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Market: TSX-V / AIM
Sector: Gold Mining
Epic: OMI
News: Latest news
Web Site: Orosur Mining Inc.
Other Articles: 26-02-201025-02-201014-01-2010

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Orosur Mining Inc.

Orosur Mining Inc.

Orosur Mining Inc. is a gold producer and exploration company focused on identifying and developing gold projects in Latin America. The Company is a fully integrated mining company, possessing the skills necessary to explore and develop its discoveries. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay,Chile and Argentina.

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Monday, January 11, 2010

Gladiator Resources options Orosur Mining’s iron ore, manganese and base metal interests in Uruguay

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South American gold explorer and gold producer, Orosur Mining (TSX-V:OMI, AIM:OMI), has entered into an Option Agreement with Gladiator Resources (ASX: GLA)("Gladiator") which gives Gladiator the right to earn up to an 80% interest in the iron ore, manganese ore and base metals potential in Orosur Mining’s project area in the Isla Cristalina Belt in Uruguay.

During the option period Gladiator is committed to spend US$150,000 on evaluation work and produce a report covering the iron ore and manganese resource potential of the Isla Cristalina Belt project area together with a conceptual development plan.

“Based on Gladiator's initial understanding of the resource potential of the Project area, a number of development possibilities are expected to be considered including the production of concentrates, production of iron ore pellets and production of pig iron and ferro alloys,” Orosur Mining noted. “Gladiator must complete its report and may exercise the option to proceed on or before 30 April 2010 by entering into a Definitive Agreement.”

If Gladiator does execute the agreement, it will issue Orosur Mining with 100,000 shares, and will earn an initial 20% interest by spending US$1 million on the project. Gladiator can increase its stake to 51% by expending a further US$4 million, and ultimately to 80% if it completes a Bankable Feasibility Study (BFS) before December 31, 2014.

Orosur Mining will retain the rights to gold, silver and diamonds in the project area, and has agreed to provide Gladiator with airborne and ground geophysics, geological maps, drilling and other data relevant to iron ore exploration in the project area.

David Fowler, Chief Executive Officer of OMI stated: "Historical work has indicated that there is the potential to define significant iron ore resources within the Isla Cristalina Belt. We are pleased to partner with Gladiator's management, who has significant experience in developing iron ore projects, to investigate this potential."

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