Orosur Mining Inc. announces
Gladiator earns its first 20% Interest in
Orosur�s Iron Ore Prospects in Uruguay
MONTEVIDEO, Uruguay March 24, 2011. Orosur Mining Inc. (�OMI�
or �the Company�), today announces that further to the option agreement
entered into with Gladiator Resources Limited (�Gladiator�), as announced
August 4, 2010, Gladiator has earned its first 20% interest in the Isla Cristalina iron ore, manganese ore and base metals
prospects in Uruguay after spending in excess of US$1 million in these
prospects.
The option agreement provides for Gladiator to earn
up to an 80% interest by expending US$1 million to earn 20%, a further US$4
million to earn an additional 31% taking its interest to 51% and finally an
additional 29% by preparing a bankable feasibility study. OMI retains the
rights to gold, silver and diamonds over the project area.
David Fowler, Chief Executive Officer of the
Company, commented: �We are very pleased with the progress that Gladiator has
made in the past year since committing to proceed with their option agreement
and the continued aggressive program they have planned and funded for 2011 to
achieve their 51% interest in the project by spending US$ 5 million. Through
the interest that Orosur retains in the project, we
are hopeful that Gladiator�s continued investment will lead to future revenue
for the Company.�
Gladiator�s results can be found at www.asx.com.au under symbol GLA in their quarterly report and in
investor presentations. The initial drill and test results announced to
date by Gladiator have been encouraging, including drilling 60 holes for
3,395 meters yielding the following intersections of interest:
Papagayo:
CPRC 008 � 53m @ 26.5%Fe
CPDD 020 � 39m @ 29.8%Fe
CPDD 018 � 30m @ 33.2%Fe
Iman:
CIDD 023 � 33m @ 29.9%Fe
CIDD 022 � 18m @ 32.4%Fe
CIDD 014 � 16m @ 31.6%Fe
Initial assay results for 11 holes received are
consistent with test work and confirm that a high quality magnetite
concentrate can be produced.
Gladiator expects that the expenditure to earn the
next 31% will be completed during the course of the current calendar year.
Gladiator recently appointed Forbes & Manhattan
to provide them with strategic and corporate development services.
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 Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
About Orosur Mining
Inc.
Orosur Mining Inc. is a fully integrated gold producer and
exploration company focused on identifying and developing gold projects in
Latin 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 and Chile. The Company is quoted in Canada (TSX-Venture
Exchange: OMI) and London (AIM: OMI).
For further information, please contact:
Orosur Mining Inc
David Fowler, CEO: + 598 2 6016354; info@orosur.ca
Ignacio Salazar, CFO + 598 2 6016354; info@orosur.ca
Matrix Corporate Capital LLP (Nominated Adviser
& Broker)
Louis Castro, +44 (0) 203 206 7209
Tim Graham, +44 (0) 203 206 7206
Blythe Weigh Communications (Public Relations and
Investor Relations)
Tim Blythe: +44 (0) 7816 924626
Ana Ribeiro: +44 (0) 7980 321505
Matthew Neal: +44 (0) 7917 800011
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