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Additional Information
Market: AIM / TSX-V
Sector: General Mining - Gold
EPIC: OMI
Latest Price: 53.00p  (-0.93% Descending)
52-week High: 87.00p
52-week Low: 44.00p
Market Cap: 41.33M
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Orosur Mining
www.orosur.ca

Orosur Mining Inc. is a gold producer and exploration company focused on identifying and developing gold projects in Latin America. The Company is a fully integrated mining company, possessing the skills necessary to explore and develop its discoveries. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay,Chile and Argentina.

Full Orosur Mining profile here
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BC Supreme Court gives nod to Uruguay Mineral Exploration and Fortune Valley merger

31st Dec 2009, 11:58 am BC Supreme Court gives nod to Uruguay Mineral Exploration and Fortune Valley merger

Uruguay Mineral Exploration (TSX-V: UME, LSE: UGY)  and Fortune Valley Resources (TSX-V: FVX) announced that the BC Supreme Court has approved the proposed plan of arrangement previously announced by the companies and approved by the Fortune Valley shareholders.


The completion of the plan of arrangements is expected in the middle of next week, being subject to the acceptance of the TSX Venture Exchange.


The two companies signed the agreement in early November, agreeing to combine their businesses o create significant Latin American focused gold producer was announced on October 13.


A newly combined group will have the financial and technical resources to develop its business and capitalise on growth opportunities in Latin America. Additionally the group will have no debt and no hedging, with approximately C$8m of cash.


The merger will set up a Latin American operating gold producer, with a profile of at least 190,000 ounces over the four years to May 31, 2013. The open pit operations at the San Gregorio mine in Uruguay has the potential to significantly improve this production profile and reduce cash costs with the development of the Arenal Deeps underground deposit.


In Chile a planned exploration and development program will target the definition of an NI 43-101 compliant mineral resource. The program is expected to commence within 3 months of completing the transaction. The objective is to create a second production asset for the group within 3 to 4 years.


In addition to the new company’s enhanced production capacity there is further growth potential from the combined exploration portfolio in Chile and Uruguay including the Anillo project in Northern Chile which neighbours the El Peñón mine operated by Yamana Gold Inc (LSE: YAU, NYSE: AUY).


Under the terms of a letter of intent signed by the two companies, it is proposed that Fortune Valley shareholders will receive approximately 0.456 UME common shares for each common share of Fortune Valley held. The offer represents a purchase price of approximately C$0.23 per Fortune Valley share valuing Fortune Valley at approximately C$8.2m.

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The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

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