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Orosur Mining CEO: Waymar acquisition fits growth strategy

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Market: AIM / TSX-V
Sector: General Mining - Gold
Latest Price: 15.00p  (-0.86% Descending)
52-week High: 18.50p
52-week Low: 9.75p
Market Cap: 14.50M
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Orosur Mining
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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...

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Orosur Mining: Browning becomes executive chairman as Caron steps down

January 17 2012, 7:21am Finance executive Browning, 48, has been a director at the company since 2010 and David Fowler, the firm's CEO and managing director, said this morning he was delighted at the appointment

Ralph Browning, non-exec director of Orosur Mining (LON:OMI), has been appointed executive chairman with immediate effect as Mario Caron steps down as chairman.

Caron will continue as a  non-executive director, the firm revealed today.

Finance executive Browning, 48, has been a director at the company since 2010 and David Fowler, the firm's CEO and managing director, said he was delighted at the appointment:

"Ralph's experience in corporate development and international transactions will be invaluable as we look to build a leading gold producer in South America.”

"I wish to thank Mario Caron for his leadership and dedication to the development of our company, exemplified by the recent successful commissioning of Orosur’s first underground mine at Arenal Deeps in Uruguay and the acquisition of the prospective ‘Mina Talca’ exploration properties in Chile."

Browning is also chairman of London quoted GMA Resources Plc, the firm said today.

Caron joined the Orosur board as chairman in October 2009. He has recently been appointed as CEO of Aldridge Minerals Inc. and is stepping down to dedicate more time to this role, the firm said.

Last week, Orosur revealed that the capital and operating costs of its Pantanillo Norte project in Chile will be in the order of US$178 million, according to a PEA of the planned gold mine.

The study ascribed a net present value of US$32.2 million to the development and an internal rate of return of 17 per cent at an 8 per cent discount rate.

The payback on the project is predicted to be 45 months, while the total cash cost of mining the gold is predicted to be in the order of US$581 an ounce. Output, meanwhile, is slated to be 97,000 ounces a year.

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