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Orea Mining Corp. ("Orea") (TSX: OREA) (OTCQB: OREAF) (FSE: 3CG) is a Vancouver-based mining company with a focus on the Montagne d'Or gold mine development project in French Guiana. The company has been engaged in legal battles with the French government regarding the renewal of mineral titles for the project since the expiration in 2018. Orea's management team, led by Chairman Robert Giustra, has been navigating regulatory obstacles in multiple jurisdictions to protect and advance the company's interests in Montagne d'Or. The project hosts significant Measured, Indicated, and Inferred Mineral Resources and Reserves, making it one of the world's most valuable gold mines in development. Orea is committed to completing the acquisition and development of Montagne d'Or to unlock its full potential and deliver value to its shareholders.
Orea Mining Corp. has entered a Purchase Agreement with a subsidiary of IAMGOLD to acquire a 100% interest in the Maripa Gold Project in French Guiana. This agreement allows Orea to issue 6 million common shares to IAMGOLD. As of December 31, 2021, Orea had spent approximately US$2.6 million on exploration at Maripa. The project covers an area of 120 square kilometers and includes several exploration permits. Upon closing, IAMGOLD retains a 1.5% net smelter return royalty. The deal is subject to regulatory approvals, including from the Toronto Stock Exchange.
Orea Mining Corp. has successfully closed its non-brokered private placement, raising gross proceeds of CAD$800,000 by issuing 6,666,667 units at CAD$0.12 per unit. Each unit consists of one common share and a half warrant, with each full warrant allowing the purchase of one share at CAD$0.18 for 18 months. The funds will be used for general working capital. The private placement was oversubscribed, and finders' fees totaled CAD$12,672 for 291,067 shares issued. The securities are subject to a hold period until May 26, 2022.
Orea Mining Corp. announced a non-brokered private placement aimed at raising up to CAD$500,000 through the issuance of 4,166,667 units at CAD$0.12 each. Each unit will include one common share and a half warrant, with full warrants priced at CAD$0.18 exercisable over 18 months. Funds will support general working capital. The placement awaits TSX approval. Orea focuses on gold exploration in the Guiana Shield, including the Montagne d'Or project and other initiatives in French Guiana.
On January 17, 2022, Orea Mining Corp. provided an update regarding the French Government's appeal concerning the renewal of the 5-million-ounce Montagne d'Or Gold Deposit mining titles in French Guiana. The Supreme Court of France is expected to rule after the presidential elections scheduled for April 24, 2022. Previous court decisions favored the joint venture, which Orea owns a 44.99% stake in. Additionally, the JV has appealed for a daily fine of €20,000 (approx. US$23,000) against the French Government for delays. The deposit hosts significant mineral resources, including 3.25 million ounces of gold.
Orea Mining Corp announces the start of a diamond drilling program at the Maripa Gold Project in French Guiana on January 15, 2022. The program includes 10,000 meters of drilling with an initial focus on the Changement gold zone, covering 2,140 meters and a strike extent of 1,050 meters. Historical data indicates a total gold production of approximately 100,000 ounces from the area. Orea holds an option to acquire up to 70% of Maripa, which spans 120 square kilometers and is situated along a national road approximately 60 kilometers from Cayenne.
Orea Mining Corp. announced that the Supreme Court of France has denied a petition from the NGO France Nature Environnement regarding the renewal of the Montagne d'Or Gold Deposit mining titles, where Orea holds a 44.99% interest. The Supreme Court's decision cannot be appealed and follows a rejection of the French Government's appeal by the Bordeaux Court of Appeal in July 2021. If the mining titles are renewed, further regulatory approvals will be required before construction and operation can begin.
Orea Mining Corp. (TSX: OREA) (OTCQX: OREAF) has initiated preparations for a diamond drilling program at the Maripa Gold Project in French Guiana. The State has approved 10,000 meters of diamond drilling, with 1,000 meters scheduled for January 2022 to explore the Changement gold zone. Construction of access roads and drill pads is in progress. Historical mining in the area suggests potential for approximately 100,000 ounces of gold, and Orea's prospecting has revealed high-grade gold assays, reinforcing the site's promise for exploration.
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.
Orea Mining Corp. (TSX: OREA) is aware of media reports regarding a claim filed by two controlling shareholder companies of Nord Gold plc under the Russia-France bilateral investment treaty. The claim seeks US$4.6 billion as compensation for Nordgold's 55.01% stake in the Montagne d'Or gold project in French Guiana. Orea stated it has not received any official notice of this claim and cannot confirm the reports' accuracy. The company will monitor the situation and take necessary actions as required.
Orea Mining Corp. has announced that the French government has filed a final appeal to the French Supreme Court regarding the renewal of the Montagne d'Or Gold Deposit mining titles in French Guiana. The initial court rulings favored the joint venture with Nord Gold, rejecting the government's appeal. The Supreme Court will assess the admissibility of the appeal without new arguments from the government, and initial decisions should remain in effect. Orea holds a 44.99% stake in the project.
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