http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Fri, 24 Nov 2017 09:39:46 -0500 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Orosur Mining updates on second quarter production issues ]]> http://www.proactiveinvestors.com/companies/news/187622/orosur-mining-updates-on-second-quarter-production-issues-187622.html Orosur Mining Inc (LON:OMI) has flagged that some 2,000 ounces of gold production is expected to be deferred from the San Gregorio mine’s second quarter.

It comes as a result of extended downtime, specifically two offline drill rigs used in stope production.

READ: Orosur Mining hits high grade gold at Anzá in Colombia

“Work is well underway to repair the machinery and it is anticipated that the affected drill rigs will return to full productivity by the end of November and the Company has already resumed underground production,” the company said in a statement.

READ: Orosur Mining on target to meet full year guidance, as drill rigs start to turn in Colombia

Orosur noted that development work continued in the second quarter and the production operation is being partially supplemented with open pit ore and stockpiles, though this is expected to mean that the production grade will be lower for the quarter.

]]>
Wed, 22 Nov 2017 07:34:00 -0500 http://www.proactiveinvestors.com/companies/news/187622/orosur-mining-updates-on-second-quarter-production-issues-187622.html
<![CDATA[RNS press release - Orosur Mining Inc: Q2 Operations Update ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171121006208/ Wed, 22 Nov 2017 02:00:00 -0500 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171121006208/ <![CDATA[RNS press release - Orosur Mining Inc. - Results of Annual General Meeting & Annual Option Issuance ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171119005027/ Mon, 20 Nov 2017 02:00:00 -0500 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171119005027/ <![CDATA[News - Orosur Mining hits high grade gold at Anzá in Colombia ]]> http://www.proactiveinvestors.com/companies/news/187213/orosur-mining-hits-high-grade-gold-at-anz-in-colombia-187213.html Orosur Mining Inc (LON:OMI)(TSE:OMI) has hit high grade gold on its Anzá project in the Mid Cauca gold belt in Colombia.

Drilling highlights from the APTA target included 5.47 grams per tonne gold over 4.63 metres, 1.68 grams over 1 metre, including 193.2 parts per million copper and 1.22% zinc, and 17.76 grams gold over 5.32m, including 4,724.7 ppm copper and 4.84% zinc.

READ: Orosur Mining on target to meet full year guidance, as drill rigs start to turn in Colombia

Since mid-October, Orosur has drilled three holes of its planned 15,000m diamond drilling programme.

“These initial results are extremely encouraging, supporting the presence of high gold mineralization over significant intervals and increasing confidence in the mineral body beyond the 17,000m of previous drilling prior to the acquisition of the project by OMI,” said chief executive Ignacio Salazar.

READ: Orosur Mining making swift progress at San Gregorio West, Uruguay

“These results are merely the beginning of Orosur’s first drilling campaign at APTA. APTA mineralization remains open at depth and along strike.”

 

]]>
Tue, 14 Nov 2017 08:21:00 -0500 http://www.proactiveinvestors.com/companies/news/187213/orosur-mining-hits-high-grade-gold-at-anz-in-colombia-187213.html
<![CDATA[RNS press release - Orosur Mining Intercepts High Grade Gold, Including 5.32m at 17.76g/t Au, in Colombia ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171113006502/ Tue, 14 Nov 2017 02:00:00 -0500 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171113006502/ <![CDATA[RNS press release - Orosur Mining Announces Notice of Annual General Meeting & Colombia Drilling Update ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171018006581/ Thu, 19 Oct 2017 02:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171018006581/ <![CDATA[News - Orosur Mining on target to meet full year guidance, as drill rigs start to turn in Colombia ]]> http://www.proactiveinvestors.com/companies/news/185620/orosur-mining-on-target-to-meet-full-year-guidance-as-drill-rigs-start-to-turn-in-colombia-185620.html Orosur Mining Inc (LON:OMI) has commenced resource definition drilling in Colombia, following the completion of a US$3.2 mln financing in August.

Around 15,000 metres will be drilled.

Separately, Orosur produced 8,626 ounces of gold from its San Gregorio mine in Uruguay at cash operating costs of US$901 per ounce.

Costs were broadly within the guided range, while the overall production number puts the company well within shouting distance of its full year guidance of between 30,000 and 35,000 ounces of gold.

Ignacio Salazar, chief executive of Orosur, spoke of “the 20th consecutive quarter of meeting internal production and cash operating cost guidance.” 

]]>
Mon, 16 Oct 2017 07:45:00 -0400 http://www.proactiveinvestors.com/companies/news/185620/orosur-mining-on-target-to-meet-full-year-guidance-as-drill-rigs-start-to-turn-in-colombia-185620.html
<![CDATA[RNS press release - Orosur Mining Announces Commencement of Drilling in Colombia & Q1 2018 Results: Production & Operating Costs on Target & Increased Investment & Exploration ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171015005055/ Mon, 16 Oct 2017 02:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171015005055/ <![CDATA[News - Orosur Mining prepares to start new drill programme in Colombia ]]> http://www.proactiveinvestors.com/companies/news/184925/orosur-mining-prepares-to-start-new-drill-programme-in-colombia-184925.html Orosur Mining Inc (LON:OMI) has updated investors on its upcoming drill programme at the Anzá gold project, in Colombia.

Following the group’s C$4mln financing, completed in August, it is now gearing up for a programme of 15,000 metres drilling as is aims to delineate a maiden resource estimate and expand on the known areas of mineralisation.

Preparation work is now underway ahead of drilling, expected to start later this month. First drill results are anticipated during the third quarter.

“We are pleased to announce that the resource definition drilling campaign at our high-grade Anzá project in Colombia, will start in October 2017 following the successful US$3.2m financing in August and recent contract execution with Logan Drilling,” said Ignacio Salazar, Orosur chief executive.

“Orosur is well advanced with its preparatory work for the drilling campaign and Logan is in the process of mobilizing drill rigs to the property at present.

“We look forward to commencing the drilling campaign before the end of the month.”

]]>
Mon, 02 Oct 2017 14:08:00 -0400 http://www.proactiveinvestors.com/companies/news/184925/orosur-mining-prepares-to-start-new-drill-programme-in-colombia-184925.html
<![CDATA[RNS press release - Orosur Mining Announces Upcoming Drill Program at the High-Grade Anzá Gold Project, Colombia ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171001005081/ Mon, 02 Oct 2017 02:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20171001005081/ <![CDATA[News - Orosur Mining making swift progress at San Gregorio West, Uruguay ]]> http://www.proactiveinvestors.com/companies/news/184356/orosur-mining-making-swift-progress-at-san-gregorio-west-uruguay-184356.html South America-focused gold producer Orosur Mining Inc (LON:OMI, TSE:OMI) said it is on track to meet its fiscal full-year (FY18) production guidance.

The company provided what it termed “a robust exploration and development update” on its operations in Uruguay.

READ: Orosur boosts cash flow from Uruguay gold production

Highlights included an increase in underground reserves in and around the San Gregorio West underground mine area (SGW UG) and news of swift progress in developing a new underground project: Veta A.

The company added that a district scale geological model has been completed based on structural settings and is being used to search for additional significant discoveries in the 100 km long greenstone belt around San Gregorio (SG). This model has proved successful in explaining the historic deposits and has delivered some initial success at a new open pit deposit.

Orosur said the model will be key to the strategic greenfield exploration of this belt, which is designed to grow mine life and expand production using available spare capacity of the SG carbon-in-leach plant.

Encouraging exploration results at San Gregorio West underground

From 31 November 2016 and the company’s financial year end of end-May 2017, total production from SGW UG amounted to 12,600 ounces (oz).

Current remaining San Gregorio underground (SG UG) probable reserves (i.e. SGW UG plus Central and East) are 34,633 oz, or 664,861 tonnes at 1.62 grams per tonne (g/t) gold.

Further extensions to the east and at depth have returned encouraging exploration results, Orosur said.

Targeting an increase in reserves at Veta A

Veta A is a higher grade, previously mined open pit that had previously produced 29,000 oz @ 3.1 g/t between September 2006 and March 2008.

Current probable reserves have been put at 9,440 oz, or 122,328 tonnes @ 2.4 g/t gold.

READ: Orosur Mining moves attention to Colombia as new investors come on board

Orosur is targeting a significant increase in those reserves following positive drilling conducted more than 40 metres away from the current defined reserves.

“During FY17, we not only transitioned successfully from the Arenal underground operation to the new SGW UG mine but we also ramped up development and exploration activities with the objective of increasing scale and efficiency at San Gregorio,” said Ignacio Salazar, chief executive officer of Orosur.

“We are also pleased to announce positive geotechnical and drilling results in Veta A, as we seek to further advance this project as our next underground operation,” he added.

“Finally, we have now completed a district scale geological model which is already providing encouraging results. In support, we are deploying the necessary resources, including the purchase of a new diamond core drilling rig, to give our team the best chance of making a strategic discovery in Uruguay, which would allow us to increase production and mine-life.

“The company is currently on track to meet its FY18 production guidance and we expect to report back shortly on the start of drilling at Anza in Colombia,” Salazar said.

]]>
Thu, 21 Sep 2017 07:58:00 -0400 http://www.proactiveinvestors.com/companies/news/184356/orosur-mining-making-swift-progress-at-san-gregorio-west-uruguay-184356.html
<![CDATA[RNS press release - Orosur Mining Inc. – Uruguay Exploration Update ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20170920006431/ Thu, 21 Sep 2017 02:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20170920006431/ <![CDATA[News - Orosur boosts cash flow from Uruguay gold production ]]> http://www.proactiveinvestors.com/companies/news/183086/orosur-boosts-cash-flow-from-uruguay-gold-production-183086.html Orosur Mining Inc (LON: OMI) produced 35,371 ounces of gold from its Uruguay operations in the full year to May 31 2017, following a significant increase in production in the fourth quarter.

The average gold price received was US$1,258 per ounce.

Profit before tax came in at US$2mln, as against a loss of US$3.2mln in the corresponding period in 2016.

READ: Orosur Mining moves attention to Colombia as new investors come on board Successful 2017

During the year the company successfully built and developed the San Gregorio West underground mine from internally generated funds, including US$5.9 mln in 2017.

Orosur had US$3.4mln in cash as at the end of May, but in August completed a US$3.2mln equity raise.

“We are very pleased to report a successful FY17 having achieved a number of important corporate milestones whilst simultaneously delivering in line with production and cost targets for the fourth consecutive year,” said chief executive Ignacio Salazar said in a statement.

“The completion of the recent financing announced on August 11th 2017, which was oversubscribed and at a premium to the prevailing market when negotiated, is an important step to support our growth strategy.”

 

]]>
Tue, 29 Aug 2017 09:29:00 -0400 http://www.proactiveinvestors.com/companies/news/183086/orosur-boosts-cash-flow-from-uruguay-gold-production-183086.html
<![CDATA[RNS press release - Orosur Mining Inc. – Full Year 2017 Results: US$9.7M Cash from Operations, US$2M Profit before Tax ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20170828006117/ Tue, 29 Aug 2017 02:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20170828006117/ <![CDATA[News - Orosur Mining has sizeable gold opportunity in Colombia according to Cantor ]]> http://www.proactiveinvestors.com/companies/news/182460/orosur-mining-has-sizeable-gold-opportunity-in-colombia-according-to-cantor-182460.html Orosur Mining Limited’s (LON:OMI CVE:OMI) recent funding has given an opportunity for it to become a substantial gold producer, according to house broker Cantor Fitzgerald.

The Uruguay-based junior raised C$4mln (24.1c or 14.7p) through an oversubscribed placing, while warrants exercisable at 20.4p before 2020 may bring in a further £1.7mln.

More importantly, says Cantor, the money has been earmarked for exploration of the Anza licence, near Medellin in Colombia, which will allow cash generated from the producing San Gregorio in Uruguay to be utilised to its mine life.

READ:Orosur Mining gets warm response to Colombia exploration plans

Anza covers an area of 100 sq km and has valid mining and environmental permits with two small gypsum projects on the licence already.

The prospect also lies on the Mid-Cauca gold belt, an area that has already seen a number of discoveries including one 10m oz project just 50km away.

Funds from the placing will pay for a 15,000m resource definition programme at Anza. Drilling by previous owner indicated intercepts 40.5m at 14.1g/t and 14m at 40 g/t from depths of around 175m, while metallurgical work indicated recoveries art 96%, all impressive numbers.

Orosur’s initial exploration target is 200,000oz of gold at the APTA target, but Cantor says that with mineralisation open to the north, south and down dip, a much larger resource ‘must be possible’ over time.

At San Gregorio ...

At San Gregorio, work is currently being undertaken by consultant SRK on a scoping study to expand the central, east and Deeps sections, another underground target Veta A and some surface targets.

More step-up drilling can also be carried on the 100km Cristalina greenstone belt that extends to the east and west of San Gregorio.

Production from the existing operations at San Gregorio meanwhile is estimated at 30-35,000oz this year at a cash cost of US$800-900 and US$1,025 including sustainable capital expenditure.

The broker’s target price is 38p, trimmed to shares issued in the placing, while the sum-of-the-parts valuation is 25p.

Shares were trading at15.3p.

]]>
Tue, 15 Aug 2017 10:01:00 -0400 http://www.proactiveinvestors.com/companies/news/182460/orosur-mining-has-sizeable-gold-opportunity-in-colombia-according-to-cantor-182460.html
<![CDATA[News - Orosur Mining moves attention to Colombia as new investors come on board ]]> http://www.proactiveinvestors.com/companies/news/182334/orosur-mining-moves-attention-to-colombia-as-new-investors-come-on-board-182334.html An oversubscribed placing for a junior gold miner is something to be proud of, especially when the money is going straight into holes in the ground.

Orosur Mining Limited's (LON:OMI CVE:OMI) C$4mln (£2.44mln) placing at 24.1c (14.7p) was warmly received and the money means drilling can start at Anza (in Colombia) without having to divert funds from the producing San Gregorio mine in Uruguay.

Ignacio Salazar, Orosur’s chief executive, said: “The completion of this financing, which was oversubscribed and at a premium to the prevailing market when negotiated, is a testament to the quality of our assets and growth prospects.

“We are delighted to have two new institutional shareholders join our shareholder base while limiting dilution to our existing shareholders.

“The funds raised should allow the company to swiftly commence resource definition drilling in our high potential Anzá gold project in the Mid Cauca belt of Colombia.

WATCH: Orosur Mining funds new grabs for gold in Colombia

Cantor Fitzgerald encouraged by potential in Colombia

The funding has given an opportunity for Orosur to become a substantial gold producer, according to house broker Cantor Fitzgerald.

In addition to the cash already raised, warrants exercisable at 20.4p up to 2020 may bring in a further £1.7mln.

More importantly, says Cantor, the money has been earmarked for exploration of the Anza licence, near Medellin in Colombia, which will allow cash generated from the producing San Gregorio in Uruguay to be utilised to add to its mine life.

READ:Orosur Mining gets warm response to Colombia exploration plans

Anza covers an area of 100 sq km and has valid mining and environmental permits with two small gypsum projects on the licence already.

The prospect also lies on the Mid-Cauca gold belt, an area that has already seen a number of discoveries including one 10m oz project just 50km away.

Drilling by the previous owner hit intercepts of 40.5m at 14.1g/t and 14m at 40 g/t from depths of around 175m while metallurgical work indicated recoveries of 96%, all impressive numbers.

Orosur’s initial exploration target is 200,000oz of gold at APTA, but Cantor says that with mineralisation open to the north, south and down dip, a much larger resource ‘must be possible’ over time.

At San Gregorio ...

At San Gregorio, work is currently being undertaken by consultant SRK on a scoping study to expand the central, east and Deeps sections, another underground target, Veta A, and some surface targets.

More step-out drilling can also now be carried out on the 100km Cristalina greenstone belt that extends to the east and west of San Gregorio.

Production from the existing operations at San Gregorio meanwhile is estimated at 30-35,000oz this year at a cash cost of US$800-900 per oz or US$1,025 per oz including sustainable capital expenditure.

The broker’s target price is 38p, trimmed slightly due to the shares issued in the placing, while the sum-of-the-parts valuation is 25p.

Shares were trading at 15.3p.

--updates for Cantor note--

]]>
Fri, 11 Aug 2017 16:04:00 -0400 http://www.proactiveinvestors.com/companies/news/182334/orosur-mining-moves-attention-to-colombia-as-new-investors-come-on-board-182334.html
<![CDATA[Media files - Orosur Mining funds new grabs for gold in Colombia ]]> http://www.proactiveinvestors.com/companies/stocktube/7920/orosur-mining-funds-new-grabs-for-gold-in-colombia-7920.html Fri, 11 Aug 2017 14:21:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/7920/orosur-mining-funds-new-grabs-for-gold-in-colombia-7920.html <![CDATA[News - Orosur Mining gets warm response to Colombia exploration plans ]]> http://www.proactiveinvestors.com/companies/news/182314/orosur-mining-gets-warm-response-to-colombia-exploration-plans-182314.html Orosur Mining Inc. (LON:OMI) has seen strong demand for a funding to cover a drilling campaign on its acreage in Colombia.

A C$4mln (£2.44mln) placing at 24.1c (14.7p) was oversubscribed and the money means work can start at Anza (in Colombia) without having to divert funds from the producing San Gregorio mine in Uruguay.

San Gregorio is expected to produce between 30,000 - 35,000 ounces of gold at operating costs of US$800 - US$900 per ounce.

WATCH: Orosur Mining funds new grabs for gold in Colombia

With gold at US$1,290 currently, production at this level will allow expansion of the resource base in Uruguay, both underground and at the surface operations,  utilising the processing plant's spare capacity.

In Colombia, a 15,000-30,000 campaign drilling will start this year with the aim of producing a Canadian-standard maiden resource for Anzá.

Ignacio Salazar, Orosur’s chief executive, said: “The completion of this financing, which was oversubscribed and at a premium to the prevailing market when negotiated, is a testament to the quality of our assets and growth prospects.

“We are delighted to have two new institutional shareholders join our shareholder base while limiting dilution to our existing shareholders.

“The funds raised should allow the company to swiftly commence resource definition drilling in our high potential Anzá gold project in the Mid Cauca belt of Colombia.

“Concurrently, cash flow from existing operations in Uruguay can be directed to growing our production profile within the 100 km long greenstone belt we control in Uruguay, as well as around our existing operating mine and CIL plant.” 

Shares eased 7% to 15.01p.

-- adds video, share price--

]]>
Fri, 11 Aug 2017 08:48:00 -0400 http://www.proactiveinvestors.com/companies/news/182314/orosur-mining-gets-warm-response-to-colombia-exploration-plans-182314.html
<![CDATA[RNS press release - Orosur Mining Inc Announces Oversubscribed Conditional Subscription to Raise Approximately US$3.2 Million ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20170810006296/ Fri, 11 Aug 2017 02:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20170810006296/ <![CDATA[Media files - Orosur Mining's Ignacio Salazar 'very pleased' to hit production targets after underground move ]]> http://www.proactiveinvestors.com/companies/stocktube/7676/orosur-mining-s-ignacio-salazar-very-pleased-to-hit-production-targets-after-underground-move-7676.html Thu, 22 Jun 2017 08:23:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/7676/orosur-mining-s-ignacio-salazar-very-pleased-to-hit-production-targets-after-underground-move-7676.html <![CDATA[News - Orosur Mining hits gold target for fourth year running as San Gregorio West ramps up ]]> http://www.proactiveinvestors.com/companies/news/179523/orosur-mining-hits-gold-target-for-fourth-year-running-as-san-gregorio-west-ramps-up-179523.html A pick-up in production from its new San Gregorio West underground mine in the last three months enabled Orosur Mining Inc (LON:OMI TSX:OMI) to meet production guidance for a fourth year in a row.

Total gold produced for the year to March was 35,371 oz (compared to guidance of guidance of 35-40,000) with a third of that (10,748oz) in the final quarter as SGW ramped up.

Operating costs were also in line with forecasts at between US$800 - 900/oz with cash balances of US$3.3mln at the end of May with debt of US$0.4mln.

WATCH Orosur Mining boss 'very pleased' to hit production targets after underground move

Ignacio Salazar, Orosur’s chief executive, said he was delighted to have met production targets following the move underground.

“Exploration and development work has been running in parallel with production at SGW UG this year allowing us not only to open a new underground mine but also to expand it solely with internal funding from operations.

As well as further expansion at San Gregorio, work this year will be centered on resource definition in Colombia, tapping the potential of the 100km greenstone belt controlled by OMI in Uruguay and advancing Anillo in Chile, he added.

At San Gregorio, in Uruguay,this will mean  underground extensions to the Central, East and Deeps areas and the neighbouring deposits of Veta Sur, Ombú and Veta A.

In Chile, Orosur has extended the deadline to December for Asset Chile to commit funds to the second phase at Anillo, a target that lies between Yamana`s El Peñon and Pampa Augusta Victoria mines.

Asset Chile will fund the work until the deadline with Orosur now able to talk to other potential partners if the event it pulls out.

In Colombia, a 15,000m - 30,000m drilling campaign is planned this year to prepare a Canadian standard compliant resource.

Full year 2017 results are scheduled to be announced in mid-August.

]]>
Tue, 20 Jun 2017 08:21:00 -0400 http://www.proactiveinvestors.com/companies/news/179523/orosur-mining-hits-gold-target-for-fourth-year-running-as-san-gregorio-west-ramps-up-179523.html
<![CDATA[RNS press release - Orosur Mining Inc: 2017 Year End Operations Update ]]> http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20170619006308/ Tue, 20 Jun 2017 02:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BWIPREM_20170619006308/ <![CDATA[News - Gold production up as Orosur switches underground ]]> http://www.proactiveinvestors.com/companies/news/175865/gold-production-up-as-orosur-switches-underground-175865.html Orosur Mining Inc (CVE:OMI LON:OMI) has seen full a full quarter of production at the new San Gregorio West underground site in Uruguay.

Around 60% of the 7,800oz produced in the three months to February came from the SGW operation.

A lower gold price clipped after tax profits to US$363,000 (US$3.07mln) but house broker Cantor noted that cashflow rose in the quarter.

So far this year Orosur has generated US$8.7mln in spare cash while profits year-to-date have risen to US$4.1mln (US$480,000).

The junior expects production of between 35-40koz of gold for the full year at cash costs of between US$800-900/oz, which implies a sharp pick-up in output in the fourth quarter said Cantor.

The broker’s target price remains 44p compared to 14.2p, up 1.6%, today.

--updates for broker comment, share price--

]]>
Mon, 03 Apr 2017 15:52:00 -0400 http://www.proactiveinvestors.com/companies/news/175865/gold-production-up-as-orosur-switches-underground-175865.html
<![CDATA[News - Broker slaps big price upgrade on Orosur Mining ]]> http://www.proactiveinvestors.com/companies/news/172106/broker-slaps-big-price-upgrade-on-orosur-mining-172106.html A new price target from Cantor Fitzgerald points to potential upside of over 150% at Uruguay-based gold miner Orosur Mining International PLC (LON:OMI TSE:OMI).

Orosur runs San Gregorio, the country’s only gold mine and is making significant progress towards defining new deposits and reserves close to its existing operations argues the house broker.

“We note a new determination on the part of the company in replacing reserve at its operations in Uruguay where exploration is underway on extensions to the new SGW underground workings and at nearby open pit targets.”

In addition, it has recently made a commitment to drilling its Anzá project in Colombia which should lead to a maiden resource estimate.

At San Gregorio, Cantor said it has been impressed by the smooth transition from the underground workings at Arenal to SGW (west).

The miner has reiterated its production and cost guidance for 2017 at 35-40,000oz and US$800-900/oz respectively, but Cantor is going for 36,600oz, leaving the company with 19,800 oz to produce in the second half or 18% more than in the first six months.

“As the new SGW mine stabilises during the period and open pit production is maintained, we believe this target should be comfortable.” The broker's estimate for cash costs has also been trimmed by 3.5% to US$816/oz.

“Based on our revised estimates and current peer group multiples our US dollar valuation for OMI rises by 13% to US$54m (C$0.73/share) but at current exchange rates the sterling target price rises by 36% to 44p.” Buy is the investment view.

Shares in London rose 1.5% to 16.75p. The miner is also listed in Canada.

]]>
Tue, 24 Jan 2017 11:25:00 -0500 http://www.proactiveinvestors.com/companies/news/172106/broker-slaps-big-price-upgrade-on-orosur-mining-172106.html
<![CDATA[Media files - Orosur Mining chief 'very excited' about the prospects of developing Anza project ]]> http://www.proactiveinvestors.com/companies/stocktube/6768/orosur-mining-chief-very-excited-about-the-prospects-of-developing-anza-project-6768.html Fri, 20 Jan 2017 12:21:00 -0500 http://www.proactiveinvestors.com/companies/stocktube/6768/orosur-mining-chief-very-excited-about-the-prospects-of-developing-anza-project-6768.html <![CDATA[News - Orosur Mining to step up Colombia exploration ]]> http://www.proactiveinvestors.com/companies/news/171867/orosur-mining-to-step-up-colombia-exploration-171867.html Orosur Mining Inc (LON:OMI ASX: OMI) is to push ahead with a drilling programme at Anzá in Colombia after initial work indicated a significant amount of gold mat=y be present.

A model based on re-working historic drill data from the Aragon-Pastorera Trend Area (APTA) suggested exploration potential of 1.6mln - 2.3mln tonnes averaging between 3.2 - 3.7g/t of gold per tonne.

Orosur believes the mineralized zones in the APTA continue, both at depth and at the surface, to the north and south of the limited area. As such, there is the potential for a much larger resource base to be identified.

The drill campaign will be between 15,000m - 30,000m  and will lead to a  maiden NI 43-101 report for Anza.

Ignacio Salazar, chief executive, said: “Orosur acquired Anzá in July 2014, through its nil premium all share acquisition of Waymar Resources, at a time when little to no value was being given to exploration projects.

“The company believes that Anzá has significant upside and we expect the project to take a more prominent standing in our suite of South American gold assets in the months to come.”

Broker Cantor  added that today’s announcement begins to put some meat on the bone in terms of quantifying the project’s potential while the planned 2017 drilling campaign shows Orosur's commitment to fully assessing Anza’s mineral potential.    Furthermore, the project benefits from having existing mine and environmental permits as well as good supporting infrastructure, it said.    Cantor said its 32p target price includes just 2.4p for Anza at present, reflecting the price paid by OMI for the project in 2014.    Shares rose 1.6% to 16.8p.   -- update for broker comment -- ]]>
Thu, 19 Jan 2017 08:44:00 -0500 http://www.proactiveinvestors.com/companies/news/171867/orosur-mining-to-step-up-colombia-exploration-171867.html
<![CDATA[Media files - Orosur Mining chief pleased with 'incredibly busy' first half ]]> http://www.proactiveinvestors.com/companies/stocktube/6735/orosur-mining-chief-pleased-with-incredibly-busy-first-half-6735.html Mon, 16 Jan 2017 12:05:00 -0500 http://www.proactiveinvestors.com/companies/stocktube/6735/orosur-mining-chief-pleased-with-incredibly-busy-first-half-6735.html <![CDATA[RNS press release - Orosur Mining Inc. H1 2017 Results: $3.7M Profit, $7.0M Cash From Operations and New San Gregorio UG Mine Put into Production ]]> http://www.proactiveinvestors.com/companies/rns/4567/BZW_20170115005112/ Mon, 16 Jan 2017 08:36:00 -0500 http://www.proactiveinvestors.com/companies/rns/4567/BZW_20170115005112/ <![CDATA[News - Orosur Mining sees big uptick in profits and cash inflow ]]> http://www.proactiveinvestors.com/companies/news/171654/orosur-mining-sees-big-uptick-in-profits-and-cash-inflow-171654.html Uruguay-based Orosur Mining Inc‘s (LON:OMI CVE:OMI)  switch to underground production at its San Gregorio mine has gone smoothly so far, the junior reported.

Ignacio Salazar, Orosur’s chief executive, said first production from the underground stopes was recorded on 24 November, which was on time and within budget.

A higher received gold price also allowed Orosur to post net profits for the three months to November of US$942,000 versus an US$870,000 loss a year earlier.

For the half year, net profits came in at US$3.7mln from a US$2.6mln deficit the last time.

Production in the second quarter totalled 6,852 ounces (8,172) as the company cut back ahead of the move deeper at San Gregorio.

Costs were also higher due to the switch underground at US$914 an oz (US$858) due to shifting staff and equipment over.

But that was planned said Salazar and overall operations were healthy with US$7mln of cash also generated in the first half.

“The successful transition to San Gregorio UG as the Company’s primary source of ore feed to the plant in Uruguay, was a significant achievement for Orosur,” he added.

Guidance for the full year remains in a range of 35,000 to 40,000 oz of gold at operating cash costs of between $800 - $900/oz. 

]]>
Mon, 16 Jan 2017 07:42:00 -0500 http://www.proactiveinvestors.com/companies/news/171654/orosur-mining-sees-big-uptick-in-profits-and-cash-inflow-171654.html
<![CDATA[News - Orosur Mining bolsters board for next phase of growth ]]> http://www.proactiveinvestors.com/companies/news/169821/orosur-mining-bolsters-board-for-next-phase-of-growth-169821.html Orosur Mining (CVE:OMI, LON:OMI) has strengthen its board, hiring Jorge Aceituno as chief operating officer and a director and promoted Alejandra Lopez to the role of finance chief with immediate effect.

Ignacio Salazar, the chief executive, said: "We are delighted to welcome Jorge Aceituno to the Board and as COO and to confirm Alejandra Lopez’s appointment as CFO.

"Both are hard working, proven senior executives with strong track records of performance in the company.

"Jorge’s experience in the South American gold mining sector is second to none and we are pleased to have him back in the team. Since stepping into the Interim CFO role in April 2016, Alejandra has demonstrated an outstanding commitment to the team and it’s a pleasure to see a long-standing team member grow into a well deserved executive role."

He said the appointments were made to keep step with Orosur’s new stage of growth as the company enters an exciting period when projects are set to develop in Uruguay and Colombia.

Aceituno has over three decades' experience as a geologist and senior manager for South American mining companies, including as General Manager of Operations for Orosur between and with Barrick Gold from 2008 to December 2012.

]]>
Thu, 01 Dec 2016 08:18:00 -0500 http://www.proactiveinvestors.com/companies/news/169821/orosur-mining-bolsters-board-for-next-phase-of-growth-169821.html
<![CDATA[Media files - Orosur Mining on a roll believes chief executive ]]> http://www.proactiveinvestors.com/companies/stocktube/6202/orosur-mining-on-a-roll-believes-chief-executive-6202.html Tue, 18 Oct 2016 14:26:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/6202/orosur-mining-on-a-roll-believes-chief-executive-6202.html <![CDATA[News - Orosur Mining impresses as profits rebound ]]> http://www.proactiveinvestors.com/companies/news/167495/orosur-mining-impresses-as-profits-rebound-167495.html Orosur Mining Inc (LON:OMI TSE:OMI)  swung into the black as cost cutting and a higher gold price boosted the performance of its San Gregorio gold mine in Uruguay.

Ignacio Salazar, Orosur’s chief executive, said it had been a strong quarter for the gold miner.

Cash operating costs in its first quarter to August were below US$700/oz, all-in-costs below US$1,000/oz, net profit US$2.8mln (US$1.73mln loss) and cash from operations of US$4.8mln.

Production dropped to 9.950oz (12,471oz) with revenues of US$12.7mln (US$14.5mln).

“I believe the financial results speak for themselves, and taken together with the exploration and development progress we reported last week, show this is an exciting time for the company."

The miner said then that its new mining operation at San Gregorio West was advancing according to plan and on budget with production due to commence at the end of the second quarter.

The locations adjacent to San Gregorio West, meanwhile, had potential to add reserves and expand the project.

Orosur maintained guidance for the current year at 35,000 to 40,000 oz of gold at operating cash costs of between US$800 - US$900/oz.

Cantor Fitzgerald said Orosur beat cost guidance by 18% and with the new underground mine at San Gregorio West and its ongoing exploration programme in and around its existing operations in Uruguay it is well- placed.

'Buy' is its recommendation with a target price of 32p.

Shares rose 4% to 18.2p.

]]>
Mon, 17 Oct 2016 10:03:00 -0400 http://www.proactiveinvestors.com/companies/news/167495/orosur-mining-impresses-as-profits-rebound-167495.html
<![CDATA[RNS press release - Orosur Mining Inc. - Q1 2017 Results: Net Profit US$2.8M & Cash Operating Costs US$693/oz ]]> http://www.proactiveinvestors.com/companies/rns/4567/BZW_20161016005062/ Mon, 17 Oct 2016 07:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BZW_20161016005062/ <![CDATA[Media files - Orosur to fund operations at San Gregorio using its own cash ]]> http://www.proactiveinvestors.com/companies/stocktube/6179/orosur-to-fund-operations-at-san-gregorio-using-its-own-cash-6179.html Thu, 13 Oct 2016 08:45:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/6179/orosur-to-fund-operations-at-san-gregorio-using-its-own-cash-6179.html <![CDATA[News - Orosur indicates plenty of life still at San Gregorio ]]> http://www.proactiveinvestors.com/companies/news/167285/orosur-indicates-plenty-of-life-still-at-san-gregorio-167285.html Orosur Mining Inc. (LON:OMI CVE:OMI) is eyeing a significant  expansion of the reserves and mine line of its San Gregorio gold mine in Uruguay after encouraging drill results.

The miner has been exploring an area between underground deposits in the west and east of the mine and found strong indications of gold in all seven holes it drilled.

Drilling deeper underground in the western section, meanwhile, has shown mineralisation continues at depth while exploration at San Gregorio East returned 'consistent and attractive' intercepts.

Brownfield exploration and re-evaluation at existing pits is also throwing up opportunities for further production, while Orosur is re-interpreting its San Gregorio–Arenal corridor data as a potential 25,000 sqm of further exploration acreage.

Ignacio Salazar, Orosur’s chief executive, said it had been more aggressive with exploration and development this year due to the much better operational performance from the company and higher gold price.

Development of the mining operation at San Gregorio West was also advancing according to plan and on budget, he said, with production due to commence at the end of the second quarter.

The locations adjacent to San Gregorio West, meanwhile, had potential to add reserves, expand the project and improve its economics via additional synergies.

At Anzá in Colombia, a geological model and exploration programme is being prepared after good metallurgical results.

]]>
Wed, 12 Oct 2016 08:19:00 -0400 http://www.proactiveinvestors.com/companies/news/167285/orosur-indicates-plenty-of-life-still-at-san-gregorio-167285.html
<![CDATA[News - Orosur's numbers top house broker's estimates ]]> http://www.proactiveinvestors.com/companies/news/129363/orosur-s-numbers-top-house-broker-s-estimates-129363.html South America-focused gold miner Orosur Mining Inc (LON:OMI, CVE:OMI) has increased its forecast production guidance for the current financial year (FY17).

Guidance has been increased to between 35,000 and 40,000 ounces of gold at operating cash costs of between US$800 and US$900 per ounce, up from previous guidance of 30,000 to 35,000 ounces at US$850-950 an ounce.

Orosur said it expects to benefit from the savings generated by the ongoing optimisation of operations as well as higher grades from the San Gregorio West Underground (UG) project in Uruguay.

The upgrade came in the company’s results statement for the year to 31 May, 2016, in which it revealed gold production in the financial year just ended came in at 35,773 ounces, a little bit ahead of guidance, which was for between 30,000 and 35,000 ounces.

Cash operating costs reduced to US$877 an ounce from US$912 an ounce in the previous financial year and towards the lower end of the US$850 – 950 an ounce guidance range.

All-in-sustaining costs (AISC) of US$1,069/oz was an improvement on the previous year’s US$1,185/oz, and in line with guidance of US$1,000 – US$1,100/oz. AISC fell below the US$1,000 an ounce level in the third and fourth quarters of fiscal 2016.

Revenue declined to US$42.87mln from US$65.87mln the year before, reflecting lower production and a decline in the price of gold. The average gold price received from sales eased to US$1,154 an ounce from US$1,232 an ounce the previous year.

Loss before tax narrowed dramatically to US$3.16mln from US$49.4mln the previous year, when the company took a US$45.55mln hit on foreign exchange movements.

During the reporting period the company reduced its debt to US$400k from US$1.5mln and had a positive cash balance at the end of the period of US$4.3mln, down from US$4.8mln a year earlier.

“Thanks to the success we enjoyed in improving operations and reducing costs in Uruguay, we were able to repay the majority of the company’s outstanding debt, while also progressing vital growth projects. This work affords the company the opportunity to take advantage of a more positive market environment which currently exists,” said Ignacio Salazar, chief executive of Orosur.

“The company has been evaluating a number of options to advance the highly prospective Anzá project in Colombia, and is refining a geological model and carrying out some exploratory metallurgical and density test work,” he added.

“At an average gold price of US$1,154/oz for FY16, the company returned to gross profitability and managed to increase its net cash balance. While this was ongoing, we commenced development of San Gregorio West UG project with first blast work occurring on May 12th 2016. This mine will be the second mechanised UG mine in Uruguay after our Arenal Deeps underground mine. The granting of a one year exemption on royalty payments by the Government of Uruguay, in this difficult period, represented a significant endorsement to our company and the way we operate,” Salazar said.

The Orosur boss conceded the financial year just gone had been a challenging one but added that, for the first time since early 2013, the company is seeing signs of market improvement.

The shares dipped to 20.5p from 20.75p in early trading, but are up more than 256% year-to-date.

House broker Cantor Fitzgerald said Orosur’s results were ahead of its forecasts and confirmed the increased profitability that had resulted from the cost-cutting programme that kicked off a year ago.

“While our estimates will need some adjustments, based on a US$1,321/oz gold price we are currently forecasting a significant increase in OMI's earnings next year, placing OMI on multiples of just 1.2x EV/EBITDA [enterprise value/underlying earnings] and 2.4x P/E [price/earnings] despite the share price having doubling in the past 12 months. Hence, we believe there must be more upside to the share price from this level and we reiterate our BUY recommendation and TP [target price] of 32p.” said Cantor’s Robin Byde.

]]>
Tue, 16 Aug 2016 10:22:00 -0400 http://www.proactiveinvestors.com/companies/news/129363/orosur-s-numbers-top-house-broker-s-estimates-129363.html
<![CDATA[RNS press release - Orosur Mining Inc. – Results for the Fiscal Year Ended May 31, 2016 - Cash Flow From Operations $7.6mm, Net Cash Position Increased by $0.7mm ]]> http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160815006248/ Tue, 16 Aug 2016 07:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160815006248/ <![CDATA[News - Orosur Mining jumps as broker up target price ]]> http://www.proactiveinvestors.com/companies/news/128861/orosur-mining-jumps-as-broker-up-target-price-128861.html South America-focused gold junior Orosur Mining (LON:OMI CVE:OMI) has got a bullish upgrade from its house broker as a higher metal price and lower cost base combine.

Orosur runs the San Gregorio mine in Uruguay and with Cantor upping its forecast for gold to US$1,350 per ounce this year, it sees earnings getting a 20% uplift.

The broker sees a small profit of around US$400,000 when the miner reports shortly for the year just ended, but this jumps to US$11.3mln in 2017, with net cash rising to US$18mln a year later.

Cantor’s price target for the shares rises to 32p from 26p compared to a market price of 19.1p, up 16% today.

]]>
Mon, 01 Aug 2016 16:05:00 -0400 http://www.proactiveinvestors.com/companies/news/128861/orosur-mining-jumps-as-broker-up-target-price-128861.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.com/companies/rns/4567/LSE20160706110532_012882421/ Wed, 06 Jul 2016 06:05:32 -0400 http://www.proactiveinvestors.com/companies/rns/4567/LSE20160706110532_012882421/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.com/companies/rns/4567/LSE20160706110032_012882409/ Wed, 06 Jul 2016 06:00:32 -0400 http://www.proactiveinvestors.com/companies/rns/4567/LSE20160706110032_012882409/ <![CDATA[News - Cantor lifts target on Orosur Mining ]]> http://www.proactiveinvestors.com/companies/news/125746/cantor-lifts-target-on-orosur-mining-125746.html Broker Cantor has lifted its price target on South America-focused gold miner Orosur Mining Inc (LON:OMI, TSE:OMI), due in part to rising precious metal prices.

The positive impact of cost cutting and a focus on operating profitability was plain to see in recent third quarter results, added analyst Asa Bridle.

"The company’s efforts are also being helped by rising precious metal prices, and we revise our FY17 earnings forecast upwards on the back of higher gold and silver price expectations," he said.

The broker's target goes to 26p from 22p and it repeats a 'buy'.

The miner, which operates  Uruguay's only producing gold mine, succeeded in getting all-in sustaining costs (AISC) of production below US$1,000 an ounce in the quarter, and the plan is to keep it below that for the remainder of the financial year, which runs to end May.

It also bounced back into the black with a profit before tax of US$3.1mln in the three months to February 29, having made a loss of US$1.9mln in the corresponding period the year before.

Orosur shares are now at 10.875p.

]]>
Tue, 10 May 2016 12:02:00 -0400 http://www.proactiveinvestors.com/companies/news/125746/cantor-lifts-target-on-orosur-mining-125746.html
<![CDATA[Media files - Orosur to continue with cost-cutting strategy says chief ]]> http://www.proactiveinvestors.com/companies/stocktube/4899/orosur-to-continue-with-cost-cutting-strategy-says-chief-4899.html Thu, 14 Apr 2016 16:14:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/4899/orosur-to-continue-with-cost-cutting-strategy-says-chief-4899.html <![CDATA[News - Orosur Mining makes light work of underground switch ]]> http://www.proactiveinvestors.com/companies/news/124810/orosur-mining-makes-light-work-of-underground-switch-124810.html Orosur Mining Inc (LON:OMI CVE:OMI) operates San Gregorio, Uruguay's only producing gold mine.

Under the firm's re-jigged plan,  the last quarter to November saw it open the San Gregorio Deeps underground project while simultaneously closing the Arenal sections.

The process went as smoothly as it could said Ignacio Salazar, Orosur’s chief executive.

First production from the underground stopes was recorded on 24 November, which was on time and within budget he said, while Arenal was shut without major incident.

The underground mine will require no further external financing and is to be developed using money from the firm's own operations, which seemingly won’t be a problem as cash holdings rose strongly over its last three months.

Shaping up nicely

A higher received gold price also allowed Orosur to post net profits for the second quarter to November of US$942,000 versus an US$870,000 loss a year earlier.

For the half year, net profits came in at US$3.7mln from a US$2.6mln deficit the last time.

Production in the second quarter totalled 6,852 ounces (8,172) as the company cut back ahead of the move deeper at San Gregorio.

Costs were also higher due to the switch underground at US$914 an oz (US$858) due to shifting staff and equipment over.

But that was planned said Salazar and overall operations were healthy with US$7mln of cash also generated in the first half.

Watch: Orosur Mining chief pleased with 'incredibly busy' first half

“The successful transition to San Gregorio UG as the Company’s primary source of ore feed to the plant in Uruguay, was a significant achievement for Orosur,” he added.

Guidance for the full year remains in a range of 35,000 to 40,000 oz of gold at operating cash costs of between $800 - $900/oz.

Rolling in the deeps

House broker Cantor said Orosur made significant progress towards defining new deposits and reserves close to its existing operations over the half year.

Good progress is being made at open pit targets (Mina Peru and extensions to Veta Rey).

Exploration permits have also been granted for Los Naranjos and Nueva Australia, two open pit targets near the processing plant as well as three more new targets near the Sobre Saliente pit.

"We believe this should result in both short and long term increases to the company’s reserve base."

Away from Uruguay, the company is finalising the geological model for the Anza project in Colombia.

While the gold price has been lower since the end of November, the weakness of the pound against the US dollar should mean this has little impact on target price.

“OMI is delivering on its operational and exploration programmes and we reiterate our buy recommendation and TP of 32p ahead of finalising new estimates.”

Shares rose 10% to 16.9p.

]]>
Thu, 14 Apr 2016 12:49:00 -0400 http://www.proactiveinvestors.com/companies/news/124810/orosur-mining-makes-light-work-of-underground-switch-124810.html
<![CDATA[News - Orosur Mining back in the black ]]> http://www.proactiveinvestors.com/companies/news/124796/orosur-mining-back-in-the-black-124796.html South America-focused gold producer Orosur Mining Inc (LON:OMI, TSE:OMI) demonstrated clear progress in its cost cutting initiative in its quarterly results.

The company bounced back into the black with a profit before tax of US$3.1mln in the three months to 29 February, 2016, having made a loss of US$1.9mln in the corresponding period the year before.

This was despite sales tumbling to US$8.9mln from US$16.4mln the year before, as production was cut back to 7,274 ounces from 13,760 ounces the year before.

The company has succeeded in getting all-in sustaining costs (AISC) of production below US$1,000 an ounce, and the plan is to keep it below that level for the remainder of the financial year, which runs to the end of May.

AISC of US$978 an ounce represented a significant improvement over the US$1,132 an ounce in the same period a year earlier and the US$1,095 an ounce in the preceding quarter.

The company said AISC for the full year should be somewhere between US$1,000 and US$1,100 an ounce.

The average gold price received in the fiscal third quarter was US$1,143 an ounce, versus US$1,220 an ounce a year earlier.

The company ended the reporting period with a cash balance of US$2.0mln, down from US$2.6mln at the end of November 2015, and debt of US$0.4mln (November 2015: US$0.8mln).

The company revealed Alejandra López, currently the Controller of Orosur, has been promoted to interim chief financial officer.

“Alejandra possesses a strong skill set and knowledge of our operations, and her work in recent months has been extremely valuable,” said Ignacio Salazar, chief executive officer of Orosur.

“This quarter saw our strategic plan to reduce costs come to fruition, positioning the company as a more resilient producer in this current gold price environment,” Salazar said.

“Additionally, the company received all required permits to commence the development of San Gregorio Deeps without the need for external funding. We are also advancing our portfolio of exploration assets, prioritising our projects with near term returns in Uruguay, those of higher quality in Colombia and those which are already financed such as Anillo in Chile,” he added.

Broker Cantor Fitzgerald said the miner was shaping up for a strong second half.

Analyst Asa Bridle said he now expects the group to slightly exceed the top end of its annual production guidance (Cantor's estimate is 35,500 ounces)  and to meet its target of all in sustaining costs (AISC)  of being below US$1,000/oz in the second half, and between US$1,000-1,100/oz for the full year.

"We expect EBITDA to rise from US$1m at the interim stage to US$7.9m by year end," he added.

"Based on a conservative assumption of a US$1,200/oz gold price over the medium term, management are now assuming a stable production profile in the 30-35koz/year range," he noted.

"However, if gold returns to US$1,300/oz, OMI would have the option of lifting production back to 50-55koz/year, but in the meantime the focus remains firmly on profitably over scale."

The broker rates the shares a 'buy' and has an unchanged target price of 22p.

Shares are today at 8.375p - up 3.08%.

---ADDS BROKER COMMENT---

]]>
Thu, 14 Apr 2016 09:01:00 -0400 http://www.proactiveinvestors.com/companies/news/124796/orosur-mining-back-in-the-black-124796.html
<![CDATA[RNS press release - Orosur Mining Inc. - Fiscal Q3 2016 Results & Operating Update ]]> http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160413006569/ Thu, 14 Apr 2016 07:00:00 -0400 http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160413006569/ <![CDATA[RNS press release - Orosur Mining Inc: Shares Issuance and Stock Option Grant ]]> http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160303006156/ Thu, 03 Mar 2016 17:29:00 -0500 http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160303006156/ <![CDATA[RNS press release - Orosur Mining Inc: Shares Issueance and Annual Stock Option Grant ]]> http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160120006592/ Thu, 21 Jan 2016 08:00:00 -0500 http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160120006592/ <![CDATA[News - Orosur Mining's cost-cutting starting to bear fruit ]]> http://www.proactiveinvestors.com/companies/news/121368/orosur-mining-s-cost-cutting-starting-to-bear-fruit-121368.html South America-focused Orosur Mining (LON:OMI, TSE:OMI) said production so far in the current financial year is ahead of guidance for the full year.

Production in the three months to the end of November totalled 8,172 ounces (oz), bringing year-to-date production up to 20,643 ounces, comfortably on course to meet the company's full-year guidance of 30,000 – 35,000 oz.

The company recently implemented a cost cutting plan, the results of which are clearly beginning to filter through, as operating cash costs of US$858/oz represented a significant improvement on the figure of US$984/oz the year before, and US$954/oz in the preceding quarter.

All-in sustaining costs (AISC) tumbled to US$1,095/oz, versus US$1,258/oz the year before and US$1,166/oz in the previous quarter.

Orosur said it is sticking with its guidance of AISC of between US$1,000 and US$1,100 per ounce for the whole year.

While Orosur has made impressive progress over the cost of digging up the yellow metal, it has little control over the price it receives, and the average price during the reporting period fell to US$1.100 per ounce from US$1,212/oz in the second quarter of the previous fiscal year.

The company ended the reporting period with a healthy looking US$2.6mln, down from US$4.8mln as at the end of May 2015, and debt of US$0.8mln, versus debt of US$1.6mln six months earlier.

Gross profit in the quarter was US$0.04mln compared to a loss of US$1.5mln in the same period of 2014.

Lower revenue of US$10.19mln versus US$17.40mln the year before was offset by lower cost of sales due to the implementation of the strategic cost reduction plan during the quarter.

“We are pleased to see the initial reductions in cash operating costs and in AISC already being demonstrated as we remain on track to reducing AISC to below US$1,000/oz for the remainder of the year. These efforts were followed by the decision of the Government of Uruguay to grant a one-year royalty exemption and the decision of the directors and the senior executives to reduce their cash remuneration and the reorganisation and streamlining of the management team as already announced,” said Ignacio Salazar.

“We have been working in many fronts and are encouraged with the smooth progress achieved from these drastic measures,” he added.

“Orosur has a solid portfolio of exploration assets and, in the current environment, our priorities are to advance our projects with near term returns in Uruguay, those of higher quality in Colombia and those which are already financed such as Anillo,” he added.

]]>
Thu, 14 Jan 2016 15:55:00 -0500 http://www.proactiveinvestors.com/companies/news/121368/orosur-mining-s-cost-cutting-starting-to-bear-fruit-121368.html
<![CDATA[RNS press release - Orosur Mining Inc. - Fiscal Q2 2016 Results & Operating Update ]]> http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160113006292/ Thu, 14 Jan 2016 08:00:00 -0500 http://www.proactiveinvestors.com/companies/rns/4567/BZW_20160113006292/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.com/companies/rns/4567/LSE20160111164039_012654484/ Mon, 11 Jan 2016 11:40:39 -0500 http://www.proactiveinvestors.com/companies/rns/4567/LSE20160111164039_012654484/