London, January 14th, 2022. Orosur Mining Inc. (“Orosur” or the “Company”) (TSX-V/AIM:OMI) , is pleased to announce that it has signed a Joint Venture (JV) agreement with Meridian Mining UK Societas (TSXV: MNO) (Frankfurt: 2MM) (Tradegate: 2MM) (OTCQB: MRRDF) (“Meridian”) in relation to the Ariquemes tin project (“Project”) in Brazil.
· JV signed with Meridian Mining on Ariquemes Tin Project in Brazil
· Company to earn 75% equity interest by investing US$3m over four years.
The JV terms are largely in line with those indicated in the Letter of Intent (“LOI”) signed and announced on July 7th 2021, in which the Company can earn an equity interest of 75% in the Ariquemes project by spending US$3m over a four-year period, in two phases:
1. Phase 1 – earn 51% interest by spending US$1 million over a 24-month period.
2. Phase 2 – earn an additional 24% interest by spending US$2 million over a subsequent 24-month period.
3. Following this point, the two parties would jointly fund the Project on a pro-rata basis or dilute to a net smelter royalty.
The JV will require the establishment of two new corporate entities to hold the exploration licences and applications, which will include a top holding company in Canada, and a local operating company in Brazil. This process will commence immediately but may take several months to complete, at which time the granted licences will begin to be transferred across to the new structure and the JV can formally commence.
In the meantime, the Company will immediately commence desktop exploration work, data compilation, regional targeting, formulation of exploration plans and budgets and logistical planning. Members of the Company’s board, executive and technical specialists will be on site in the coming days to commence the process.
Further details of the Project and plans will be communicated following this visit.
The Ariquemes project comprises a large collection of granted tenements and applications, totalling almost 3,000km2, in Rondônia State, western Brazil. The licenses were all accumulated and owned 100% by Meridian (via its local subsidiary) and represent the dominant land position in the Rondônia Tin Province, one of the world’s most significant tin regions.
The region was identified by Meridian following extensive conceptual work, with later regional work confirming the Project’s potential. An extensive database of historical and recent exploration data is available and has been reviewed by the Company.
The Company has approximately US$5 million cash on its balance sheet and is therefore well placed to fund the initial works from its existing resources.
Orosur CEO Brad George commented:
“We are excited to have finally completed this agreement. With Anza handed over and Covid finally abating, the ability to move to a new phase of work for the Company is something we have been anticipating for some time.
“Ariquemes represents a tremendous opportunity with a huge land holding in a proven district, for one of the sector’s most important, and yet overlooked commodities.”
For further information, please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
Tel: +1 (778) 373-0100
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