VANCOUVER, BC, Dec. 6, 2022
/CNW/ - Orea Mining Corp. ("Orea") (TSX: OREA) (OTCQX:
OREAF) (FSE: 3CG). As a result of its recently completed
agreement to acquire 100% ownership of the Montagne d'Or
5-million-ounce gold deposit, Orea is pleased to announce
management and director changes. Montagne d'Or is a
permitting stage, open pit gold mine development project with good
grade, excellent metallurgy, and considerable potential to increase
ounces by infill and expansion
drilling. *
Michel Jébrak has been appointed to the board of
directors. He is one of the most highly published
geologists in the French speaking world and has advised the
national geological survey of France (BRGM), and to the French government on
sustainable mining practices. Mr. Jébrak's distinguished more
than 40-year career has included numerous mining accolades and
awards, committee appointments, and positions with various
Australian, Canadian, and French companies among others. He
has instructed in a number of French universities and he has held
the post of professor of economic geology at the University of
Quebec at Montreal (UQAM) since 1987. Mr. Jébrak
is a global advocate for responsible mining development and
innovation.
Robert Giustra, Orea's
Chairman, will act as Interim CEO with the aim of closing the
55.01% acquisition (for 100% total) of the Montagne d'Or project,
and obtaining the requisite government approvals, in addition to
seeing through the renewal of the project mining titles; after
which a permanent head will be sought. Mr. Giustra is the
co-founder and former CEO of Orea (formerly named Columbus Gold); he resigned in early 2018,
noting that he had fulfilled his aim to take Montagne d'Or to the
permitting stage, handing the permitting responsibilities to joint
venture partner Nord Gold to act as
operator in late 2017.
Peter Gianulis, Director of
Orea, commented: "Obtaining the commitment of these two
individuals to take-on these roles at this time, bodes very well
for the future of Orea and its shareholders." Mr. Gianulis
further stated: "Michel Jébrak has an excellent reputation in
France, and Robert Giustra's past leadership of Orea
achieved corporate objectives that seemed insurmountable at the
time."
Under Mr. Giustra's leadership, from 2010 to 2018 Columbus Gold
acquired the Montagne d'Or project, funded and carried-out its
development from 2 million inferred ounces of gold, to a bankable
feasibility study with 5.37 million ounces hosting significant gold
reserves, and completed comprehensive environmental studies.
As former CEO Mr. Giustra achieved a Top 10 share price performance
ranking in 2015 out of a peer group of some 1,200 mining companies
listed on the TSX Venture Exchange, and in 2014 and 2016,
Columbus Gold was included among the
50 best-performing international company stocks traded on the
OTCQX. In 2016, Columbus Gold
was one of only two Metals & Mining Sector companies to
graduate from the TSX Venture Exchange to the Toronto Stock
Exchange.
Orea also reports the resignation of Oleg Pelevin from
the board of directors. The board greatly values his time on
the board and thanks him sincerely for his contributions over the
years.
*About Montagne d'Or
Orea is awaiting a decision by the Supreme Court of France regarding the renewal of the Montagne
d'Or mining titles (see press release of May 10, 2022). Montagne d'Or is an open pit
gold mine development project 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 M oz). 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.
Qualified Person
Rock Lefrançois, a 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,
advancing the world-class 5-million-ounce Montagne d'Or permitting
stage gold mine project in French
Guiana, a prospective and underexplored segment of the
Guiana Shield, South America. Its
mission is to develop gold mines with a reduced environmental
footprint, using innovative technologies and upholding the highest
international standards for responsible mining.
ON BEHALF OF THE BOARD:
Peter
Gianulis
Director
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;
action plans in response to the sanctions imposed on Nord Gold plc, results of any discussions or
negotiations with Nord Gold plc
regarding the acquisition of Montagne d'Or, directly or indirectly,
including completion of a definitive agreement and obtaining
necessary approvals from regulatory and sanctions authorities;
plans to carry-out updated economic studies for Montagne d'Or
project, including the possibility of resulting in a higher NPV;
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 elimination or reduction of costs; 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; impacts of
government sanctions against the Company's joint venture partner;
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
Montagne d'Or 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.
SOURCE Orea Mining Corp.