VANCOUVER, BC, July 3, 2024
/CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or
the "Company") announces that, further to its April 10, 2024, news release, the Company has
filed a Request for Arbitration against the Government of
Panama under the Canada-Panama
Free Trade Agreement (the "FTA"). The Request for Arbitration
asserts that measures taken by Panama in respect of the Cerro Quema Project
constitute violations of Panama's
legal obligations under the FTA and customary international
law.
A Notice of Intent to Arbitrate was filed with the Government of
Panama under the FTA on
March 28, 2024, which was intended to
facilitate a 30-day consultation period to reach an amicable
resolution to the Company's claim. As no resolution was reached,
the Company has proceeded with filing the Request to Arbitrate.
The arbitration will be facilitated and administered by the
International Centre for Settlement of Investment Disputes (ICSID)
in Washington, DC, under its
Arbitration Rules. As part of the FTA requirements, the Company has
submitted an initial and preliminary estimate of damages claimed of
no less than US$400 million, plus
pre-award and post-award interest.
Although the Company intends to vigorously pursue these legal
remedies, the Company's preference is a constructive resolution
with the Government of Panama that
results in a positive outcome for all stakeholders.
The Cerro Quema Project is located on the Azuero Peninsula in
the Los Santos Province of Southwestern
Panama, about 45 km southwest of the city of Chitre. The
project includes a pre-feasibility-stage, open-pit, heap leach gold
project, a copper-gold sulphide resource, and various exploration
targets. The Company believes that the Cerro Quema Project could be
an important social and economic contributor to Panama, creating employment and skills
development opportunities and contributing tax, royalty, and other
fiscal benefits to the host communities and governments. The
Company also maintains a strong commitment to operating in an
environmentally responsible manner.
About Orla Mining Ltd.
Orla's corporate strategy is to acquire, develop, and operate
mineral properties where the Company's expertise can substantially
increase stakeholder value. The Company has two material gold
projects: (1) Camino Rojo, located
in Zacatecas State, Mexico and (2)
South Railroad, located in Nevada,
United States. Orla is operating
the Camino Rojo Oxide Gold Mine, a gold and silver open-pit and
heap leach mine. The property is 100% owned by Orla and covers over
139,000 hectares which contains a large oxide and sulphide mineral
resource. Orla is also developing the South Railroad Project, a
feasibility-stage, open pit, heap leach gold project located on the
Carlin trend in Nevada. Orla
also developed the Cerro Quema Project for many years, which
includes a pre-feasibility-stage, open-pit, heap leach gold
project. The technical reports for the Company's material projects
are available on Orla's website at www.orlamining.com, and on
SEDAR+ and EDGAR under the Company's profile at
www.sedarplus.ca and www.sec.gov, respectively.
Forward-looking Statements
This news release contains certain "forward-looking
information" and "forward-looking statements" within the meaning of
Canadian securities legislation and within the meaning of Section
27A of the United States Securities Act of 1933, as amended,
Section 21E of the United States Exchange Act of 1934, as amended,
the United States Private Securities Litigation Reform Act of 1995,
or in releases made by the United States Securities and Exchange
Commission, all as may be amended from time to time, including
statements regarding the potential benefits of the Cerro Quema
Project. Forward-looking statements are statements that are
not historical facts which address events, results, outcomes or
developments that the Company expects to occur. Forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made and they
involve a number of risks and uncertainties. Certain material
assumptions regarding such forward-looking statements were made.
Consequently, there can be no assurances that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements involve significant known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risk factors discussed in the Company's most
recently filed management's discussion and analysis, as well as its
annual information form dated March 19,
2024, which are available on www.sedarplus.ca and
www.sec.gov. Except as required by the securities disclosure laws
and regulations applicable to the Company, the Company undertakes
no obligation to update these forward-looking statements if
management's beliefs, estimates or opinions, or other factors,
should change.
SOURCE Orla Mining Ltd.