Orosur Mining Inc - South America-focused minerals explorer and developer - Says it will regain full ownership of its Anza project in Colombia, as it aims to repurchase it from Colombian firm, Minera Monte Aguila after having recently signed a letter of intent. Says it plans to reassume ownership and operatorship, with recommencement of drilling underway. The proposed consideration set out in the deal is a net smelter return royalty of 1.5% and cash payments of up to USD15 million, payable upon meeting certain agreed production thresholds. Chief Executive Officer Brad George says: "After such a long period in abeyance, we are excited at the prospect of reassuming ownership and control of Anza at this time of buoyant gold prices and heightened market interest in precious metals. Most importantly, the structure of the transaction whereby all consideration is deferred and contingent upon production allows us to immediately direct our resources into the ground."
Current stock price: 2.63 pence, up 12% on Monday afternoon in London
12-month change: down 68%
By Sabrina Penty, Alliance News reporter
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Orosur Mining (OMI)