September 26, 2011 15:59 ET
Oro Mining Options Concordia/Guasima Concessions to Oremex Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2011) - Oro Mining Ltd. ("Oro" or the "Company") (TSX VENTURE:OGR) announces it has entered into a binding agreement with Oremex Gold Inc. ("Oremex") whereby Oremex can acquire a 75% interest of the Company's Concordia/Guasima concessions as outlined in the following Oremex press release.
John Brownlie, Oro's Chief Executive Officer commented, "The Oremex transaction is the first to be concluded in a plan whereby Oro will transact with others to advance its extensive land position through third party investment." He added, "We believe that Oro Shareholders will benefit from transactions of this nature as they will allow Oro's management to focus on advancing its Taunus properties and surrounding core assets in Sinaloa, Mexico, towards advance exploration and production."
Oremex Gold Press Release:
Oremex Gold Inc. (TSX VENTURE:OAU) is pleased to announce that it and its wholly-owned Mexican Subsidiary, Minera Tres Diamantes, S. de R.L. de C.V., (together with Oremex Gold Inc., "Oremex Gold"), have entered into a letter agreement (the "Agreement") with Oro Mining Ltd. (TSX VENTURE:OGR) ("Oro") and its wholly-owned Mexican subsidiary, Oro Gold de Mexico S.A. de C.V., (together with Oro, "Oro Mining"), pursuant to which Oro Mining has granted Oremex Gold the right to acquire up to a 75% interest in and to mineral claims comprising the Guasima Concessions and the Concordia Concessions located in the Concordia region of Sinaloa State, Mexico (collectively, the "Concordia/Guasima Project") in exchange for: (i) funding an aggregate of $4,275,000 in exploration expenditures, including a minimum of 1,250 metres of drill work in the first year; (ii) the aggregate cash payment of $780,000; and (iii) the issuance of up to 2,775,000 common shares in the capital of Oremex Gold Inc. (the "Common Shares").
The Concordia and Guasima concession collectively comprise roughly 29,000 hectares along the prolific Sierra Rosario Gold Belt and surround Oremex Gold's Santa Catarina project. "These concessions are a natural fit to add to our project portfolio," stated Michael R. Smith, CEO of Oremex Gold. "The Sierra Rosario Gold Belt presents numerous opportunities with many historically important high-grade gold producers. Gold mineralization is known to occur as both intrusive-hosted styles and associated with emplacement in volcanic and carbonate wall rocks, like has been discovered at Santa Catarina where gold grades at surface have shown up to 20.5 g/t (see Press Release dated November 3, 2010). The vast area within these concessions, along the many targets within them, brings the possibility to add significant scale to the potential at Santa Catarina. We expect to initiate a drill program at Santa Catarina shortly while working with Oro Gold to plan the exploration programs for the Concordia/Guasima concessions."
With respect to the Guasima Concessions, the payments and earn-in will occur upon successful completion of certain milestones, as follows: (i) the aggregate payment of $139,000 and the issuance of an aggregate of 700,000 Common Shares, as well as $2,000,000 in exploration expenditures including an annualized average of 1,250 metres of drill work on or before December 1, 2013 in exchange for a 51% interest in the Guasima Concessions; (ii) an additional $18,000 and 250,000 Common Shares on or before December 1, 2014, as well as $850,000 in exploration expenditures for an additional 14% interest; and (iv) an additional $160,000 and 160,000 Common Shares on or before December 1, 2015, as well as $1,425,000 in exploration expenditures for an additional 10% interest (total 75% interest).
With respect to the Concordia Concessions, Oro Mining has submitted an application to the Dirección General de Minas (Republic of Mexico) in order to be registered as the legal and beneficial holder of the Concordia Concessions. Upon such registration becoming effective (the "Concordia Registration Date"), Oremex Gold may acquire up to a 75% interest in the Concordia Concessions upon the completion of certain milestones, as follows: (i) the aggregate payment of $195,000 and the issuance of 1,050,000 Common Shares on or before December 1 of the second anniversary of the Concordia Registration Date in exchange for a 51% interest in the Concordia Concessions; (ii) the payment an additional $28,000 and 375,000 Common Shares on or before December 1 of the third anniversary of the Concordia Registration Date for an additional 14% interest; and (iii) an additional $240,000 and 240,000 Common Shares on or before December 1, of the fourth anniversary of the Concordia Registration Date for an additional 10% interest (total 75% interest).
Pursuant to the terms of the Agreement, Oremex Gold shall be entitled to formalize a joint venture with Oro Mining upon exercise of the initial option to acquire a 51% interest in the Guasima Concessions upon which the parties shall fund the costs and operations of the joint venture proportionate to their interests. In the event a party's joint venture interest in the Concordia/Guasima Project is reduced to less than 10%, it shall be entitled to payment of a 1% net smelter returns royalty from the aggregate commercial production on the Concordia/Guasima Project.
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About Oro Mining
Oro Mining is a publicly-listed company on the TSX Venture Exchange with properties located in Sinaloa and Zacatecas, Mexico. Oro Mining's corporate mandate is to advance its projects toward production, while continuing to make exploration discoveries on its extensive property position. The district-scale Trinidad property that hosts the Taunus gold deposit continues to be the focus of Oro Mining's exploration and project development activities. The Company's mission is to create exceptional value for our shareholders through exploration discovery, resource growth, mine development and production, while providing sustainable benefits to our staff, the environment, and the communities where we operate.
ON BEHALF OF THE BOARD OF DIRECTORS
John Brownlie, Chief Executive Officer
nächster Step wäre dann das 50% Retr. bei 1700 $ ? 