TIDMOMI
RNS Number : 4116Y
Orosur Mining Inc
14 January 2022
Orosur Mining Inc. - Brazil Update
-- JV signed with Meridian Mining on Ariquemes Tin Project in Brazil
-- Company to earn 75% equity interest by investing US$3m over four years.
London, January 14(th) , 2022. Orosur Mining Inc. ("Orosur" or
the "Company") (TSX-V/AIM:OMI) , is pleased to announce that it has
signed a Joint Venture (JV) agreement with Meridian Mining UK
Societas (TSXV: MNO) (Frankfurt: 2MM) (Tradegate: 2MM) (OTCQB:
MRRDF) ("Meridian") in relation to the Ariquemes tin project
("Project") in Brazil.
The JV terms are largely in line with those indicated in the
Letter of Intent ("LOI") signed and announced on July 7(th) 2021,
in which the Company can earn an equity interest of 75% in the
Ariquemes project by spending US$3m over a four-year period, in two
phases:
1. Phase 1 - earn 51% interest by spending US$1 million over a 24-month period.
2. Phase 2 - earn an additional 24% interest by spending US$2
million over a subsequent 24-month period.
3. Following this point, the two parties would jointly fund the
Project on a pro-rata basis or dilute to a net smelter royalty.
The JV will require the establishment of two new corporate
entities to hold the exploration licences and applications, which
will include a top holding company in Canada, and a local operating
company in Brazil. This process will commence immediately but may
take several months to complete, at which time the granted licences
will begin to be transferred across to the new structure and the JV
can formally commence.
In the meantime, the Company will immediately commence desktop
exploration work, data compilation, regional targeting, formulation
of exploration plans and budgets and logistical planning. Members
of the Company's board, executive and technical specialists will be
on site in the coming days to commence the process.
Further details of the Project and plans will be communicated
following this visit.
Ariquemes
The Ariquemes project comprises a large collection of granted
tenements and applications, totalling almost 3,000km(2) , in
Rondônia State, western Brazil. The licenses were all accumulated
and owned 100% by Meridian (via its local subsidiary) and represent
the dominant land position in the Rondônia Tin Province, one of the
world's most significant tin regions.
The region was identified by Meridian following extensive
conceptual work, with later regional work confirming the Project's
potential. An extensive database of historical and recent
exploration data is available and has been reviewed by the
Company.
The Company has approximately US$5 million cash on its balance
sheet and is therefore well placed to fund the initial works from
its existing resources.
Orosur CEO Brad George commented:
"We are excited to have finally completed this agreement. With
Anza handed over and Covid finally abating, the ability to move to
a new phase of work for the Company is something we have been
anticipating for some time.
"Ariquemes represents a tremendous opportunity with a huge land
holding in a proven district, for one of the sector's most
important, and yet overlooked commodities."
For further information, please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
info@orosur.ca
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker
JamesPope
Tel: +44 (0)20 3657 0050
Flagstaff Strategic and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
Tel: +44 (0) 207 129 1474
orosur@flagstaffcomms.com
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.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX-V: OMI; AIM: OMI) is a minerals explorer
and developer focused on identifying and advancing projects in
South America. The Company currently operates in Colombia, Brazil
and Uruguay.
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 States 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 from Monte Águila of
those plans, Monte Águila's decision to continue with the
Exploration and Option agreement, the ability for Loryser to
continue and finalize with the remediation in Uruguay, the ability
to implement the Creditors' Agreement successfully as well as
continuation of the business of the Company as a going concern and
other events or conditions that may occur in the future. The
Company's continuance as a going concern is 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, those as described in Section "Risks Factors" of the MDA
and the Annual Information Form. 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.
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