VANCOUVER, BC, Feb. 2, 2023
/CNW/ - Orea Mining Corp. ("Orea") (TSX: OREA) (OTCQX:
OREAF) (FSE: 3CG) is pleased to announce that Rock Lefrançois,
Orea's former President & CEO, has been appointed to Orea's
board of directors, replacing outgoing director Marie-Hélène
Bérard.
Robert Giustra, Chairman of
Orea, commented: "The appointment of
Mr. Lefrançois to the board of Orea is
vital in ensuring technical continuity at Montagne d'Or."
Mr. Giustra further stated: "Nobody knows the
Montagne d'Or gold deposit better than Rock; he managed the JV,
carried-out all the exploration and development work, and
supervised the completion of the Bankable Feasibility and
Environmental and Social Impact Studies. Rock will
be particularly essential in the permitting stage."
Rock Lefrançois is a professional geologist with 35 years
of international experience in the search, evaluation and
development of gold and base metal deposits throughout the
Americas. During his 15 years of engagement with mid-tier mining
companies he was responsible for the implementation of project
generative and acquisition programs and the management of
exploration and extensive resource and reserve definition drilling
programs, and he collaborated on economic assessments. For
the last 20 years, Mr. Lefrançois has been involved in the
management and development of publicly traded junior exploration
and mine development companies. In the position of President
& COO of NioGold Mining Corp., he was a key contributor to the
consolidation of the largest land position in the Malartic Gold
Camp in Abitibi, Canada, the
definition of 2 Moz of gold resources and the negotiation of
strategic partnerships with gold producers. NioGold was taken over
by the Osisko group of companies in 2016. In the position of
COO of Columbus Gold Corp. (now Orea Mining Corp.), Mr. Lefrançois
was responsible for the management of a joint venture between
Columbus and gold producer Nordgold for the completion of a
Bankable Feasibility Study and an Environmental and Social Impact
Study on the Montagne d'Or open pit gold mine project (4.8 Moz
resources, 2.8 Moz reserves), located in French Guiana, South
America, leading to a mine construction decision by the
joint venture and the start of the permitting process. Mr.
Lefrançois served as CEO of Orea from March
2019 to August 2022.
Orea also reports that Marie-Hélène Bérard has
resigned from the board of directors. Over her 10 years on
the board, Marie-Hélène made invaluable contributions to the
success and growth of Orea, with her in-depth knowledge of the
French administrative system and regulatory framework.
Marie-Hélène brought a wealth of experience to Orea, gained over a
long and successful business career both in France and internationally. She
continues to act as a director of pre-eminent French public
bodies, as well as listed and private companies. Orea's board
thanks her sincerely for her contributions over the years and
wishes her the very best for the future.
*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 with good grade, excellent
metallurgy, and considerable potential to increase ounces by infill
and expansion drilling. Montagne d'Or 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.
Qualified Person
Rock Lefrançois, a Director of Orea, and 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.
ON BEHALF OF THE BOARD:
Robert Giustra
Chairman
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", "focus", "develop", "discuss", 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 obtaining necessary approvals from regulatory and
sanctions authorities; completion of the acquisition of the
remaining 55.01% s interest of Montagne d'Or; 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 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. There can be no assurance any private
placement in progress will complete, nor any financing targeting
long term strategic investors. 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 21, 2022, for the year ended
September 30, 2022 ("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.