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Orosur Mining Inc Announces Corporate and Colombia Update
Funds in lieu received Drilling about to commence Options exercised LONDON, ...
About this update from Orosur Mining Inc.
[{"type":"text","content":"Orosur Mining Inc Announces Corporate and Colombia UpdateFunds in lieu receivedDrilling about to commenceOptions exercisedLONDON, UK / ACCESSWIRE / November 10, 2020 / Orosur Mining Inc. (\"Orosur\" or the \"Company\")(TSX:OMI)(AIM:OMI), announces that it has received the sum of US$582,170, from Minera Monte Águila S.A.S. (\"Monte Águila\") a Colombian company that is a 50:50 JV between Newmont Corporation (\"Newmont\") (NYSE:NEM, TSX:NEM) and Agnico Eagle Mines Limited (\"Agnico\") (NYSE:AEM)(TSX:AEM), in connection with maintaining its earn-in rights pursuant to the Exploration Agreement with Venture Option over the Anzá project in Colombia (the \"Exploration Agreement\").These funds meet Monte Águila's obligations under the Exploration Agreement for the 12-month period ending 6th September 2020, allowing it to continue exercising its phase 1 earn-in-rights.These funds will be directed towards the Company's general working capital needs.As previously announced, Monte Águila has already commenced funding year 3 of phase 1 of the Exploration Agreement which requires a minimum work commitment of US$4 million for the 12-month period commencing 7th September 2020.Exploration field work underwayFollowing receipt of exploration funds as announced on 12th October 2020, the Company has commenced field activities at the Anzá project. Work programs remain subject to the changing status of the Covid-19 pandemic in the local region, however thus far this has been managed without incident. The following major activities have been completed or are underway:A team of geologists and associated staff (health and safety, security, logistics, camp support etc) have been hired and mobilised to site.Communications and data IT infrastructure have been established to connect the camp to the Company's remote servers and data bases.Drilling contracts have been awarded, legal agreements are being completed and equipment and drilling personnel are about to mobilise.Environmental and community protocols are in place and all necessary communications established.Local staff have been recruited and work has been underway for some days in preparing drill access tracks and drill pads.Contracts for geophysical survey work are being finalised and equipment is being shipped into Colombia.It is anticipated that one rig should commence...