Mining, Oil & Gas News & Blog

Orosur Mining Inc. chief executive Ignacio Salazar says that the company plans use its own cash to fund the development of mining operations at its San Gregorio gold mine in Uruguay. The strategy for the company has been that the Uruguayan operations run on the basis of the cash generated in [the country] by our own operations in an interview by Proactive Investor.

“The plan that we are following and the portfolio of projects that we plan to work on…will be funded by our own cash from operations in Uruguay.”

Salazar also explains that the improved gold price means that projects that were previously dropped because they weren’t economically viable, may rear their heads again.

He says: “With the gold price increasing and our unit cost decreasing, some of the pits that we left aside in the last year have become economic again, so that is another source of additional ore and additional projects.”

Salazar adds that Orosur is making “very solid, very sound steps forward” at its Anzá high grade gold project in Colombia.

The miner has been exploring an area between underground deposits in the west and east of the mine and found strong indications of gold in all seven holes it drilled.

Drilling deeper underground in the western section, meanwhile, has shown mineralisation continues at depth while exploration at San Gregorio East returned 'consistent and attractive' intercepts.

Brownfield exploration and re-evaluation at existing pits is also throwing up opportunities for further production, while Orosur is re-interpreting its San Gregorio–Arenal corridor data as a potential 25,000 sqm of further exploration acreage.

Ignacio Salazar, Orosur’s chief executive, said it had been more aggressive with exploration and development this year due to the much better operational performance from the company and higher gold price.

Development of the mining operation at San Gregorio West was also advancing according to plan and on budget, he said, with production due to commence at the end of the second quarter.

The locations adjacent to San Gregorio West, meanwhile, had potential to add reserves, expand the project and improve its economics via additional synergies.

At Anzá in Colombia, a geological model and exploration programme is being prepared after good metallurgical results.

Posted in: Mining

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