Orosur Mining Inc. ('Orosur' or 'the Company') (TSXV: OMI) (AIM: OMI), a South American-focused minerals explorer and developer, is pleased to announce the results for the third quarter ended February 28th, 2023 ('Q3 23' or the 'Quarter').
Highlights of the Third Quarter Results for 2022/23
Colombia
On December 2, 2022, the Company announced assay results from another four holes at Pepas, holes PEP002,006,008 and 009. Holes PEP002 and 006 did not yield significant results. Two new drill pads were constructed to drill holes PEP008 and PEP009. Both holes intersected mineralised structures, largely as expected, but with lower levels of gold mineralisation than intersected in previous drilling. Near term focus will now shift away from drilling to field mapping, sampling and trenching activities will continue across the Project to define further drilling targets, including additional surface works specifically in the Pepas prospect area.
On January 17, 2023, the Company announced that negotiations to complete the new Mining Company Constituent Documents with Minera Monte Aguila ('MMA') were progressing and that the US$2 million Phase 2 payment would be paid soon. The formation of the new Mining Company, which will take several months, is underway. Once formed, the Mining Company will be owned 49% by Orosur and 51% by MMA who will also be the manager. MMA may earn an additional 14% ownership in the Mining Company if it has spent US$20 million in qualifying exploration expenditures on the Anza Project ('Project') on or prior to the fourth anniversary of the parties entering into the Mining Company Constituent Documents. If the Phase 2 earn-in is completed, MMA would own 65% of the Mining Company and the Company would own the remaining 35%.
On March 2, 2023, post the Quarter end, the Company announced that it had received the Phase 2 option payment of US$2 million that was due as part of the process of MMA moving from Phase 1 to Phase 2 of the Project. Following completion of drilling, exploration work at Anza has been wound back to allow for the required corporate restructuring of the joint venture to be completed, and to advance a variety of licence processes such as integration of smaller licences and conversion of applications to granted status.
Argentina
On March 2, 2023, the Company announced that results to date continue to be extremely encouraging, with the latest round of mapping and sampling suggestive that El Pantano has potential to host a major, previously unexplored low-sulphidation epithermal system. In the low-sulphidation model, fluid boiling is the key gold depositional mechanism, such that gold mineralisation is constrained to a distinct vertical zone, and there may be limited or no gold anomalism at surface. Instead, pathfinder elements are a more important guide to mineralisation, especially mercury (Hg) and arsenic (As). Recent work is expanding the picture of very large zones of Hg and As anomalism along more than 8km strike of a major NW trending structure.
Geological mapping, geochemical sampling and ground magnetic surveys are continuing. It is also planned that other geophysical methods such as Induced Polarization (IP) may be employed. Environmental permitting work is also underway that will allow drilling to be undertaken later in the year or early next year.
Brazil
On March 2, 2023, the Company announced that its large-scale regional sampling program which had been underway for the last several months, taking stream and drainage sediment samples over much of the Ariquemes district, was now complete. Final results are pending. Once received, it is anticipated that this regional dataset will be able to provide vectors to potential mineralisation that will then form the basis for more targeted exploration programs in the near term.
Uruguay
In the previous accounting year, Loryser agreed and paid for the settlements with all of its former employees, with the proceeds received from the sale of certain of its assets. In the current year to date it has finalised the reclamation and remediation works on the tailings dam and has started a one-year post-closure control phase which is progressing well.
During this Quarter, Loryser also succeeded in selling all of its remaining assets included in the Creditors Agreement as set out in that agreement and it will now, post Quarter end, be distributing the proceeds, on a pro rata basis, to Loryser's trade creditors in accordance with the Creditors' Agreement, via a court approved paying agent.
Financial and Corporate
The unaudited consolidated financial statements have been prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are accounted for as Assets and Liabilities held for sale (at the lower of book value or fair value) and Profit and Loss from discontinuing operations. This accounting treatment has been applied to the activities in Uruguay and Chile.
On December 7, 2022, all of the outstanding 10,897,058 warrants expired and so the fully diluted share capital of the Company as at the date of this MD&A is 199,750,299.
On February 28, 2023, the Company had a cash balance of $4,151k (May 31, 2022 $4,221k). As at the date of this announcement the Company had a cash balance of $3,857k.
Contact:
Tel: +1 (778) 373-0100
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, Argentina and has discontinued operations in Uruguay.
About the Anza Project
Anza is a gold exploration project, comprising three exploration licences, four exploration licence applications, and several small exploitation permits, totalling 207.5km2 in the prolific Mid-Cauca belt of Colombia.
The Anza Project is currently wholly owned by Orosur via its subsidiary, Minera Anza S.A.
The 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.
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 Brazil and the funding from Newmont/Agnico of those plans, Newmont/Agnico'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 Company's 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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OROSUR MINING INC. 
