SANTIAGO, Chile -- (Business Wire)
Orosur Mining Inc. (the âCompanyâ) (TSX: OMI) (AIM: OMI), a South
American-focused gold producer, developer and explorer, is pleased to
announce operating results for its second quarter ended November 30,
2014 (âQ2 2015â or âthe Quarterâ).
Highlights
-
Gold production of 12,854 oz (14,829 oz Q2 2014)
-
Cash operating costs of US$984/oz (US$761/oz Q2 2014)
-
Both production and cash operating costs are in line with original
guidance, and the Company remains on track to deliver its Full Year
guidance of 50,000 â 55,000 oz at a cash operating cost of US$850 -
$950/oz
-
During the Quarter Orosur extended the terms of its farm-in with
Corporación Nacional del Cobre de Chile (âCodelcoâ) until January
2020, with an option to extend for an additional two years
-
Orosur also entered into a non-binding letter of intent to option up
to 40% of its interest in the Anillo project in Chile to Asset Chile
Exploración Minera Fondo de Inversión Privado for non-dilutive funding
of up to US$3.5 milion
Production and cash operating costs for Q2 2015 are in line with both
the Companyâs 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 Q2 2015, and in accordance with the mine plan, gold production
from Arenal Deeps accounted for approximately 45% of total production in
the Quarter. The Company expects this figure to average between 70-75%
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, CEO Orosur Mining, said: âWe 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.â
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold production, development
and exploration company focused on identifying and developing gold
projects in South America. The Company operates the only producing gold
mine in Uruguay (San Gregorio), and has assembled an exploration
portfolio of high quality assets in Uruguay Chile, and Colombia. The
Company is quoted in Canada (TSX: OMI) and London (AIM: OMI).
For more information please visit www.orosur.ca
Contacts:
Orosur Mining Inc
Ignacio Salazar, Chief Executive Officer
info@orosur.ca
Tel:
+562-2924-6800
or
Cantor Fitzgerald Europe
Stewart
Dickson / Jeremy Stephenson / Carrie Lun
Tel: +44-(0)-20-7894-7000
or
FTI
Consulting
Ben Brewerton / Oliver Winters / Sara Powell
Tel:
+44-(0)-20-3727-1000
Source: Orosur Mining
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