Orosur Mining Share News (OMI)

(Sharecast News) - Minerals explorer and developer Orosur Mining reported a cash balance of $3.19m at the end of its first quarter on Monday, which had since decreased to $2.35m.

The AIM-traded firm did describe a period of progress, however, reporting that in Colombia, negotiations with Monte Aguila continued on the shareholders' agreement for a new mining company.

Exploration activities had been scaled back, but mapping and surface sampling occurred while several licensing processes and community engagement initiatives progressed.

In Brazil, the company said it had advanced to the next phase of its regional stream sediment program in the Ariquemes district.

Sampling at Oriente Novo and Paraiso prospects was complete, with assay results expected soon.

Argentina saw mapping and ground magnetic surveys at El Pantano reveal a significant northwest-southeast structural corridor over 20 kilometres long and five kilometres wide.

Soil sampling assay results supported the geological model, with Orosur reporting that sampling and surveys resumed in September.

In Uruguay, its subsidiary Loryser focused on finalising the creditors' agreement.

It said all assets were sold, settlements with former employees completed, and reclamation and remediation of the tailings dam finished.

Proceeds were now being distributed to trade creditors per the creditors' agreement.

Finally, in Nigeria, Orosur said it signed a joint venture agreement on 16 October for four licences in the Nigerian lithium belt.

Through its UK subsidiary Lithium West, the firm said it could earn up to 70% equity in the project in two phases by investing a total of $5m.

"This has been a very busy progressive first quarter for the company, with positive advances across all our portfolio," said executive chairman Louis Castro.

"We are particularly delighted, post period, to add a high quality Lithium asset in Nigeria with an in situ team, which will allow us to focus on both our South American activities and on our new asset."

At 0824 GMT, shares in Orosur Mining were up 7.32% at 2.2p.

Reporting by Josh White for Sharecast.com.