VANCOUVER, BC, May 10, 2022
/CNW/ - Orea Mining Corp. ("Orea") (TSX: OREA) (OTCQX:
OREAF) (FSE: 3CG) reports that it was informed that the
Supreme Court of France
(Conseil d'Etat) has admitted the final appeal of the French
Government on the renewal of the Montagne d'Or project mining
titles, located in French Guiana,
France, owned 44.99% by Orea and
55.01% by Nord Gold plc (the
"JV").
As announced on October 7, 2021,
the French Government filed a request before the Supreme Court to
hear a final appeal on the renewal of the Montagne d'Or project
mining titles, which are renewable for a term of up to 25 years.
Two French courts previously ruled in favor of the JV and ordered
the renewal of the mining titles.
Additional updates will be provided by Orea when available.
About Montagne d'Or
Montagne d'Or is a permitting-stage open pit gold deposit that
hosts Measured Mineral Resources of 10.3 Mt at 1.804 g/t gold
(600,000 oz), Indicated Mineral Resources of 74.8 Mt at 1.350 g/t
gold (3.25 Moz) and additional Inferred Mineral Resources of 20.2
Mt at 1.48 g/t gold (960,000 oz), prepared in accordance with the
requirements of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101"). The Mineral
Resources are confined within a pit shell defined by a gold price
of US$1,300/oz and a cut-off grade of
0.4 g/t gold. Mineral Reserves have also been defined with Proven
Mineral Reserves of 8.25 Mt at 1.99 g/t gold (530,000 oz) and
Probable Mineral Reserves of 45.87 Mt at 1.50 g/t gold (2.2 Moz).
The Proven and Probable Mineral Reserves were estimated using a
gold price of US$1,200 per ounce at
varied cut-off grades from 0.552 to 0.665 g/t gold, dependent on
lithological rock types, economics and estimated metallurgical
recovery. Montagne d'Or ore can be readily processed to recover the
contained gold and silver values using unit operations considered
standard to the industry. For more information, see Orea's news
release titled "Columbus Gold Announces Positive Bankable
Feasibility Study for Montagne d'Or Gold Project, French Guiana" dated March 20, 2017 and filed on SEDAR and the
technical report prepared in accordance with the requirements of NI
43-101 titled "NI 43-101 Technical Report, Bankable Feasibility
Study - Montagne d'Or Project, French
Guiana" by SRK Consulting for Columbus Gold (now Orea Mining) and Nordgold
with an Effective Date of March 6,
2017, and a report date of April 28,
2017, which was filed on SEDAR on April 28, 2017.
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea
and Qualified Person under National Instrument 43-101, has reviewed
this news release and is responsible for the technical information
reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company
operating in a prospective and underexplored segment of the Guiana
Shield, South America. Its mission
is to develop gold deposits with a reduced environmental footprint
using innovative technologies, upholding the highest international
standards for responsible mining. In French Guiana, Orea holds a major interest in
the world-class Montagne d'Or mine development project and is also
advancing the Maripa gold exploration project. In Suriname, Orea is
advancing the Antino gold exploration project through its option
agreement to acquire up to a 75% interest.
For more about Orea visit the company's website at
www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
Forward-looking
statements
Certain statements made herein, including statements relating
to matters that are not historical facts and statements of the
Company's beliefs, intentions and expectations about developments,
results and events which will or may occur in the future,
constitute "forward looking information" within the meaning of
applicable Canadian securities legislation ("forward-looking
statements"). Forward-looking statements relate to future events or
future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as "anticipate", "could", "should", "expect", "seek", "may",
"intend", "likely", "budget", "plan", "estimate", continue",
"forecast", "believe", "predict", "potential", "target", "would",
"might", "will", and similar words, expressions or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. These include, but are not limited
to, statements and information regarding: the Company's plans to
construct and develop the Montagne d'Or project, including
anticipated timing thereof; the timing, processes, outcome and
other matters related to the renewal of the Montagne d'Or
concessions (mining titles), including the appeal from the French
Government; the impact from rulings by the French Constitutional
Court regarding the French Mining Code; the satisfaction of
regulatory requirements in respect of the permitting, construction
and operation of the Montagne d'Or project, including but not
limited to, the submission and processing of mine permit
applications, the timing thereof and the timing of completion of
environmental and engineering studies; the Company's ability to
renew the concessions (mining titles) for the Montagne d'Or project
and to comply with the conditions thereof; economic analysis for
the Montagne d'Or project and related exploration objectives and
plans; the conversion of mineral resources into mineral reserves
and the conversion of inferred mineral resources into higher
resource classification categories; the Company's objective of
become an emerging gold producer; the acquisition of exploration
projects including terms of acquisition, exploration or development
plans, intentions to acquire additional exploration or development
interests and the implications thereof; the production capacity and
potential of future plant and equipment; future exploration and
mine plans, objectives and expectations and corporate planning of
the Company, future studies and environmental impact statements and
the timetable for completion and content thereof and statements as
to management's expectations with respect to, among other things,
the matters and activities contemplated in this news
release.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements. Such
assumptions and analyses are made by the Company's management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are reasonable and appropriate in
the circumstances. All assumptions and analyses are
those of the Company's. There can be no assurance that such
statements will prove to be accurate. Forward-looking statements
are based on numerous assumptions regarding present and future
business strategies, local and global economic conditions, and the
environment in which the Company will operate in the future,
including compliance by the Company with regulatory and permitting
requirements applicable in French
Guiana, the sufficiency of Company's working capital; the
Company's ability to secure additional funding for the continued
exploration and development of its properties; the price of gold
and other metals; and the Company's ability to retain key
personnel. You are hence cautioned not to place undue reliance on
forward-looking statements.
Certain important factors that could cause actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, political and
economic risks in France,
political and economic risks in French
Guiana, risks related to the renewal applications for the
Montagne d'Or mining concessions (mining titles) and the possible
outcomes thereof; possible negative outcomes of any appeals from
the decision of the Administrative Court of Cayenne in French Guiana relating to the renewal of the
Montagne d'Or mining concessions (mining titles); possible negative
impacts from rulings by the French Constitutional Court regarding
the French Mining Code; regulatory risk including but not limited
to unforeseen changes in regulatory requirements, the Company's
ability to enforce its contractual and other legal rights to
explore and exploit its properties, risks related to exploration
and development, permitting and licensing risk, the estimation of
mineral resources and mineral reserves and related interpretations
and assumptions, future profitability of the Company, the ability
to obtain additional financing on a timely basis, the price of gold
and marketability thereof, government regulations including with
respect to taxes, royalties, land tenure and land use, title to the
Company's properties, currency exchange rates and fluctuations,
environmental risks, dilution resulting from the issuance of
additional securities of the Company, joint venture risks, reliance
on Nord Gold plc as operator of the
Montagne d'Or project, the availability of equipment, conflicts of
interest, competition in the mining industry, uninsured risks,
market fluctuations, global financial conditions, credit risk and
risks arising from pandemics and epidemics such as the COVID-19
pandemic. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. These
statements, however, are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes will not occur. Events or
circumstances could cause the Company's actual results to differ
materially from those estimated or projected and expressed in, or
implied by, these forward-looking statements. Important factors
that could cause actual results to differ from these
forward-looking statements are included in the "Risk Factors"
section in Company's annual information form dated December 15, 2021 for the year ended September 30, 2021 ("AIF").
Readers are further cautioned that the list of factors
enumerated in the "Risk Factors" section of the AIF that may affect
future results is not exhaustive. When relying on the Company's
forward-looking statements and information to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Furthermore, the forward-looking statements and
information contained herein are made as of the date of this
document and the Company does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
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SOURCE Orea Mining Corp.