Last checked at 10 Jul 2012 07:00
Orosur Mining Inc. ('OMI' or 'the Company') (TSX: OMI) (AIM: OMI), a South American-focused gold producer and explorer, announces that the Uruguayan National Environmental Agency (DINAMA) has granted on 4 July 2012 the operating license for disposing of tailings at the new Tailings Storage Facility at the San Gregorio mine, Uruguay. The permit has been signed by the Minister of the Environment of Uruguay and is valid for the first phase of tailings disposal.
The new facility has been designed to be built in four phases, each phase requiring continued, staged environmental approval. The granting of staged operating licenses is a result of a recent change on the Uruguayan environmental legislation. The Company does not anticipate that the change in the permitting process will cause any issues for Orosur due to the Company's historical high standard of operating performance and compliance with environmental regulations.
The construction of phase two of the new storage facility is underway and should be finished in Q3 Fiscal year 2012-2013.
David Fowler, CEO of the Company commented: "We are very pleased that the DINAMA has granted us this new operating license. This license is an important milestone in the continuing operation of San Gregorio and reflects Orosur's consistently good environmental performance and community engagement."
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.
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, CEOIgnacio Salazar, CFO + 56 2 9246800; info@orosur.ca
Canaccord Genuity Limited (Nominated Adviser & Broker)Rob Collins / Andrew Chubb, +44 (0) 20 7523 8000
Blythe Weigh Communications (Public Relations and Investor Relations)Tim Blythe: +44 (0) 7816 924626Robert Kellner: +44 (0) 7800 554377Samantha Ryan +44 (0) 7947 762658
Copyright Business Wire 2012