Orea Mng Corp - OREAF STOCK NEWS

Orea Mining Corp. (OREAF) provides an update on its default status due to international sanctions against joint venture partner Nord Gold plc, leading to the inability to move the Montagne d'Or gold project forward. The company's proposal to acquire Nordgold's interest was not approved by the Canadian government, resulting in the resignation of all officers and directors. Orea will not file its financial statements for the year ended September 30, 2023.

Orea Mining Corp. provides an update on the management cease trade order (MCTO) related to the delayed filing of audited annual financial statements and corresponding management's discussion and analysis. The delays are attributed to the failure to close the Montagne d'Or gold project transaction, resulting in a working capital deficit and staff reduction. Orea is working on completing the Annual Filings and will provide updates as new information becomes available. The MCTO will remain in effect until the filings are completed. There have been no significant business developments or undisclosed material information as of the date of this news release.

Orea Mining Corp. provides an update on the previously disclosed management cease trade order (MCTO) due to delays in filing audited annual financial statements and discussion. The delays are a result of not obtaining Canadian government approval to close the transaction to acquire 100% of the Montagne d'Or gold project, resulting in a working capital deficit and staff reduction. The company is working on completing the Annual Filings and will issue bi-weekly default status reports. There have been no material business developments or other material information relating to its affairs as of the date of this news release.

Orea Mining Corp. (OREA) reports the termination of the Acquisition of Nord Gold plc's interest in the Montagne d'Or gold mine project due to the Canadian government's failure to provide approval. Orea is considering options to protect its 44.99% interest in the project.

Orea Mining Corp. (OREA) announces that the Supreme Court of France has sent the ruling concerning the renewal of the Montagne d'Or mineral titles back to the Court of Appeals. Montagne d'Or is a 5 million ounce open pit gold mine development project with good grade, excellent metallurgy, and considerable potential to increase ounces. Orea and Nordgold completed 7 years of baseline environmental studies and the French government commissioned a taskforce which supported the Montagne d'Or mine development.

Orea Mining Corp. (TSX: OREA, OTCQX: OREAF) announced on February 2, 2023, the appointment of Rock Lefrançois to its board of directors, succeeding Marie-Hélène Bérard. Lefrançois brings 35 years of experience, particularly in overseeing the Montagne d'Or gold deposit, which holds significant resources. He has a track record of managing exploration and development projects. The appointment aims to ensure technical continuity as Orea navigates the permitting stage of Montagne d'Or, which hosts 4.8 million ounces of resources. Bérard's resignation from the board follows a decade of contributions to the company, particularly in French regulatory systems.

Orea Mining Corp. (TSX: OREA, OTCQB: OREAF) announced the successful closing of its non-brokered private placement, which was oversubscribed, raising CAD$1,056,900. A total of 10,569,000 units were issued at CAD$0.10 each, with each unit consisting of one common share and one full warrant, allowing for purchases at CAD$0.15 within a year. The capital will be allocated for general working capital purposes. Additionally, finders' fees amounting to CAD$22,743 were paid, and the securities will be subject to a hold period until May 24, 2023.

Orea Mining Corp. is negotiating with Nord Gold to acquire its 55.01% stake in the Montagne d'Or gold deposit, aiming for full ownership of this 5-million-ounce project in French Guiana. The company is prioritizing this acquisition while cutting costs and initiating a private placement of up to $1 million. Due to sanctions on Nordgold, Orea was granted an extension until August 31, 2022, to unwind its joint venture, allowing for collaboration with legal experts on compliance. The Montagne d'Or project has significant mineral resources and reserves, with ongoing updates expected.

Orea Mining Corp. has successfully closed the first tranche of its private placement, raising gross proceeds of CAD$215,000 through the issuance of 4,300,000 units at a price of CAD$0.05 per unit. This offering allows investors to purchase common shares and warrants, enhancing their potential returns. Proceeds will be primarily utilized to address the impact of sanctions against joint-venture partner Nordgold. One insider participated, and finders' fees of CAD$12,000 were paid. The placement was not registered under U.S. securities laws and cannot be offered in the U.S.