MONTEVIDEO, Uruguay–(Business Wire)–
Orosur Mining Inc. (“OMI” or the “Company”) (TSX-V: OMI) (LSE: OMI) a South
American gold production and exploration company, announces that it has entered
into a Definitive Option and Joint Venture Agreement (the “Definitive
Agreement”) with Gladiator Resources Limited (“GLA”) (ASX: GLA) which provides
GLA the right to earn up to an 80% interest in OMI`s Iron Ore, Manganese Ore and
Base Metals Prospects (the “Assets”) in the Isla Cristalina Belt in Uruguay.
OMI CEO David Fowler stated: “Gladiator Resources` initial due diligence on the
Isla Cristalina Iron Project has confirmed the potential for the development of
a pig iron operation. Drilling and feasibility work are expected to commence
this month. Orosur will not be required to invest further funds in the project
until feasibility studies have been completed. We look forward to results of
this work over the coming year.”
The Company first announced the Option Agreement on 11 January 2010 and on 4 May
2010 advised that the Option had been exercised subject to the execution of the
Definitive Agreement and the presentation of the report as referred to in the
The Definitive Agreement has now been executed and accordingly GLA will issue
fully paid shares with a market value of AUD100,000 to OMI calculated using the
average trading price of GLA shares over the preceding five day trading period.
The Definitive Agreement with OMI provides for GLA to earn a 20% interest in the
Assets by expending US$1,000,000 on work programs. GLA may at its discretion
earn a further 31% by expending a further US$4,000,000 taking its interest to
51%. A further 29% may be earned by GLA taking its interest up to 80% by
producing a bankable feasibility study on or before 31 December 2015.
The Agreement provides for OMI to retain the mineral rights to gold, silver and
diamonds within the project area.
Additional information on conceptual studies and work programs has been provided
by GLA in its press release dated 4 August, 2010.
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
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
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:
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