(Alliance News) - Orosur Mining Inc said Monday it has continued to advance its Anza project in Colombia, and has restarted its exploration programme at the project.
Shares in the South American gold exploration and development company were 12% higher in London on Monday morning at 41.00 pence each.
In the quarter ended August 31, Orosur's net loss widened to USD1.4 million from USD293,000 the year before.
The company also noted Newmont Colombia, and Newmont's new partner in the Anza project, Agnico, will need to spend USD4 million on the Anza project between now and September 2021, to maintain earn-in rights in the project. Orosur said this should lead to an acceleration in the exploration and appraisal of the project in the coming year.
Newmont paid Orosur USD500,000 for the project in the recent quarter, funds which will be directed solely to fund exploration on the Anza project for the 12 month period ahead.
"In Uruguay, the company wholly owned subsidiary, Loryser is well advanced in the sale of its assets in Uruguay and with the reclamation and remediation of the tailings dam," Orosur added.
By Paul McGowan; paulmcgowan@alliancenews.com
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Orosur Mining (OMI)