Last checked at 25 Feb 2010 12:25
Orosur Mining Inc.: Commencement of Pantanillo Drill Program; Award of Arenal Deeps Feasibility Study; Appointment of General Manager for San Gregorio
Orosur Mining Inc. ("OMI" or the "Company") (TSX-V:OMI) (LSE: OMI) announces that it has initiated a 7,500 meter resource definition diamond drill program at its Pantanillo property in Chile, designed to infill and confirm historical drilling on 100 meter section lines. This drill program will focus on the upper oxidized and transition zones down to an average depth of 200 meters. Following this drilling OMI plans to publish a NI 43-101 compliant resource estimate during calendar 2010.
OMI also confirms that it has awarded the contract for the completion of the feasibility study for the Arenal Deeps project to AMEC E&C Services Inc who have now commenced work. The feasibility study is expected to be completed in the third calendar quarter of 2010. An updated measured and indicated resource is expected to be published early in March 2010.
The Company is also pleased to announce that Mr. Randall Corbett has been appointed General Manager for San Gregorio. He brings over 25 years of operational, engineering and mine development experience to OMI and has recently held the position of Manager of Operations for Hecla Mining in Venezuela and previously held senior management roles with Barrick Gold and Ashanti Goldfields in Africa. Mr. Corbett is a Professional Engineer (P. Eng. Mining) registered in the province of Ontario.
"The appointment of Mr Corbett, the commencement of final feasibility work and the planned resource update represent important milestones for the development of Arenal Deeps that is expected to extend mine life at San Gregorio and progressively reduce costs. Drilling at Pantanillo has commenced within one month of completing the Fortune Valley transaction. This drilling will allow us to define a 43-101 resource during Calendar 2010. We have also started a scoping study to establish the optimal development route for the project and expect results to be published during Calendar 2010", said David Fowler, CEO.
"In the coming weeks, we look forward to meeting current and prospective investors and updating the market on OMI's progress and plans for growth," concluded Mr Fowler.
Forward Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. There can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. The Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Pantanillo
The Pantanillo property is located 125 km east of Copiapo in the Maricunga Belt of Chile on 11,750 hectares. During the quarter a database was compiled based on historical information from Anglo American (1985-1998) and Kinross Gold (2005-2008). Mineralization at Pantanillo is characterized by both gold porphyry style veining and high sulfidation ledges. Anglo American and Kinross have historically drilled more than 17,900 meters on the property with 15,134 meters being drilled on the principal target of Pantanillo Norte. This drilling on Pantanillo Norte was completed over a surface area of approximately 800 meters long by 500 meters wide on a 100 meter regular spaced drill sections. Drilling of other targets on the Pantanillo property include Pantanillo Central and Sur, as well as Quebrada Pantanillo.
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold producer and exploration company focused on identifying and developing gold projects in Latin America. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay and Chile.
The Company is quoted in Canada (TSX Venture Exchange: OMI) and London (AIM: OMI).
For further information, please contact:
Orosur Mining IncDavid Fowler, CEO:orIgnacio Salazar, CFO+ 598 2 6016354info@orosur.caorMatrix Corporate Capital LLPLouis Castro, +44 (0) 203 206 7209orTim Graham, +44 (0) 203 206 7206orIn North AmericaForbes West 416-203-2200forbes@sherbournegroup.ca
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