VANCOUVER, BC, Feb. 18,
2022 /CNW/ - Orea Mining Corp. ("Orea") (TSX:
OREA) (OTCQX: OREAF) (FSE: 3CG) reports that today the French
Constitutional Court (Conseil Constitutionnel) deliberated
on a section of the French Mining Code relating to the renewal of
historical mining titles and ruled that the "automatic" renewal
provision associated with these mining titles does not comply with
the French Constitution.
This ruling was issued in response to a constitutional law
question raised in unrelated proceedings, brought before the
Constitutional Court by NGO France Nature Environnement
("FNE"), in relation to another mining company, and is NOT
related to the current proceeding before the French courts
concerning the renewal of the Montagne d'Or gold project mining
titles owned 44.99% by Orea and 55.01% by Nord Gold plc (the "JV").
Four companies currently hold 16 historical mining titles in
French Guiana, including the JV
controlling the Montagne d'Or gold project, and are therefore
potentially impacted by the Constitutional Court decision; however,
in its ruling the Constitutional Court also indicated that its
ruling will only apply to pending judicial proceedings where a
definitive decision has not been issued.
It is therefore possible that the above noted ruling does not
invalidate previous judicial decisions in favour of Orea and the
JV, concerning the Montagne d'Or gold project, specifically the
decision of the Court of Appeal in Bordeaux rejecting the French Government's
appeal and request for a stay of execution of the court rulings of
December 24, 2020, which ordered the
renewal of the Montagne d'Or gold project mining titles (see new
release dated July 22,
2021).
Orea and the JV's case concerning the Montagne d'Or mining
titles is presently at the French Supreme Court. There is no
certainty that the Supreme Court will not consider the
Constitutional Court's ruling, when deciding if it should hear the
final attempt for an appeal that was requested by the French
Government against the decision of the Court of Appeal in
Bordeaux (see new release dated
October 7, 2021), concerning the
Montagne d'Or gold project; however, the Supreme Court has already
denied a petition by FNE to join the French Government's appeal
(see new release dated January 10,
2022).
Additional updates will be provided by Orea when available.
About Montagne d'Or
Montagne d'Or is a permitting-stage open pit gold deposit that
hosts Measured Mineral Resources of 10.3 Mt at 1.804 g/t gold
(600,000 oz), Indicated Mineral Resources of 74.8 Mt at 1.350 g/t
gold (3.25 Moz) and additional Inferred Mineral Resources of 20.2
Mt at 1.48 g/t gold (960,000 oz), prepared in accordance with the
requirements of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101"). The Mineral
Resources are confined within a pit shell defined by a gold price
of US$1,300/oz and a cut-off grade of
0.4 g/t gold. Mineral Reserves have also been defined with Proven
Mineral Reserves of 8.25 Mt at 1.99 g/t gold (530,000 oz) and
Probable Mineral Reserves of 45.87 Mt at 1.50 g/t gold (2.2 Moz).
The Proven and Probable Mineral Reserves were estimated using a
gold price of US$1,200 per ounce at
varied cut-off grades from 0.552 to 0.665 g/t gold, dependent on
lithological rock types, economics and estimated metallurgical
recovery. Montagne d'Or ore can be readily processed to recover the
contained gold and silver values using unit operations considered
standard to the industry. For more information, see Orea's news
release titled "Columbus Gold Announces Positive Bankable
Feasibility Study for Montagne d'Or Gold Project, French Guiana" dated March 20, 2017 and filed on SEDAR and the
technical report prepared in accordance with the requirements of NI
43-101 titled "NI 43-101 Technical Report, Bankable Feasibility
Study - Montagne d'Or Project, French
Guiana" by SRK Consulting for Columbus Gold (now Orea Mining) and Nordgold
with an Effective Date of March 6,
2017, and a report date of April 28,
2017, which was filed on SEDAR on April 28, 2017.
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea
and Qualified Person under National Instrument 43-101, has reviewed
this news release and is responsible for the technical information
reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company
operating in a prospective and underexplored segment of the Guiana
Shield, South America. Its mission
is to develop gold deposits with a reduced environmental footprint
using innovative technologies, upholding the highest international
standards for responsible mining. In French Guiana, Orea holds a major interest in
the world-class Montagne d'Or mine development project and is also
advancing the Maripa gold exploration project.
For more about Orea visit the company's website at
www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
Forward-looking statements
Certain statements made herein, including statements relating
to matters that are not historical facts and statements of the
Company's beliefs, intentions and expectations about developments,
results and events which will or may occur in the future,
constitute "forward looking information" within the meaning of
applicable Canadian securities legislation ("forward-looking
statements"). Forward-looking statements relate to future events or
future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as "anticipate", "could", "should", "expect", "seek", "may",
"intend", "likely", "budget", "plan", "estimate", continue",
"forecast", "believe", "predict", "potential", "target", "would",
"might", "will", and similar words, expressions or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. These include, but are not limited
to, statements and information regarding: the Company's plans to
construct and develop the Montagne d'Or project, including
anticipated timing thereof; the timing, processes, outcome and
other matters related to the renewal of the Montagne d'Or
concessions, including the appeal from the French Government; the
impact from rulings by the French Constitutional Court regarding
the French Mining Code; the satisfaction of regulatory requirements
in respect of the permitting, construction and operation of the
Montagne d'Or project, including but not limited to, the submission
and processing of mine permit applications, the timing thereof and
the timing of completion of environmental and engineering studies;
the Company's ability to renew the concessions for the Montagne
d'Or project and to comply with the conditions thereof; economic
analysis for the Montagne d'Or project and related exploration
objectives and plans; the conversion of mineral resources into
mineral reserves and the conversion of inferred mineral resources
into higher resource classification categories; the Company's
objective of become an emerging gold producer; the acquisition of
exploration projects including terms of acquisition, exploration or
development plans, intentions to acquire additional exploration or
development interests and the implications thereof; the production
capacity and potential of future plant and equipment; future
exploration and mine plans, objectives and expectations and
corporate planning of the Company, future studies and environmental
impact statements and the timetable for completion and content
thereof and statements as to management's expectations with respect
to, among other things, the matters and activities contemplated in
this news release.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements. Such
assumptions and analyses are made by the Company's management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are reasonable and appropriate in
the circumstances. All assumptions and analyses are
those of the Company's. There can be no assurance that such
statements will prove to be accurate. Forward-looking statements
are based on numerous assumptions regarding present and future
business strategies, local and global economic conditions, and the
environment in which the Company will operate in the future,
including compliance by the Company with regulatory and permitting
requirements applicable in French
Guiana, the sufficiency of Company's working capital; the
Company's ability to secure additional funding for the continued
exploration and development of its properties; the price of gold
and other metals; and the Company's ability to retain key
personnel. You are hence cautioned not to place undue reliance on
forward-looking statements.
Certain important factors that could cause actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, political and
economic risks in France,
political and economic risks in French
Guiana, risks related to the renewal applications for the
Concessions and the possible outcomes thereof; possible negative
outcomes of any appeals from the decision of the Administrative
Court of Cayenne in French Guiana;
possible negative impacts from rulings by the French Constitutional
Court regarding the French Mining Code; regulatory risk including
but not limited to unforeseen changes in regulatory requirements,
the Company's ability to enforce its contractual and other legal
rights to explore and exploit its properties, risks related to
exploration and development, permitting and licensing risk, the
estimation of mineral resources and mineral reserves and related
interpretations and assumptions, future profitability of the
Company, the ability to obtain additional financing on a timely
basis, the price of gold and marketability thereof, government
regulations including with respect to taxes, royalties, land tenure
and land use, title to the Company's properties, currency exchange
rates and fluctuations, environmental risks, dilution resulting
from the issuance of additional securities of the Company, joint
venture risks, reliance on Nord Gold
plc as operator of the Montagne d'Or project, the availability of
equipment, conflicts of interest, competition in the mining
industry, uninsured risks, market fluctuations, global financial
conditions, credit risk and risks arising from pandemics and
epidemics such as the COVID-19 pandemic. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. These statements, however, are subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes will not occur. Events or
circumstances could cause the Company's actual results to differ
materially from those estimated or projected and expressed in, or
implied by, these forward-looking statements. Important factors
that could cause actual results to differ from these
forward-looking statements are included in the "Risk Factors"
section in Company's annual information form dated December 15, 2021 for the year ended September 30, 2021 ("AIF").
Readers are further cautioned that the list of factors
enumerated in the "Risk Factors" section of the AIF that may affect
future results is not exhaustive. When relying on the Company's
forward-looking statements and information to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Furthermore, the forward-looking statements and
information contained herein are made as of the date of this
document and the Company does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
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SOURCE Orea Mining Corp.