VANCOUVER, BC, Oct. 15,
2024 /CNW/ - Orla Mining Ltd. (TSX: OLA)
(NYSE: ORLA) ("Orla" or the "Company") is pleased to announce that,
subsequent to quarter end, the Company repaid the entirety of the
outstanding balance on its revolving credit facility (the "Credit
Facility") totalling $58.4 million.
With this repayment, the Company is now debt free with cash on hand
of approximately $120 million. The
Credit Facility of $150.0 million
will remain in place and be available to the Company until its
expiry on August 28, 2027. (All
amounts expressed are in millions of US dollars and are
unaudited).
"Paying down the remaining outstanding balance on our Credit
Facility, only in our third year of operations, is a testament to
the robust cash generation from our Camino
Rojo Mine. Our continued financial discipline coupled with
the increasing gold price has strengthened our financial position
and accelerated this repayment. We are well-positioned to continue
to invest in our growing business for the future. Thank you to our
lenders for their continued support."
-
Etienne Morin, Chief Financial
Officer
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. 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 the
Company's strategy and objectives. 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.