VANCOUVER, BC, Feb. 11, 2021 /PRNewswire/ - Orea Mining
Corp. ("Orea") (TSX: OREA) (OTCQX: OREAF)
(FRA: 3CG) reports that the French
Government issued a press release on February 3, 2021 announcing that it had filed an
appeal with the Administrative Court of Appeal in Bordeaux on January 25,
2021 from the French Court ruling on December 24, 2020, which had ordered the renewal
of the Montagne d'Or mining concessions. The press release also
reaffirms the Government's view that the Montagne d'Or project, as
it has been presented to it, is not compatible with the
Government's environmental ambitions.
As announced by Orea on December 31,
2020, the French Court had found in favor of the Montagne
d'Or joint venture (owned 44.99% by Orea and 55.01% by Nord Gold
SE) (the "JV"), and had ordered the State to extend the
mining concessions for a duration to be set within a period of six
months from the notification of the court judgment.
Orea remains of the opinion that the JV is entitled to the
renewal of the Montagne d'Or concessions and both Orea and the JV
intend to exercise all available rights to defend themselves
vigorously in the appeal. The Montagne d'Or project has been the
subject to comprehensive environmental studies of high standard.
Orea will update the market in due course.
About Orea Mining
Orea Mining is a leading gold exploration and development
company operating in a prospective and underexplored segment of the
Guiana Shield, South America. Its
mission is to develop gold deposits with a reduced environmental
footprint using innovative technologies, upholding the highest
international standards for responsible mining. In French Guiana, Orea Mining holds a major
interest in the world-class Montagne d'Or mine development project.
It is also advancing the Maripa gold exploration project.
For more about Orea Mining visit the company's website at
www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrancois
President & CEO
Forward-looking statements
Certain statements made herein, including statements relating
to matters that are not historical facts and statements of the
Company's beliefs, intentions and expectations about developments,
results and events which will or may occur in the future,
constitute "forward looking information" within the meaning of
applicable Canadian securities legislation ("forward-looking
statements"). Forward-looking statements relate to future events or
future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as "anticipate", "could", "should", "expect", "seek", "may",
"intend", "likely", "budget", "plan", "estimate", continue",
"forecast", "believe", "predict", "potential", "target", "would",
"might", "will", and similar words, expressions or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. These include, but are not limited
to, statements and information regarding: the Company's plans to
construct and develop the Montagne d'Or project, including
anticipated timing thereof; the satisfaction of regulatory
requirements in respect of the permitting and construction of the
Montagne d'Or project, including but not limited to, the submission
and processing of mine permit applications, the timing thereof and
the timing of completion of environmental and engineering studies;
the Company's ability to renew the concessions for the Montagne
d'Or project and to comply with the conditions thereof; the outcome
of the appeal process from the French court decision ordering the
renewal of the Montagne d'Or concessions and Orea's and the
Montagne d'Or joint venture's intentions regarding the defence
thereof, economic analysis for the Montagne d'Or project and
related exploration objectives and plans; the conversion of mineral
resources into mineral reserves and the conversion of inferred
mineral resources into higher resource classification categories;
the Company's objective of become an emerging gold producer; the
acquisition of exploration projects including terms of acquisition,
exploration or development plans, intentions to acquire additional
exploration or development interests and the implications thereof;
future exploration and mine plans, objectives and expectations and
corporate planning of the Company, future studies and environmental
impact statements and the timetable for completion and content
thereof and statements as to management's expectations with respect
to, among other things, the matters and activities contemplated in
this news release.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements. Such
assumptions and analyses are made by the Company's management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are reasonable and appropriate in
the circumstances. All assumptions and analyses are those of
the Company's. There can be no assurance that such statements will
prove to be accurate. Forward-looking statements are based on
numerous assumptions regarding present and future business
strategies, local and global economic conditions, and the
environment in which the Company will operate in the future,
including compliance by the Company with regulatory and permitting
requirements applicable in French
Guiana, the legal status of the Montagne d'Or concessions,
the sufficiency of Company's working capital; the Company's ability
to secure additional funding for the continued exploration and
development of its properties; the price of gold and other metals;
and the Company's ability to retain key personnel. You are hence
cautioned not to place undue reliance on forward-looking
statements.
Certain important factors that could cause actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, political and
economic risks in France,
political and economic risks in French
Guiana, risks related to the renewal applications for the
Concessions and the possible outcomes thereof; possible negative
outcomes of any appeals from the decision of the Administrative
Court of Cayenne in French Guiana;
regulatory risk including but not limited to unforeseen changes in
regulatory requirements, the Company's ability to enforce its
contractual and other legal rights to explore and exploit its
properties, risks related to exploration and development,
permitting and licensing risk, the estimation of mineral resources
and mineral reserves and related interpretations and assumptions,
future profitability of the Company, the ability to obtain
additional financing on a timely basis, the price of gold and
marketability thereof, government regulations including with
respect to taxes, royalties, land tenure and land use, title to the
Company's properties, currency exchange rates and fluctuations,
environmental risks, dilution resulting from the issuance of
additional securities of the Company, joint venture risks, reliance
on Nord Gold SE as operator of the Montagne d'Or project, the
availability of equipment, conflicts of interest, competition in
the mining industry, uninsured risks, market fluctuations, global
financial conditions, credit risk and risks arising from pandemics
and epidemics such as the COVID-19 pandemic. Although the Company
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. These statements, however, are subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes will not occur. Events or
circumstances could cause the Company's actual results to differ
materially from those estimated or projected and expressed in, or
implied by, these forward-looking statements. Important factors
that could cause actual results to differ from these
forward-looking statements are included in the "Risk Factors"
section in Company's annual information form dated December 11, 2020 for the year ended September 30, 2020 ("AIF").
Readers are further cautioned that the list of factors
enumerated in the "Risk Factors" section of the AIF that may affect
future results is not exhaustive. When relying on the Company's
forward-looking statements and information to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Furthermore, the forward-looking statements and
information contained herein are made as of the date of this
document and the Company does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
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SOURCE Orea Mining Corp.