$1.6 million plus interests at Chile´s
current interest rate calculated from December 2015 until its effective payment. The Tribunal´s decision is
exclusively against FVRC. Orosur was not named in the decision from the Tribunal nor was Orosur a party to
the relevant agreements. FVRC is evaluating its options with its Chilean lawyers.
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About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals developer and explorer focused on identifying
and advancing gold projects in South America. The Company operates in Colombia and Uruguay.
For further information, please contact:
Orosur Mining Inc
Ignacio Salazar, Chief Executive Officer
Ryan Cohen, VP Corporate Development
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP – Nomad & Joint Broker
Jeff Keating/ Stephen Wong
Tel: +44 (0)20 3 470 0470
Numis Securities Limited – Joint Broker
John Prior / James Black / Paul Gillam
Tel: +44 (0) 20 7260 1000
The information contained within this announcement is deemed by the Company to constitute inside information as
stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory
Information Service, this inside information is now considered to be in the public domain. If you have any queries on this,
then please contact Ryan Cohen, VP Corporate Development of the Company (responsible for arranging release of this
announcement on behalf of the Company) on: +1 (778) 373-0100.