Orea Signs Formal Option Agreement for Antino Gold Project
in Suriname and Commences Exploration
Vancouver, BC, Canada, March 17, 2022, Orea Mining Corp. (“Orea”) (OREA: TSX) (OREAF: OTCQX) (3CG: FSE) is pleased to announce that it has entered into a Formal Option Agreement (“FOA”) to acquire up to a 75% interest in the Antino Gold Project (“Antino”), located in Suriname, South America.
As announced on July 6, 2021, a Binding Term Sheet (“BTS”) was signed to acquire up to a 75% interest in an advanced-stage gold exploration project located in a significant alluvial and small-scale open pit gold mining district in Suriname;
The FOA has been fully executed;
An airborne LiDAR (Light Detection and Ranging) survey covering 110 square kilometers has provided high-resolution topographic data and orthophotos for project development; and
Geological mapping and core relogging of the main open pit mining areas is underway.
Rock Lefrançois, President & CEO of Orea, commented “We are very excited to ramp up our field work and commence exploration at Antino, starting with a low-cost geological model for the planning of the first phase of drilling on priority resource definition targets.”
About Antino
Antino is an advanced stage gold exploration project located in mining friendly Suriname, South America, 275 kilometers southeast of the capital Paramaribo. The project consists of Rights to Exploitation of Gold (Suriname mining titles) covering 200 square kilometers. Under Suriname mining regulations, the mining titles allow for exploration and mining without any additional permits. The project is located in a significant area of alluvial and small-scale open pit gold mining at the intersection of major gold deformation zones known as CGSZ and NSSZ. Past exploration conducted by Canadian junior exploration companies during 1993-97 and 2006-07, including over 30,000 meters of drilling, has provided an excellent database and identified several targets for immediate resource development. A large portion of the project remains underexplored. Accommodations, communications, equipment, machinery, security and personnel have been established at Antino by the optionor, facilitating logistics for exploration.
Antino project location map is available at the following link:
www.oreamining.com/i/nr/2022-03-17-map-antino-location.pdf
Earn-in Terms
Orea to acquire up to a 75% interest and become operator of Antino through three option stages as follows:
First Option Stage for 51% Interest
Orea to acquire an initial 51% interest in Antino within three years of the Commencement Date (defined below) by:
Making cash payments totaling US$1,650,000, of which only US$350,000 is payable within the first year;
Issuing common shares of Orea totaling 3,400,000;
Incurring a minimum of US$6,000,000 in exploration expenditures; and
Completing a NI 43-101 Technical Report containing a minimum of 500,000 oz of gold in any category.
Second Option Stage for an Additional 19% Interest for a Total of 70%
Orea to acquire an additional 19% interest in Antino, for a total of 70%, within two years of completion of the First Option Stage by:
Making cash payments totaling US$1,500,000;
Issuing common shares of Orea totaling 200,000;
Incurring a minimum of US$10,000,000 in exploration expenditures; and
Completing a positive preliminary economic assessment (PEA).
In the event that Orea does not proceed with the completion of the Second Option Stage, Orea will transfer its interest in Antino back to the optionor.
Third Option Stage for an Additional 5% for a Total of 75%
Orea to acquire an additional 5% interest in Antino, for a total of 75%, within three years of completion of the Second Option Stage by:
Incurring a minimum of US$10,000,000 in exploration expenditures; and
Completing a bankable feasibility study (BFS).
The Commencement Date starts when certain conditions have been met, including receiving regulatory approvals required to consummate the transaction, such as stock exchange approval and approvals required by any Government Agency under applicable law.
Upon successful earn-in of Antino, Orea and the Optionor will form a joint venture with the objective of accelerating Antino into commercial production.
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea holds a major interest in the world-class Montagne d’Or mine development project and is also advancing the Maripa gold exploration project. In Suriname, Orea is advancing the Antino gold exploration project through its option agreement to acquire up to a 75% interest.
For more about Orea visit the company’s website at www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1 888-818-1364
ir@oreamining.com
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