Orosur Mining Inc. announces Gladiator earns its first 20% Interest in Orosur´s Iron Ore Prospects in Uruguay
Orosur Mining Inc. announces Gladiator earns its first 20% Interest in Orosur´s Iron Ore Prospects in Uruguay
Orosur Mining Inc.
Orosur Mining Inc. (“OMI” or “the Company”), today announces that further to the option agreement entered into with Gladiator Resources Limited (“Gladiator”), as announced August 4, 2010, Gladiator has earned its first 20% interest in the Isla Cristalina iron ore, manganese ore and base metals prospects in Uruguay after spending in excess of US$1 million in these prospects.
The option agreement provides for Gladiator to earn up to an 80% interest by expending US$1 million to earn 20%, a further US$4 million to earn an additional 31% taking its interest to 51% and finally an additional 29% by preparing a bankable feasibility study. OMI retains the rights to gold, silver and diamonds over the project area.
David Fowler, Chief Executive Officer of the Company, commented: “We are very pleased with the progress that Gladiator has made in the past year since committing to proceed with their option agreement and the continued aggressive program they have planned and funded for 2011 to achieve their 51% interest in the project by spending US$ 5 million. Through the interest that Orosur retains in the project, we are hopeful that Gladiator’s continued investment will lead to future revenue for the Company.”
Gladiator´s results can be found at www.asx.com.au under symbol GLA in their quarterly report and in investor presentations. The initial drill and test results announced to date by Gladiator have been encouraging, including drilling 60 holes for 3,395 meters yielding the following intersections of interest:
Papagayo:
CPRC 008 – 53m @ 26.5%FeCPRC 008 – 53m @ 26.5%Fe
CPDD 020 – 39m @
29.8%FeCPDD 020 – 39m @
29.8%Fe
CPDD 018 – 30m @ 33.2%FeCPDD 018 – 30m @ 33.2%Fe
Iman:
CIDD 023 – 33m @ 29.9%FeCIDD 023 – 33m @ 29.9%Fe
CIDD 022 – 18m @ 32.4%FeCIDD 022 – 18m @ 32.4%Fe
CIDD
014 – 16m @ 31.6%Fe
CIDD
014 – 16m @ 31.6%Fe
Initial assay results for 11 holes received are consistent with test work and confirm that a high quality magnetite concentrate can be produced.
Gladiator expects that the expenditure to earn the next 31% will be completed during the course of the current calendar year.
Gladiator recently appointed Forbes & Manhattan to provide them with strategic and corporate development services.
Forward Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. There can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. The Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold producer and exploration company focused on identifying and developing gold projects in Latin 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 and Chile. The Company is quoted in Canada (TSX-Venture Exchange: OMI) and London (AIM: OMI).
| For further information: |
|
Orosur Mining Inc |
| David Fowler, CEO, + 598 2 6016354 |
| or |
| Ignacio Salazar, CFO, + 598 2 6016354 |
| or |
|
Matrix Corporate Capital LLP (Nominated Adviser & Broker) |
| Louis Castro, +44 (0) 203 206 7209 |
| Tim Graham, +44 (0) 203 206 7206 |
| or |
|
Blythe Weigh Communications (Public Relations and Investor Relations) |
| Tim Blythe, +44 (0) 7816 924626 |
| Ana Ribeiro, +44 (0) 7980 321505 |
| Matthew Neal, +44 (0) 7917 800011 |
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