{"id":1205536,"date":"2020-09-03T14:22:48","date_gmt":"2020-09-03T19:22:48","guid":{"rendered":"https:\/\/resourceworld.com\/?p=59630"},"modified":"2020-09-03T14:22:48","modified_gmt":"2020-09-03T19:22:48","slug":"orosur-mining-up-39-on-newmont-option-news","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1205536","title":{"rendered":"Orosur Mining up 39% on Newmont option news"},"content":{"rendered":"

Orosur Mining Inc.<\/strong> [OMI<\/a>-TSX, AIM] shares rallied Thursday September 3 after the company said it has been informed that Newmont Goldcorp Corp.<\/strong> [NGT<\/a>-TSX; NEM-NYSE] will continue to exercise its rights under an option agreement covering the Anza Project in Colombia.<\/p>\n

Orosur said Newmont has now paid the fourth and final cash payment of US$500,000 required under Phase I of the earn-in arrangement to retain its option and to continue into the third year of Phase I of the agreement. This year, Newmont is required to make US$4 million in qualifying expenditures at Anza.<\/p>\n

Orosur advanced on the news, rising 38.89% or $0.04 to 13 cents on volume of 1.15 million. The shares were previously trading in a 52-week range of 11 cents and $0.03.<\/p>\n

The Anza project is located in Antioquia, Colombia and consists of 207 km2<\/sup> in exploitation and exploration concession applications, covering more than 20 km of the prospective Tonusco Fault. The project is located 50 km west of Medellin.<\/p>\n

In September, 2018, Orosur announced that it had closed a non-brokered private placement of US$2 million with Newmont Goldcorp and signed a deal that gave Newmont an option on the Anza Project.<\/p>\n

The option agreement included a three-phase earn-in for Newmont to earn up to a 75% interest in the Anaz Project by spending $30 million over 12 years. Newmont is also required to complete a NI 43-101 compliant feasibility study and make cash payments to Orosur of US$4.0 million over phases one and two.<\/p>\n

Under the private placement, Newmont bought 29.2 million shares of Orosur at $0.091 each for US$2.0 million, leaving Newmont with a 19.9% stake in the junior and the right to maintain its interest by participating in future equity offerings.<\/p>\n

Drilling in the APTA area defined multiple zones of high-grade gold mineralization covering a strike length of approximately 1.5 km to a depth of over 275 metres, with mineralization remaining open in all directions.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Orosur Mining Inc. [OMI-TSX, AIM] shares rallied Thursday September 3 after the company said it…<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[622],"tags":[48],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1205536"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1205536"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1205536\/revisions"}],"predecessor-version":[{"id":1205537,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1205536\/revisions\/1205537"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1205536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1205536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1205536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}