(Alliance News) - Orosur Mining Inc on Tuesday reported a narrowed loss for the third quarter of its financial year as it looks to restructure its business and advance the Anza project in Colombia.
In addition, the South America-focused gold explorer has appointed Louis Castro as chair and non-executive director.
He will be replacing Robert Schafer, who has stepped down from the role after two years in the company for his new role as president of the US-based Society for Mining, Metallurgy & Exploration.
Castro's most recent executive role was as chief financial officer of Nigeria-based Eland Oil & Gas PLC for two years from 2014 to 2016.
For the three months ended February 29, Orosur's total comprehensive loss narrowed to USD573,000 from USD1.4 million the same period the year before.
"We are pleased to announce the appointment of Louis to the Orosur's board and welcome his proven track record in the industry and in capital markets over decades. Louis' significant experience is of notable value given the company's focus on advancing the Anza Project in Colombia whilst progressing other opportunities," said Chief Executive Officer Ignacio Salazar.
Shares in Orosur Mining closed up 9.5% at 2.08 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Orosur Mining (OMI)