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.
Orosur Mining seals Talca acquisition and begins exploration work
Orosur Mining (LON:OMI, CVE:OMI) told investors that it has now signed a definitive agreement for its proposed acquisition of the Talca gold property in Chile.
In June the group provisionally agreed the terms of a deal to acquire the project. The deal required at least 66 percent of Talca’s owners – the Tellos family - to accept the offer. Today Orosur confirmed that it has now received unanimous support acceptances for the deal.
“We are delighted to announce the closing of the acquisition of Talca and the start of its exploration programme,” said chief executive David Fowler.
“The company´s plans are a first pass drilling campaign in calendar Q4 2011 and aims to publish its maiden N.I. 43-101 compliant resources during calendar Q2 2012.”
The Tellos family has produced gold at the Talca property for around 40 years with a total of 300,000 ounces produced in that time. The area hosts two historic, artisanal, non-mechanized mines, which have produced gold this year.
As such Talca has ‘enhancing production potential’ according to Orosur. It has already begun surface exploration on the property and a 7,500 metre drill programme is pencilled in for September.
Then through next year Orosur plans to complete the project maiden gold resource estimate by the end of the second quarter. Meanwhile it is planning to fast-track a scoping study in that time too.
To acquire the property Orosur will initially pay US$3.84 million over 20 months, to buy the first 25 per cent of the property. It can subsequently buy the remaining 75 per cent stake for US$3.78 million over a five year period. There will also be a 1 per cent net smelter royalty on all production from Talca.
