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Orla Mining Ltd
Symbol OLA
Shares Issued 178,989,615
Close 2018-06-27 C$ 1.25
Market Cap C$ 223,737,019
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Orla Mining shareholders elect eight directors at AGM

2018-06-27 18:03 ET - News Release

Mr. Marc Prefontaine reports

ORLA ANNOUNCES VOTING RESULTS FROM ITS ANNUAL SHAREHOLDER MEETING AND GRANTS INCENTIVE STOCK OPTIONS, RESTRICTED SHARE UNITS AND DEFERRED SHARE UNITS

Orla Mining Ltd. has released the voting results for the election of its board of directors, which took place at the company's annual and special meeting of shareholders (AGM) held today. All nominees, as set forth in the company's management proxy circular dated May 24, 2018, were elected as directors of Orla at the AGM. Detailed results of the votes are set out in the associated table.

Nominee             Votes for      %   Withheld     %  

Charles Jeannes   119,123,376  95.12  6,109,800  4.88
Richard Hall      119,123,376  95.12  6,109,800  4.88
Marc Prefontaine  118,808,376  94.87  6,424,800  5.13
Hans Smit         119,123,376  95.12  6,109,800  4.88
Jean Robitaille   119,123,376  95.12  6,109,800  4.88
George Albino     125,177,576  99.96     55,600  0.04
Tim Haldane       125,212,576  99.98     20,600  0.02
David Stephens    121,242,576  96.81  3,990,600  3.19

The shareholders also approved: (1) the appointment of Davidson and Company as auditor, and authorized the board of directors to fix its remuneration; (2) the company's existing stock option plan; (3) the adoption of the company's new restricted share unit plan; and (4) the adoption of the company's new deferred share unit plan. Results of the shareholder votes on these items are set forth in the associated table.

                           Outcome of vote      Votes for     %  Withheld/against     %  

Appointment of auditor             Carried    128,112,688  99.98           26,114  0.02
Reapproval of option plan          Carried    114,539,692  91.46       10,693,484  8.54
Adoption of RSU plan               Carried    108,312,242  95.87        4,664,184  4.13
Adoption of DSU plan               Carried    108,312,242  95.87        4,664,184  4.13

As part of the company's annual compensation review, the board of directors has authorized the grant of an aggregate of 1,641,504 incentive stock options to directors, officers, employees and consultants of the company. The options have an exercise price of $1.25 per share, are exercisable for a period of five years from the date of grant, and will vest as follows: one-third on date of grant, one-third on the first anniversary of the date of grant and one-third on the second anniversary of the date of grant. The options were granted pursuant to the option plan reapproved by the shareholders today.

In addition, the board of directors authorized the grant of an aggregate 348,000 restricted share units (RSUs) to senior management of the company and an aggregate of 180,000 deferred share units (DSUs) to independent directors of the company. The RSUs awarded will vest over a period of three years from the date of grant, one-third on each anniversary date, and the DSUs will not vest until such time as the recipient independent directors cease to be directors of the company. The RSUs and DSUs were granted pursuant to the company's new RSU plan and DSU plan approved by the company's shareholders today. Complete details regarding each of the option plan, RSU plan and the DSU plan are laid out in the circular which is filed on SEDAR.

About Orla Mining Ltd.

Camino Rojo is an advanced gold and silver project located in Zacatecas state, central Mexico. The project is 100 per cent owned and covers over 200,000 hectares. A National Insturment 43-101 technical report on Camino Rojo will be available on SEDAR under the company's profile by June 13, 2018. Orla also owns 100 per cent of the Cerro Quema project in Panama, which includes a near-term gold production scenario and various exploration targets.

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