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"Orea Obtains Approval of French Sanctions Authorities for Acquisition of 100% of 5 million Ounce Montagne d'Or Gold Deposit
Vancouver, BC, Canada, September 13, 2022, Orea Mining Corp. (“Orea”) (OREA: TSX) (OREAF: OTCQB) (3CG: FSE) is pleased to report that the French government ministry responsible for overseeing matters related to Russian sanctions, has approved the proposed transaction with Nord Gold plc (“Nordgold”), whereby Orea is acquiring Nordgold’s 55.01% interest (for a total of 100%) in the Montagne d’Or joint-venture company in French Guiana, France. Montagne d’Or is a permitting stage, 5-million-ounce open pit gold mine development project with good grade, excellent metallurgy, and considerable potential to increase ounces by infill and expansion drilling. *
Under the terms of the binding letter agreement with Nordgold, there are no up-front payments. Consideration is entirely at the back-end, whereby Orea will only be obligated to pay Nordgold CAN$100 million when Orea receives all permits and authorizations necessary for the construction, operation, production and related sales of a mine that produces a minimum of 100,000 ounces of gold per year. If Nordgold’s shareholders are still under sanctions at the time of the CAN$100 million payment, then the funds will only be processed in compliance with applicable sanction regulations, including being paid to a blocked bank account.
The binding letter agreement is subject to the approval or non-objection of all applicable sanctions authorities, including in France (now obtained), the UK and the United States. Orea intends to fully co-operate with all applicable authorities pertaining to sanctions regulations.
*About Montagne d’Or
Orea is awaiting a decision by the Supreme Court of France regarding the renewal of the Montagne d’Or mining titles (see press release of May 10, 2022). Montagne d’Or is an open pit gold mine development project that hosts Measured Mineral Resources of 10.3 Mt at 1.804 g/t gold (600,000 oz), Indicated Mineral Resources of 74.8 Mt at 1.350 g/t gold (3.25 Moz) and additional Inferred Mineral Resources of 20.2 Mt at 1.48 g/t gold (960,000 oz), prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). The Mineral Resources are confined within a pit shell defined by a gold price of US$1,300/oz and a cut-off grade of 0.4 g/t gold. Mineral Reserves have also been defined with Proven Mineral Reserves of 8.25 Mt at 1.99 g/t gold (530,000 oz) and Probable Mineral Reserves of 45.87 Mt at 1.50 g/t gold (2.2 M oz). The Proven and Probable Mineral Reserves were estimated using a gold price of US$1,200 per ounce at varied cut-off grades from 0.552 to 0.665 g/t gold, dependent on lithological rock types, economics and estimated metallurgical recovery. Montagne d’Or ore can be readily processed to recover the contained gold and silver values using unit operations considered standard to the industry.
Qualified Person
Rock Lefrançois, a 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 100% interest in the world-class Montagne d’Or mine development project. In Suriname, Orea is advancing the Antino gold exploration project through its option agreement to acquire up to a 75% interest, which is subject to approval of certain regulatory authorities.
For more about Orea visit the company’s website at www.oreamining.com
Robert F. Giustra
Chairman
For more information contact:
(604) 418 6560
ir@oreamining.com"
