Orosur Mining Inc.’s $2 Million Shares Placement

Davis Graham & Stubbs, Brigard Urrutia, Fasken Martineau DuMoulin and Posse Herrera Ruiz advised on the deal

Orosur Mining Inc. (TSX: OMI) (AIM: OMI) has completed a non-brokered private placement of US$2,000,000 with Newmont Mining Corporation (NYSE: NEM) and an exploration agreement with venture option with Newmont Colombia S.A.S., a wholly-owned subsidiary of Newmont, for the Anzá exploration property in Colombia.

The Anzá Project is located in Antioquia, Colombia, and comprises total land holdings of 207.5 km² in exploitation and exploration concessions and concession applications, covering more than a 20 km segment of the prospective Tonusco Fault.

The Exploration and Option Agreement includes a three-phase earn-in structure allowing Newmont to earn up to a 75% ownership interest in the Anzá Project by spending a minimum of US$30.0 million in qualifying expenditures over twelve years, completing an NI 43-101 compliant feasibility study and making cash payments to Orosur equaling a total of US$4.0 million over Phases 1 and 2.

In Phase 1, Newmont may earn a 51% ownership interest by spending US$10.0 million in qualifying expenditures over four years and making cash payments to Orosur equaling a total of US$2.0 million during the first two years of the Phase 1 earn-in period. Upon Newmont’s completion of Phase 1, it may elect, in its sole discretion, to exercise its option to form a joint venture with Orosur.

In Phase 2, Newmont may elect to earn an additional 14% ownership interest in the Anzá Project by sole-funding US$20.0 million in qualifying expenditures within four years, completing an NI 43-101 compliant pre-feasibility study and making cash payments to Orosur equaling a total of US$2.0 million.

In Phase 3, Newmont may elect to earn an additional 10% ownership interest in the Anzá Project by completing an NI 43-101 compliant feasibility study within four years.

Davis Graham & Stubbs advised Newmont Mining Corporation with  Bruce D. Stocks.

In Colombia, Brigard Urrutia advised Newmont Mining Corporation with Carlos Urrutia, Carlos Umaña, Darío Laguado Giraldo, Marianna Boza Morán, Andrés Eduardo Hernández De León, Christian Díaz Ordóñez, Luis Miguel Centanaro Barrera, Mateo Vásquez and Daniel Uribe Correa.

Fasken Martineau DuMoulin advised Orosur Mining Inc. with Nancy Eastman and Mitchell Thaw.
In Colombia, Posse Herrera Ruiz advised Orosur Mining Inc. with Álvaro José Rodríguez and Diana Salazar.

 

 

Involved fees earner: Bruce D. Stocks – Davis Graham & Stubbs; Álvaro José Rodríguez – Posse Herrera Ruiz; Diana Salazar – Posse Herrera Ruiz; Carlos Urrutia Valenzuela – Brigard & Urrutia; Carlos Umaña Trujillo – Brigard & Urrutia; Marianna Boza Morán – Brigard & Urrutia; Darío Laguado Giraldo – Brigard & Urrutia; Christian Díaz Ordóñez – Brigard & Urrutia; Luis Miguel Centanaro – Brigard & Urrutia; Nancy Eastman – Fasken Martineau; Mitchell Thaw – Fasken Martineau;

Law Firms: Davis Graham & Stubbs; Posse Herrera Ruiz; Brigard & Urrutia; Fasken Martineau;

Clients: Newmont Mining Corporation ; Orosur Mining Inc.;