Orea Provides Update on Suriname Gold Project

Rhea-AI Summary

Orea Mining Corp. announced updates on its acquisition of a gold project in Suriname, South America. A binding term sheet was signed to acquire up to a 75% interest in an advanced exploration project in a notable gold mining district. The formal option agreement is near completion, pending discussions on a shareholders' agreement. Data acquisition began with a high-resolution topographic survey covering 110 square kilometers. Geological surveys are set for Q1-2022 to prepare for core drilling on resource targets.

Positive

• Signed a binding term sheet to acquire up to a 75% interest in a gold project.
• Completion of a high-resolution topographic and orthophotography survey over 110 square kilometers.
• Geological surveys planned for Q1-2022 in preparation for core drilling.

Negative

• None.

VANCOUVER, BC, Dec. 1, 2021 /PRNewswire/ - Orea Mining Corp. ("Orea") (TSX: OREA) (OTCQX: OREAF) (FSE: 3CG) is pleased to provide an update on the acquisition of a gold project in Suriname, South America:

• As announced on July 6^th, a binding term sheet was signed to acquire up to a 75% interest in an advanced-stage exploration project located in a significant alluvial and small-scale open pit gold mining district in Suriname;
  
  
• Orea and the optionor have substantially finalized the formal option agreement; the signing of the agreement is pending final discussions on a form of shareholders' agreement;
  
  
• Data acquisition over the project area commenced with the completion of a high-resolution topographic and orthophotography survey;
  
  
• Geological surveys are planned for Q1-2022 in preparation for a core drilling program on select resource definition targets.

A LiDAR (Light Detection and Ranging) airborne topographic and orthophotography survey was conducted in November. The survey covered 110 square kilometers, encompassing the main open pit mining areas on the project. The processed survey data will provide high-resolution 3D mapping of the surface at 20 pts/m² combined with aerial imagery at 10 cm pixel resolution, able to detect microreliefs. The survey data will be key for mapping mine pits and workings, exploration trenches and geological structures with minute accuracy. Field mapping and core relogging are planned for Q1-2022 to produce 3D geological and structural models of the main mining areas in preparation for a core drilling programs on select resource definition targets.

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 and Suriname gold exploration projects.

For more about Orea visit the company's website at www.oreamining.com

ON BEHALF OF THE BOARD:

Rock Lefrançois
President & CEO

Forward-looking statements

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements"). Forward-looking statements relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "budget", "plan", "estimate", continue", "forecast", "believe", "predict", "potential", "target", "would", "might", "will", and similar words, expressions or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the Company's plans to construct and develop the Montagne d'Or project, including anticipated timing thereof; the satisfaction of regulatory requirements in respect of the permitting and construction of the Montagne d'Or project, including but not limited to, the submission and processing of mine permit applications, the timing thereof and the timing of completion of environmental and engineering studies; the Company's ability to renew the concessions for the Montagne d'Or project and to comply with the conditions thereof; economic analysis for the Montagne d'Or project and related exploration objectives and plans; the conversion of mineral resources into mineral reserves and the conversion of inferred mineral resources into higher resource classification categories; the Company's objective of become an emerging gold producer; the acquisition of exploration projects including terms of acquisition, exploration or development plans, intentions to acquire additional exploration or development interests and the implications thereof; the production capacity and potential of future plant and equipment; future exploration and mine plans, objectives and expectations and corporate planning of the Company, future studies and environmental impact statements and the timetable for completion and content thereof and statements as to management's expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Such assumptions and analyses are made by the Company's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are reasonable and appropriate in the circumstances. All assumptions and analyses are those of the Company's. There can be no assurance that such statements will prove to be accurate. Forward-looking statements are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including compliance by the Company with regulatory and permitting requirements applicable in French Guiana, the sufficiency of Company's working capital; the Company's ability to secure additional funding for the continued exploration and development of its properties; the price of gold and other metals; and the Company's ability to retain key personnel. You are hence cautioned not to place undue reliance on forward-looking statements.

Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, political and economic risks in France, political and economic risks in French Guiana, risks related to the renewal applications for the Montagne d'Or concessions and the possible outcomes thereof; possible negative outcomes of any appeals from the decision of the Administrative Court of Cayenne in French Guiana; regulatory risk including but not limited to unforeseen changes in regulatory requirements, the Company's ability to enforce its contractual and other legal rights to explore and exploit its properties, risks related to exploration and development, permitting and licensing risk, the estimation of mineral resources and mineral reserves and related interpretations and assumptions, future profitability of the Company, the ability to obtain additional financing on a timely basis, the price of gold and marketability thereof, government regulations including with respect to taxes, royalties, land tenure and land use, title to the Company's properties, currency exchange rates and fluctuations, environmental risks, dilution resulting from the issuance of additional securities of the Company, joint venture risks, reliance on Nord Gold plc as operator of the Montagne d'Or project, the availability of equipment, conflicts of interest, competition in the mining industry, uninsured risks, market fluctuations, global financial conditions, credit risk and risks arising from pandemics and epidemics such as the COVID-19 pandemic. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the "Risk Factors" section in Company's annual information form dated December 11, 2020 for the year ended September 30, 2020 ("AIF").

Readers are further cautioned that the list of factors enumerated in the "Risk Factors" section of the AIF that may affect future results is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

View original content to download multimedia:https://www.prnewswire.com/news-releases/orea-provides-update-on-suriname-gold-project-301434966.html

SOURCE Orea Mining Corp.

FAQ

What acquisition update did Orea Mining Corp. announce on December 1, 2021?

Orea Mining Corp. announced the signing of a binding term sheet to acquire up to a 75% interest in a gold project in Suriname, with a formal option agreement nearing completion.

What kind of survey did Orea Mining conduct for its Suriname project?

Orea Mining conducted a high-resolution topographic and orthophotography survey covering 110 square kilometers to aid in the mapping of mining areas.

What are the next steps for Orea Mining's Suriname project after the survey?

Geological surveys are planned for Q1-2022, which will help prepare for core drilling on select resource definition targets.

How will the survey data benefit Orea Mining Corp.?

The survey data will provide high-resolution 3D mapping essential for accurately detecting mine pits, geological structures, and supporting future exploration activities.