VANCOUVER,
BC, March 4, 2022 /CNW/ -
Orea Mining Corp. ("Orea") (TSX: OREA)
(OTCQX: OREAF) (FSE: 3CG) reports that it is aware
of media articles which state that Alexei Mordashov, an
Oligarch often referenced as Russia's richest person, has (a) been added to
the list of persons sanctioned by the European Union in connection
with Russia's invasion of
Ukraine, and (b) has transferred
control of a US$1.1 billion stake in
Nord Gold plc ("Nordgold") to his wife, Marina
Aleksandrovna Mordashova.
Prior to the share transfer, Alexei Mordashov was
the beneficial controlling shareholder of Nordgold, the 55.01%
owner of the Montagne d'Or project in French Guiana, France, of which Orea owns a 44.99%
interest.
At this time, it is not known what impact, if
any, these events will have on Nordgold or its ability to continue
its responsibilities under the shareholders' agreement in place
between Orea and Nordgold, relating to the Montagne d'Or
project.
Orea management is monitoring the situation
closely and consulting with legal advisors.
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.