Brad George, CEO at Orosur Mining (OMI), the South American gold and tin explorer/developer is in London. London South East took the opportunity to catch up with him for an in-depth conversation updating investors on all aspects of the business.
Orosur is best known for the Anza gold project near Medellin in Colombia. This is a prospective Tier One Gold mine, and Brad told us responsibility for drilling operations at Anza has now been handed over to the Agnico/Newmont joint venture partnership.
100% ownership of the project remains with Orosur. Brad tells us the handover was harder than anticipated because they had over 100 people and five drill rigs operational on the ground at one point last year. The joint venture runs through an exploratory phase for a further 8.5 years as Monte Aquila (Agnico/Newmont) earn up to 75% participation, leaving Orosur with a free carry on the balance. Everything is more or less paid for in other words, 'giving Orosur a 25% share of a large project'.
Brad also explained the proposed tin joint venture isn't quite signed but 'we are just dotting the i's and crossing the t's'. He is keen on the tin project in Brazil because demand for tin is high, tin is currently priced at $40,000 per ton and there is less interest from other juniors. He hopes to do a first site visit in a couple of weeks time.
Orosur Mining (OMI)