Orosur Mining: Fiscal Q2 2015 Financial Results and Operational Update
Orosur Mining Inc. (“Orosur” or the “Company”) (TSX:OMI) (AIM:OMI), a South American-focused gold producer, developer and explorer is pleased to announce the results for the second quarter of its fiscal 2015 ended November 30, 2014 (“Q2 2015” or the “Quarter”).
Highlights
Financial
- Gold production of 12,854 oz (14,829 oz in Q2 2014)
- Cash operating costs of US$984/oz (US$761/oz in Q2 2014)
- Both production and cash operating costs are in line with original guidance, and the Company remains on track to deliver its full year production guidance of 50,000 – 55,000 oz at a cash operating cost of US$850 - $950/oz
- All-In-Sustaining costs of US$1,258/oz (Q2 2014: US$866/oz) as the Company maintained its planned exploration and investment programmes
- Average gold price received in the Quarter was US$1,212/oz (Q1 13/14: US$1306/oz)
- Cash flow from operations of US$0.8M (Q2 2014: US$7.3M )
- Net loss after tax for the quarter was of US$ 1.2M (Q2 2014: Net profit after tax US$3.5M)
- The cash balance at November 30, 2014 was US$6.8 million compared to US$10.8 million at May 31, 2014
- Ongoing reduction in net debt with US$1.7M of debt repaid in the Quarter. The Company’s debt balance at November 30, 2014 was US$3.2 million compared to US$4.9 million at May 31, 2014.
Exploration
- Continued funding of exploration programs in the San Gregorio district of Uruguay, including approximately 5,640 m of drilling while on-going pre-development work focused on the main known extension of the San Gregorio deposit
- As part of the San Gregorio pre-development program, two drill holes tested an area east of the Ombú pit and west of the San Gregorio deposit
- Encouraging results at Ombú including:
- OZDD14-018: 15.7 m at 2.97 g/t Au
- OZDD14-019: 5.1 m at 4.70 g/t Au
- Underground drilling at Arenal Deeps yielded high-grade gold intercepts and has generated new targets that indicate potentially significant extensions of the deposit
- Significant results at Arenal Deeps including:
- DDHUG14N20_01: 6 m at 9.79 g/t Au
- DDHUG14N20_03: 11.2 m at 5.30 g/t Au and 16.3 m at 4.50 g/t Au
Corporate
- During the Quarter, Orosur extended the terms of its farm-in with Corporación Nacional del Cobre de Chile (“Codelco”) until January 2020 at zero cost, with an option to extend for an additional two years.
- Orosur also entered into a non-binding letter of intent to option up to 40% of its interest in the Anillo project in Chile to Asset Chile Exploración Minera Fondo de Inversión Privado for non-dilutive funding of up to US$3.5 million.
Ignacio Salazar, CEO of Orosur, said:
“Orosur has once again delivered quarterly results in line with its guidance. The Company anticipated a quarter with higher unit costs pursuant to the mine plan and this, coupled with the weakness in the current gold price environment, has impacted the Company during the Quarter. However, the operational improvements implemented over the most recent months have positioned the Company to continue generating positive cash flow from operations, whilst advancing exploration and development efforts, most notably in Uruguay around the San Gregorio mine.
“In Anillo, the Company signed two separate agreements during the Quarter, with CODELCO and Asset Chile respectively, to significantly extend and advance the project As previously stated, the Company expects lower cash operating costs during the second half of the year as Orosur continues to focus on cost reduction initiatives, cash optimization and operational excellence.”
Results Conference Call
Orosur will be hosting a conference call for analysts to discuss the results, details for the call are below:
| Time & Date: | 14 January 2015 | ||||
| 2:00pm Greenwich Mean Time, 9:00am Eastern Standard Time. | |||||
| Dial-In Details: | London | +44 (0) 20 3139 4830 | |||
| Canada | +1 (514) 841 2196 | ||||
| United States | +1 (718) 873 9077 | ||||
| Passcode: | 32538891# | ||||
| Operational & Financial Summary1 | Q1 ended August 31 | |||||||||||
| Q2 14/15 | Q2 13/14 | Diff | ||||||||||
| Operating Results | ||||||||||||
| Gold produced | Ounces | 12,854 | 14,829 | (1975) | ||||||||
| Operating cash cost3 | US$/oz | 984 | 761 | (223) | ||||||||
| Average price received | US$/oz | 1,212 | 1,306 | (94) | ||||||||
| Financial Results | ||||||||||||
| Revenue | US$ ‘000 | 17,404 | 20,375 | (2,971) | ||||||||
| Net loss after tax | US$ ‘000 | (1,244) | 3,537 | (4,781) | ||||||||
| Cash flow from operations2 | US$ ‘000 | 818 | 7,280 | (6,462) | ||||||||
| Cash & Debt at the end of the period – Summary | November 30th 2014 | May 31, 2014 | November 30th, 2013 | |||||||||
| Cash balance | US$ ‘000 | 6,815 | 10,818 | 8,817 | ||||||||
| Total debt | US$ ‘000 | 3,192 | 4,939 | 6,808 | ||||||||
| Cash net of debt | US$ ´000 | 3,623 | 5,879 | 2,009 | ||||||||
| 1 Results are based on IFRS and expressed in US dollars 2 Before non-cash working capital movements 3 Operating cash cost is total cost discounting royalties and capital tax on production assets. | ||||
Q2 Production and Cash Costs
Production and cash operating costs for Q2 2015 are in line with both the Company’s mine plan and previously stated guidance. As previously stated, Orosur planned for higher unit costs in the first half of fiscal 2015 resulting from the current mining sequence, which was observed during the Quarter.
During Q2 2015, and in accordance with the mine plan, gold production from Arenal Deeps accounted for approximately 45% of total production in the Quarter. The Company expects this figure to average between 70-75% in the second half of fiscal 2015. Due in large part to the implementation of pillarless mining in the Arenal stopes, the Company maintains a specific mining sequence to safely and optimally operate the mine, which has, as planned, resulted in varying grade and volume figures over the fiscal year to date. As previously announced, the Company expects to return to mining higher grade, larger transverse stopes in the second half of its fiscal year, which is expected to reduce cash operating costs as well as mining open pits with lower strip ratios.
Orosur continues to focus on cost reduction initiatives, cash optimization and operational excellence.
FY 2015 Outlook & Guidance
The Company maintains its forecast production guidance for FY 2015 between 50,000 to 55,000 ounces of gold at operating cash costs of between US$850 to US$950 per ounce.
As in the past, variations in production and unit costs will occur quarter on quarter as the mine plan draws ore from several Arenal stopes with different grades, positions and sizes, changing the level of access required as well as the addition of ore from several open pits at varying grades and stages of stripping.
Q2 2015 Financial Summary
Cash flow from operations before working capital was US$0.8 million for the quarter compared to US$7.3 million for Q2 2014, primarily due to a lower gold price and coupled with lower production than in Q2 2014. Net loss after tax for the quarter was US$1.2 million compared to a profit of US$3.5 million in Q2 2014.
The Company invested US$2.3 million in capital expenditures and US$1.1 million in exploration expenditures in the quarter compared to US$1.7 million and US$1.5 million respectively in Q2 2014.
The cash balance at November 30, 2014 was US$6.8 million compared to US$10.8 million at May 31, 2014. The Company’s debt balance at November 30, 2014 was US$3.2 million compared to US$4.9 million at May 31, 2014. The Company expects to continue following the contracted schedule of lease repayments with HSBC and Banco Santander and anticipates being close to debt free by the end of FY 2015. The Company has US$3.0M of committed but undrawn lines of credit available at November 30, 2014 and at present is not planning to utilize them within the current development plans and gold price environment.
Q2 DEVELOPMENT AND EXPLORATION
URUGUAY
During the Quarter, the Company continued its exploration programs in the San Gregorio district of Uruguay, including approximately 5,640 m of drilling while continued pre-development work focused on the main known extension of the San Gregorio deposit.
URUGUAY DEVELOPMENT PROJECTS
In Q2 2015, a program of more than 3,000 m of drilling commenced to further evaluate a significant geological resource adjacent to the San Gregorio open pit that has undergone prefeasibility level engineering work. The work program, scheduled to be completed during Q3 2015, is aimed at gathering geotechnical data, and validating or improving the current geological model with the goal of enabling an informed development decision in the current fiscal year. Most of the drilling carried out in the Quarter as part of this program was geotechnical in nature and several drill holes are still in the process of being sampled and assayed.
As part of this program, two drill holes tested an area east of the Ombú pit and west of the San Gregorio deposit. The results are encouraging both for the potential to use the Ombú pit as a portal location for an underground development of the San Gregorio extension and/or for a potential expansion of the Ombú pit.
Significant results from these two drill holes are summarized below:
| Hole Number | Northing | Easting | Elevation | Azimuth | Dip | Total Depth | From | To | Interval | Au | ||||||||||||
| (m) | (m) | (m) | (°) | (°) | (m) | (m) | (m) | (m) | (g/t) | |||||||||||||
| OZDD14-018 | 6506537.78 | 527652.72 | 169.564 | 55 | -60 | 104.60 | 55.1 | 70.8 | 15.7 | 2.97 | ||||||||||||
| OZDD14-019 | 6506510.9 | 527658.832 | 169.499 | 55 | -50 | 96.40 | 74.3 | 79.4 | 5.1 | 4.70 | ||||||||||||
| 87.3 | 91.5 | 4.2 | 1.55 | |||||||||||||||||||
URUGUAY BROWNFIELDS EXPLORATION
Underground exploration drilling at Arenal Deeps consisted of 1,134 m in nine drill holes and was successful in identifying extensions of the Arenal orebody at Levels 20 and 107 towards the west of the previously predicted margins. Significant intercepts of this drill program include:
| Hole Number | Northing | Easting | Elevation | Azimuth | Dip | Total Depth | From | To | Interval | Au | ||||||||||||
| (m) | (m) | (m) | (°) | (°) | (m) | (m) | (m) | (m) | (g/t) | |||||||||||||
| DDHUG14N20_01 | 6505354.99 | 530636.11 | -20.35 | 221.05 | 0 | 116.65 | 52.7 | 60.2 | 7.5 | 3.74 | ||||||||||||
| 65.2 | 65.2 | 71.2 | 6.0 | 9.79 | ||||||||||||||||||
| 75.2 | 75.2 | 83.1 | 7.9 | 1.58 | ||||||||||||||||||
| DDHUG14N20_02 | 6505354.99 | 530636.11 | -20.35 | 235.04 | 0 | 147.05 | 83.2 | 89.6 | 6.4 | 1.41 | ||||||||||||
| 92.9 | 92.9 | 109.2 | 16.3 | 1.73 | ||||||||||||||||||
| DDHUG14N20_03 | 6505354.99 | 530636.11 | -20.35 | 221.05 | -8 | 182.85 | 29.7 | 37.2 | 7.6 | 1.35 | ||||||||||||
| 71.1 | 71.1 | 83.1 | 12.0 | 2.48 | ||||||||||||||||||
| 100.9 | 100.9 | 110.3 | 9.4 | 1.30 | ||||||||||||||||||
| 164.3 | 164.3 | 175.5 | 11.2 | 5.39 | ||||||||||||||||||
| DDHUG14N107_01 | 6505257.99 | 530576.14 | -108.30 | 195.79 | 1 | 125.95 | 75.0 | 91.2 | 16.3 | 4.50 | ||||||||||||
| 100.3 | 100.3 | 120.0 | 19.8 | 2.80 | ||||||||||||||||||
| DDHUG14N107_04 | 6505258.18 | 530576.06 | -108.31 | 207.31 | 1 | 129.45 | 52.7 | 55.7 | 3.0 | 1.63 | ||||||||||||
| 105.4 | 105.4 | 114.9 | 9.5 | 2.50 | ||||||||||||||||||
| DDHUG14N107_05 | 6505258.38 | 530575.98 | -108.32 | 207.31 | 10 | 117.15 | 37.1 | 41.6 | 4.5 | 1.78 | ||||||||||||
| 59.5 | 59.5 | 64.2 | 4.7 | 1.05 | ||||||||||||||||||
| 74.4 | 74.4 | 80.0 | 5.7 | 3.07 | ||||||||||||||||||
| 90.4 | 90.4 | 94.6 | 4.2 | 2.59 | ||||||||||||||||||
| 106.2 | 106.2 | 115.3 | 9.1 | 1.04 | ||||||||||||||||||
The intercepts described above are likely to represent potential additions to resources and reserves in areas where current models predict non-economic grades of less than 0.8 g/t Au. As the mineralization in Level 107 is the projected down-dip extension of that intercepted in Level 20, these results have also produced an attractive target for follow-up drilling between Levels 20 and 107.
Other brownfields programs focused on finding extensions of the orebodies that were subject to open pit operations in the Quarter, including Vaca Muerta, Veta Rey, Veta Guillo, and Cross Hill.
URUGUAY GREENFIELDS EXPLORATION
The greenfields program continued acquiring data and testing targets to the east of the Arenal deposit, along the structural corridor defined in the previous fiscal year. In Q2 2015, most of this work was aimed at delineating targets and executing first-pass drilling on some of these. Seven diamond drill holes for a total of approximately 780 m were completed, intersecting positive geological indicators and anomalous gold values at two different targets where further work is ongoing.
CHILE
As previously announced by the Company, two separate agreements were signed during Q2 2015, with CODELCO and with Asset Chile Exploración Minera Fondo de Inversión Privado (“Asset Chile”), for significant extension and advancement of the Anillo project.
The agreement with CODELCO, as announced on November 5th, 2014, extends the term of the Company’s farm-in contract on the Anillo project from 2015 until 2020, with a further option to extend it until 2022.
The agreement with Asset Chile was announced on November 19th, 2014. A Letter of Intent was signed for non-dilutive financing of up to $3.5 million to advance the exploration at the Anillo project. The first of three phases of the work program related to this agreement will consist of a new round of drilling with a budget of approximately $950,000 scheduled to start in the second half of the current fiscal year. Negotiations of the definitive agreements with Asset Chile are progressing at present. Once a definitive agreement is signed, the Company plans to perform CSAMT lines and RC drilling to follow-up and delineate the mineral intercepts obtained at the last drilling campaign, including the west border of the property in the north-south corridor of the Ventura vein new discovery at El Peñon (which was recently announced by Yamana). The Anillo project is located to the northeast of Yamana Gold’s El Peñón operation, a well established and significant gold producer.
Further exploration work at Pantanillo is scheduled to begin in Q3 with very limited capital as the exploration team plans to complete the field categorizing of the porphyry and epithermal targets defined during the past summer season, in line with a priority effort for identifying additional Au oxidized mineral sources to improve the economics of Pantanillo Norte project.
COLOMBIA
At the Anzá project in Colombia, community relations and environmental monitoring and activities continued as per the normal schedule. Technical programs for the next round of exploration work in the Anzá deposit and prioritization of targets are being defined internally and with the aid of consultants. Anzá remains a high priority target for organic growth of the Company.
END
Qualified Person's Statement
The scientific and technical information related to the current assets of Orosur Mining in this press release has been reviewed and approved by Michael Schwabe, an Exploration Consultant who is a Qualified Person under NI 43-101 reporting guidelines. Mr. Schwabe is a graduate in Science, majoring in Geology from the University of Tasmania and is Fellow of the Australian Institute of Mining and Metallurgy, a Senior Fellow of the Society of Economic Geologists and a Professional Member of the Society for Mining, Metallurgy and Exploration. Mr. Schwabe has 47 years of professional experience in the field of mineral exploration, mine development and management.
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 Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold producer, developer and exploration company focused on identifying and advancing gold projects in South 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, Chile and Colombia. The Company is quoted in Canada (TSX: OMI) and London (AIM: OMI).
For more information please visit www.orosur.ca.
Financial Statements Follow. Please note the accompanying notes included in the unaudited interim consolidated financial statements available on www.sedar.com or the Company’s website are an integral part of these Statements.
| Orosur Mining Inc. Condensed Interim Consolidated Statements of Financial Position Thousands of United States Dollars, except where indicated | |||||||||||
| Note Ref. | As at November 30, 2014 ($) | As at May 31, 2014 ($) | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | 6,815 | 10,818 | |||||||||
| Accounts receivables and other assets | 4 | 2,791 | 3,338 | ||||||||
| Inventories | 5 | 14,969 | 14,254 | ||||||||
| Total current assets | 24,575 | 28,410 | |||||||||
| Accounts receivables and other assets | 4 | 414 | 414 | ||||||||
| Property plant and equipment and development costs | 6 | 33,576 | 37,323 | ||||||||
| Exploration and evaluation costs | 7 | 44,469 | 35,813 | ||||||||
| Deferred income tax assets | 13 | 6,063 | 5,470 | ||||||||
| Restricted cash | 288 | 258 | |||||||||
| Total non-current assets | 84,810 | 79,278 | |||||||||
| Total assets | 109,385 | 107,688 | |||||||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Trade payables and other accrued liabilities | 4 | 14,620 | 13,343 | ||||||||
| Current portion of long-term debt | 18 | 2,681 | 3,978 | ||||||||
| Environmental rehabilitation provisions | 8 | 598 | 598 | ||||||||
| Total current liabilities | 17,899 | 17,919 | |||||||||
| Long-term debt | 18 | 511 | 961 | ||||||||
| Environmental rehabilitation provisions | 8 | 5,448 | 5,828 | ||||||||
| Total non-current liabilities | 5,959 | 6,789 | |||||||||
| Total liabilities | 23,858 | 24,708 | |||||||||
| Capital stock | 9 | 60,544 | 55,184 | ||||||||
| Warrants | 11 | 62 | - | ||||||||
| Contributed surplus | 5,876 | 5,708 | |||||||||
| Retained earnings | 19,045 | 22,088 | |||||||||
| Total shareholders’ equity | 85,527 | 82,980 | |||||||||
| Total liabilities and shareholders’ equity | 109,385 | 107,688 | |||||||||
| Approved on behalf of the Board of Directors | |||||||||
| Ignacio Salazar | Chief Executive Officer | Daniel J. Moretti | Chief Financial Officer | ||||||
| Orosur Mining Inc. Condensed Interim Consolidated Statements of Profit (Loss) and Comprehensive Profit (Loss) Thousands of United States Dollars, except for earnings per share amounts | |||||||||||||||
| Note Ref. | Three months ended November 30, | Six months ended November 30, | |||||||||||||
| 2014 ($) | 2013 ($) | 2014 ($) | 2013 ($) | ||||||||||||
| Sales | 17,404 | 20,375 | 33,930 | 43,320 | |||||||||||
| Cost of sales | 20 | (18,925) | (16,194) | (35,399) | (36,093) | ||||||||||
| Gross profit | (1,521) | 4,181 | (1,469) | 7,227 | |||||||||||
| Corporate and administrative expense | (993) | (901) | (1,875) | (1,732) | |||||||||||
| Exploration and evaluation expenses written off | (4) | (374) | (33) | (890) | |||||||||||
| Other income | 200 | 86 | 388 | 126 | |||||||||||
| Finance cost | 19 | (57) | - | (152) | (120) | ||||||||||
| Finance income | 19 | 1 | 1 | 3 | 2 | ||||||||||
| Net foreign exchange gain (loss) | (29) | (285) | 25 | 13 | |||||||||||
| (882) | (1,473) | (1,644) | (2,601) | ||||||||||||
| (Loss) profit before income tax | (2,403) | 2,708 | (3,113) | 4,626 | |||||||||||
| Recovery (Provision) for income taxes | 13 | 1,159 | 829 | 589 | (2,125) | ||||||||||
| Total (loss) profit for the period | (1,244) | 3,537 | (2,524) | 2,501 | |||||||||||
| Other comprehensive loss | |||||||||||||||
| Foreign exchange differences on translating foreign operations | (466) | - | (520) | - | |||||||||||
| Total comprehensive (loss) profit for the period | (1,710) | 3,537 | (3,044) | 2,501 | |||||||||||
| (Loss) profit per common share | |||||||||||||||
| Basic and fully diluted | 17 | (0.02) | 0.05 | (0.04) | 0.03 | ||||||||||
| Orosur Mining Inc. Condensed Interim Consolidated Statements of Cash Flows Thousands of United States Dollars, except where indicated | ||||||||||
|
| Note Ref. | Six months ended November 30,
| ||||||||
| 2014 ($) | 2013 ($) | |||||||||
| Net inflow (outflow) of cash related to the following activities
Cash flow from operating activities | ||||||||||
| Net (loss) profit for the period | (2,524) | 2,501 | ||||||||
| Adjustments to reconcile net income to net cash provided from operating activities: | ||||||||||
| Depreciation | 7,682 | 8,746 | ||||||||
| Exploration and evaluation expenses | 7 | 30 | 39 | |||||||
| Accretion of asset retirement obligation | 8 | 38 | 38 | |||||||
| Deferred income tax assets | 13 | (593) | 2,162 | |||||||
| Stock based compensation | 10 | 74 | 96 | |||||||
| Gain on sale of property, plant and equipment | (156) | 9 | ||||||||
| Others | (190) | 3 | ||||||||
| Subtotal | 4,361 | 13,594 | ||||||||
| Changes in operating assets and liabilities | ||||||||||
| Accounts receivables and other assets | 566 | 240 | ||||||||
| Inventories | (716) | 1,894 | ||||||||
| Trade payables and other accrued liabilities | 650 | (3,423) | ||||||||
| Net cash generated from operating activities | 4,861 | 12,305 | ||||||||
| Cash flow from financing activities | ||||||||||
| Repayment of long-term debt | 18 | (2,508) | (1,985) | |||||||
| Net cash used in financing activities | (2,508) | (1,985) | ||||||||
| Cash flow from investing activities | ||||||||||
| Purchase of property, plant and equipment and development costs | 6 | (4,506) | (1,856) | |||||||
| Environmental tasks | 8 | (419) | (2,276) | |||||||
| Proceeds from the sale of fixed assets | 767 | - | ||||||||
| Exploration and evaluation expenditure assets | 7 | (2,198) | (3,004) | |||||||
| Net cash used in investing activities | (6,356) | (7,136) | ||||||||
| (Decrease) Increase in cash and cash equivalents | (4,003) | 3,184 | ||||||||
| Cash and cash equivalents at the beginning of period | 10,818 | 5,633 | ||||||||
| Cash and cash equivalents at the end of period | 6,815 | 8,817 | ||||||||
| Orosur Mining Inc. Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity Thousands of United States Dollars, except where indicated | ||||||||||||
| Six months ended November 30, | ||||||||||||
| 2014 ($) | 2013 ($) | |||||||||||
|
Capital stock | ||||||||||||
| Balance at beginning of period | 55,184 | 55,184 | ||||||||||
| Issued for Waymar acquisition | 5,360 | - | ||||||||||
| Balance at end of period | 60,544 | 55,184 | ||||||||||
| Broker Warrants | ||||||||||||
| Balance at beginning of period | - | 276 | ||||||||||
| Issued for Waymar acquisition | 62 | - | ||||||||||
| Expiration | - | (276) | ||||||||||
| Balance at end of period | 62 | - | ||||||||||
| Contributed surplus | ||||||||||||
| Balance at beginning of period | 5,708 | 5,534 | ||||||||||
| Employee stock based compensation recognized | 74 | 95 | ||||||||||
| Issued for Waymar acquisition | 94 | - | ||||||||||
| Balance at end of period | 5,876 | 5,629 | ||||||||||
| Retained earnings | ||||||||||||
| Balance at beginning of period | 22,088 | 16,965 | ||||||||||
| Warrant expiration | - | 276 | ||||||||||
| Net loss for the period | (2,524) | 2,501 | ||||||||||
| Currency translation reserve | (520) | - | ||||||||||
| Balance at end of period | 19,045 | 19,742 | ||||||||||
| Shareholders’ equity at end of period | 85,527 | 80,555 | ||||||||||
Contact
Orosur Mining Inc
Ignacio Salazar, + 562 2924 6800
Chief Executive Officer
info@orosur.ca
or
Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson
+44 (0) 20 7894 7000
or
FTI Consulting
Ben Brewerton / Oliver Winters / Sara Powell
+44 (0) 20 3727 1000
