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Orla Mining Reports Fourth Quarter 2021 Results And Provides Camino Rojo Operations Update
Camino Rojo Commercial Production Expected Imminently VANCOUVER, BC, March 18, 2022 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") t
About this update from Orla Mining Ltd.
[{"type":"text","content":" Camino Rojo Commercial Production Expected Imminently VANCOUVER, BC, March 18, 2022 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) (\"Orla\" or the \"Company\") today announces the results for the fourth quarter and year ended December 31, 2021. (All amounts are in U.S. dollars unless otherwise stated) HIGHLIGHTS: The Camino Rojo Oxide Mine poured first gold on December 13, 2021. Gold production totalled 2,422 ounces in 2021 and totaled 15,934 ounces for the first two months of 2022 ending February 28. The Company released 2022 guidance in February with gold production of 90,000 to 100,000 ounces and all-in sustaining costs (\"AISC\") of $600 to $700 per ounce of gold sold1. The Company is targeting the declaration of commercial production at the Camino Rojo Oxide Mine at the end of the first quarter of 2022. The average daily stacking throughput year to date ending February 28 was 15,116 tonnes per day or 84.0% of nameplate capacity of 18,000 tonnes per day. Process recoveries to date are in line with the metallurgical recovery model. Construction at the Camino Rojo Oxide Mine is largely complete, with the mine 98.9% complete at December 31, 2021, and 99.8% complete at February 28, 2022. Capital expenditures for the Camino Rojo Oxide Mine were $115.9 million for the project as at December 31, 2021, and $120.5 million as at February 28, 2022. Management anticipates the Camino Rojo Oxide Mine to be completed within the total project capital estimate of $134.1 million. During the fourth quarter, the Company released an initial resource on Caballito copper-gold deposit in Panama. Exploration and evaluation expenditures totaled $2.9 million for the quarter and included activities across the Company's portfolio. The Company anticipates spending $15 million in 2022 on exploration activities in an effort to expand resources on existing deposits and make new discoveries. Net loss of $5.0 million or $0.02 per share for the fourth quarter of 2021. Cash balance of $20.5 million at December 31, 2021, and $27.3 million at February 28, 2022. \"2021 was a monumental year for Orla as we constructed and poured first gold at Camino Rojo, our first mine,\" said Jason Simpson, President and Chief Executive Officer of Orla. \"As we ramp up gold production and cash flow generation, we will be answering, 'What is next for Orla?' through advanc...