Orosur Mining Inc Announces Board Appointment and Drilling Update
LONDON, Jan 12, 2021 - Orosur Mining Inc. ("Orosur" or the "Company") (TSX:OMI) (AIM:OMI), a South American-focused gold developer and explorer, is pleased to announce a new appointment to the Board and to provide a drilling update at its Anzá project. Board Appointment
The Company is pleased to announce the appointment of Mr. Nicholas (Nick) von Schirnding to the Company's Board as an Independent Non-Executive Director with immediate effect.
Nick has over 25 years' experience in mining and natural resources, including strategic development, M&A, restructuring, driving operational change and corporate governance.
Nick is Executive Chairman of Arc Minerals plc, a London listed mining group with interests in Africa,and also Chairman of Fodere Group, a private company that has developed environmentally sustainable technology to extract high value minerals from ore. In addition, Nick is a Non-Executive Director of Jangada Mines plc and Edenville Energy plc, which are both listed on AIM in London.
Previously Nick was CEO of Asia Resource Minerals plc (formerly Bumi plc), a FTSE listed mining company and was instrumental in successfully restructuring their 25mtpa open pit coal mining operations. Nick was also deputy chairman of Berau Coal, Indonesia's fourth largest listed coal company. Prior to this Nick held senior roles at both Anglo American Plc and De Beers.
Nick has worked and lived in both developed and emerging markets including the UK, India, SE Asia, Africa and South America.
Nick will be joining the Company's Audit Committee and Remuneration Committee with immediate effect.
Drilling Update
Drilling work has been progressing well. The Company currently has two diamond drill rigs at the Anzá project, the first of which commenced drilling operations on 15th November 2020.
To date, three holes have been completed and the rigs are currently well advanced on the 4th and 5th holes. Over 1,100 metres has been completed of the planned first phase of 2,400 metres, and over 1,000 samples have been submitted for analysis.
However, the Company has been informed that Covid-19 related staff shortages at the ALS laboratory in Lima, Peru, has resulted in a substantial increase in expected assay turnaround times, especially those related to fire assay, which is the primary assay method for gold. It was originally anticipated that assays could be returned in a matter of weeks, but current schedules suggest turnaround times of well over one month.
Given the time that samples have already been in the laboratory, it is expected that complete assays for the first hole should be available by the end of this month and results from these will be communicated to the market once they become available.
Other matters
As corporate activities increase, Louis Castro, currently non-executive chairman of the Company, will assume a number of executive duties largely related to commercial, corporate and financial matters. Accordingly, and with the appointment of Mr Von Schirnding, as non-executive director, it has been decided to appoint Mr Castro as Executive Chairman with immediate effect.
Louis Castro, Chairman of Orosur, commented:
"As I take a more executive role within the Company, I am delighted that Nick has agreed to join the Company as an independent non-executive director. Nick has a proven track record in the development of resource companies. As well as his strong corporate governance skills, his advice and many contacts in the industry will be invaluable to the team as we seek to maximise the value of our Anza Project in Colombia and to progress other opportunities. We look forward to working with him as we continue to advance the Company.
In relation to the results from the first hole of the current drilling campaign at Anza, we hope to be able to release those results before the end of January."
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
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
orosur@flagstaffcomms.com
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 Regulation ("MAR"). 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. (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.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration licenses, four exploration license applications, and several small exploitation permits, totaling 207.5km2 in the prolific Mid-Cauca belt of Colombia.
The Anzá 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 Anza? Project is currently wholly owned by Orosur via its subsidiary, Minera Anza? S.A. The Anza project is subject to an Exploration Agreement with Venture Option between Orosur's 100% subsidiary Minera Anza? S.A and Minera Monte A?guila SAS, a 50/50 joint venture between Newmont Corporation (NYSE:NEM, TSX:NGT), and Agnico Eagle Mines Ltd. (NYSE:AEM, TSX:AEM).
Regulatory Disclosures
The following disclosures are required regarding the appointment of Nicholas Kurt von Schirnding, aged 58, pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies:
| Current directorships and/or partnerships: | Former directorships and/or partnerships (within the last five years): |
| Arc Minerals plc Cosmos Exploration Limited Edenville Energy plc Jangada Mines plc Fodere Rutile Zamsort Limited Zaco Limited | Casa Mining Limited Proteus Holdings Limited |
Nick has no direct or indirect interest in the Company's ordinary shares.
No further disclosure is required pursuant to AIM Rule 17 and paragraph (g) to Schedule Two of the AIM Rules for Companies.
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SOURCE: Orosur Mining Inc.