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or Name
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Orosur Mining Inc
Symbol OMI
Shares Issued 96,635,081
Close 2014-12-17 C$ 0.18
Market Cap C$ 17,394,315
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Orosur produces 12,854 oz Au in fiscal Q2

2014-12-19 06:51 ET - News Release

Mr. Ignacio Salazar reports

OROSUR Q2 2015 OPERATING RESULTS

Orosur Mining Inc. has released operating results for its second quarter ended Nov. 30, 2014.

Highlights

  • Gold production of 12,854 ounces (14,829 ounces second quarter 2014);
  • Cash operating costs of $984 (U.S.) per ounce ($761 (U.S.) per ounce second quarter 2014);
  • Both production and cash operating costs in line with original guidance, and company remaining on track to deliver its full-year guidance of 50,000 to 55,000 ounces at a cash operating cost of $850 (U.S.) to $950 (U.S.) per ounce;
  • During the quarter extended the terms of its farm-in with Corporacion Nacional del Cobre de Chile (Codelco) until January, 2020, with an option to extend for an additional two years;
  • Also entered into a non-binding letter of intent to option up to 40 per cent of its interest in the Anillo project in Chile to Asset Chile Exploracion Minera Fondo de Inversion Privado for non-dilutive financing of up to $3.5-million (U.S.).

Production and cash operating costs for second quarter 2015 are in line with both the company's mine plan and previously stated guidance. As previously stated, Orosur planned for higher expected unit costs in the first half of fiscal 2015 resulting from the current mining sequence, and this trend was observed during the quarter.

During second quarter 2015, and in accordance with the mine plan, gold production from Arenal Deeps accounted for approximately 45 per cent of total production in the quarter. The company expects this figure to average between 70 and 75 per cent in the second half of fiscal 2015. Due in large part to the implementation of pillarless mining in the Arenal stopes, the company maintains a specific mining sequence to safely and optimally operate the mine, which has, as planned, resulted in varying grade and volume figures over the fiscal year to date. As previously announced, the company expects to return to mining higher-grade, larger transverse stopes in the second half of its fiscal year, which is expected to reduce cash operating costs as well as mining open pits with lower strip ratios.

Orosur continues to focus on cost reduction initiatives, including optimizing corporate and operational teams, geological modelling, mine planning and fleet use.

Ignacio Salazar, chief executive officer Orosur Mining, said: "We are pleased to once again have delivered operational results in line with our stated guidance. As announced in our full-year results, costs during the first half of our fiscal 2015 were expected to be higher than our guided annual average in large part due to planned lower grades and volumes from our Arenal Deeps underground mine. We expect unit costs to drop in the second half of the year as we return to mining higher-grade ore at Arenal and mining open pits with lower strip ratios."

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