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Additional Information
Market: AIM / TSX-V
Sector: General Mining - Gold
EPIC: OMI
Latest Price: 52.25p  (-0.25% Descending)
52-week High: 87.00p
52-week Low: 44.00p
Market Cap: 40.74M
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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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Orosur Mining boosted gold revenues in Q1 2012

13th Oct 2011, 7:43 am by Jon Mainwaring Orosur said that its Arenal Deeps gold project in Uruguay is on schedule to commence stope mining in November

South America-focused gold explorer Orosur Mining (LON:OMI, CVE:OMI) boosted revenues and income during the first quarter for its 2012 financial year thanks to a higher gold price, the firm revealed today.

The firm produced less gold in the three months to the end of August (12,488 ounces compared with 12,937 ounces in Q1 2011), but a higher average price per ounce of US$1,612 (Q1 2011: US$1,216) meant that Q1 2012 revenue amounted to US$21 million – an increase of 15.4 per cent over Q1 2011.

Net income for the period was US$4.4 million (Q1 2011: US$3.5 million) while cash flow from operations amounted to US$5.6 million (Q1 2011: US$5.4 million). Orosur’s cash position at the end of the period was US$20.3 million, almost double the US$10.7 million in had on its balance sheet at the end of August 2010.

The firm noted its success with positive infill drill programmes at San Gregoria, Sobresaliente and Vaca Muerta in Uruguay as well as encouraging results at the Santa Maria project, which included 25 metres at 1.72 grams per tonne gold in hole SMRC005 and 12 metres at 4.79 grams per tonne from 78 metres in hole SMRC022.

“It has been an exciting quarter for Orosur,” said David Fowler, Orosur’s chief executive officer. “The successful fund raising of US$13.5 million through a private placing demonstrated the support of our existing shareholders and attracted new investors, and their support resulted in the successful acquisition of Talca, a gold project in Chile which we believe will, long term, enhance our production potential.”

Fowler said the firm had “made good progress” at Arenal Deeps gold project in Uruguay, noting it had delivered the first development ore to the plant and is on schedule to commence stope mining in November. “In addition, exploration results from San Gregorio have confirmed the potential to continue extending mine life. All in all, it has been a successful start to our financial year and I am looking forward to updating the market on our continuing progress,” he added.

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