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Orosur Mining hits gold target for fourth year running as San Gregorio West ramps up

Ignacio Salazar, Orosur’s chief executive, said he was delighted to have met production targets for a fourth year running.
Gold bars
Production picked up strongly in the final quarter

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.

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