VANCOUVER, BC,
March 17, 2022 /CNW/ -
Orea Mining Corp. ("Orea") (TSX: OREA) (OTCQX: OREAF) (FSE:
3CG) is pleased to announce that it has entered into a Formal
Option Agreement ("FOA") to acquire up to a 75% interest in the
Antino Gold Project ("Antino"), located in Suriname, South America.
- As announced on July 6, 2021,
a Binding Term Sheet ("BTS") was signed to acquire up to a 75%
interest in an advanced-stage gold exploration project located in a
significant alluvial and small-scale open pit gold mining district
in Suriname;
- The FOA has been fully executed;
- An airborne LiDAR (Light Detection and Ranging) survey
covering 110 square kilometers has provided high-resolution
topographic data and orthophotos for project development;
and
- Geological mapping and core relogging of the main
open pit mining areas is underway.
Rock Lefrançois, President & CEO of Orea,
commented "We are very excited to ramp up our field
work and commence exploration at Antino, starting with a low-cost
geological model for the planning of the first phase of drilling on
priority resource definition targets."
About Antino
Antino is an advanced stage gold exploration project located in
mining friendly Suriname, South
America, 275 kilometers southeast of the capital
Paramaribo. The project consists
of Rights to Exploitation of Gold (Suriname mining titles) covering
200 square kilometers. Under Suriname mining regulations, the
mining titles allow for exploration and mining without any
additional permits. The project is located in a significant area of
alluvial and small-scale open pit gold mining at the intersection
of major gold deformation zones known as CGSZ and NSSZ. Past
exploration conducted by Canadian junior exploration companies
during 1993-97 and 2006-07, including over 30,000 meters of
drilling, has provided an excellent database and identified several
targets for immediate resource development. A large portion of the
project remains underexplored. Accommodations, communications,
equipment, machinery, security and personnel have been established
at Antino by the optionor, facilitating logistics for
exploration.
Antino project location map is available at the following
link:
www.oreamining.com/i/nr/2022-03-17-map-antino-location.pdf
Earn-in Terms
Orea to acquire up to a 75% interest and become operator of
Antino through three option stages as follows:
- First Option Stage for 51% Interest
Orea to acquire an initial 51% interest in Antino within
three years of the Commencement Date (defined below) by:
-
- Making cash payments totaling US$1,650,000, of which only US$350,000 is payable within the first year;
- Issuing common shares of Orea totaling 3,400,000;
- Incurring a minimum of US$6,000,000 in exploration expenditures;
and
- Completing a NI 43-101 Technical Report containing a minimum of
500,000 oz of gold in any category.
- Second Option Stage for an Additional 19% Interest for a
Total of 70%
Orea to acquire an additional 19% interest in Antino, for a total
of 70%, within two years of completion of the First Option Stage
by:
-
- Making cash payments totaling US$1,500,000;
- Issuing common shares of Orea totaling 200,000;
- Incurring a minimum of US$10,000,000 in exploration expenditures;
and
- Completing a positive preliminary economic assessment
(PEA).
In the event that Orea does not
proceed with the completion of the Second Option Stage, Orea will
transfer its interest in Antino back to the optionor.
- Third Option Stage for an Additional 5% for a Total
of 75%
Orea to acquire an additional 5% interest in Antino, for a
total of 75%, within three years of completion of the Second Option
Stage by:
-
- Incurring a minimum of US$10,000,000 in exploration expenditures;
and
- Completing a bankable feasibility study (BFS).
The Commencement Date starts when certain conditions have been
met, including receiving regulatory approvals required to
consummate the transaction, such as stock exchange approval and
approvals required by any Government Agency under applicable
law.
Upon successful earn-in of Antino, Orea and the Optionor will
form a joint venture with the objective of accelerating Antino into
commercial production.
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. In Suriname, Orea is
advancing the Antino gold exploration project through its option
agreement to acquire up to a 75% interest.
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
earn into the Antino gold project; the Company's objective to
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 Suriname, 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 Suriname, 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, 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, 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.