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VANCOUVER, BC, Dec. 18, 2023 /PRNewswire/ — Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) (“Orla” or the “Company”) states that the Ministry of Commerce and Industry of Panama (“MICI”) has rejected the requests for the expansion of the 3 mining concessions that make up the Company’s Cerro Quema assignment, declared the concessions cancelled and declared the concessions to be a reserve zone.
While the Company regrets this resolution through the Government of Panama, the Company will continue to monitor developments in Panama, which remain dubious and rapidly evolving. However, until the Company has greater certainty in relation to the mining concessions, as well as fiscal and legal stability. in Panama, the Company will not assume any additional expenses for the advancement of the Cerro Quema project. The Company will explore all available legal remedies to protect its former investments and potentially generate more prices for its shareholders, in addition to taking steps to protect its rights under foreign law.
The Cerro Quema Project is located on the Azuero Peninsula, Los Santos Province, southwest of Panama, approximately forty-five kilometers southwest of the city of Chitré. The assignment includes an open-pit prefeasibility and heap heap leaching task, a copper-gold sulphide resource and exploration targets. The Company believes that the Cerro Quema Project can make a significant social and economic contribution to host communities. To date, the Company has invested more than US$120 million in Panama and, if built, the Cerro Quema assignment is expected to create employment and skills progression opportunities, and provide tax, royalty and royalty benefits. and other tax benefits for host communities and governments.
On November 3, 2023, the National Assembly of Panama passed Law 407, which instituted a moratorium on granting, renewing, or extending concessions for the exploration, extraction, transportation or exploitation of metal mining in Panama. The Company continued to monitor the impact of Law 407 and other developments in Panama on the Cerro Quema Project. On December 15, 2023, Minera Cerro Quema, S.A., the Company’s subsidiary, received three resolutions from MICI. The resolutions rejected the request for extension for the concessions, declared the concessions canceled due to expiration and declared the area comprising the concessions to be a reserve area under the Panamanian mining code. Under the Panamanian mining code, MICI is prohibited from granting mining concessions for exploration or extraction on a reserve area.
About Orla Mining Ltd.
Orla’s business strategy is to acquire, expand and commission mineral tenements where the company’s expertise can generate value for stakeholders. The Company has 3 significant gold assignments: (1) Camino Rojo, located in the state of Zacatecas, Mexico, (2) Ferrocarril del Sur, located in Nevada, United States, and (3) Cerro Quema, located in the province of The Saints. , Panama. Orla operates the Camino Rojo oxide gold mine, an open pit heap leach gold and silver mine. The assets are wholly owned through Orla and cover more than 160,000 hectares comprising significant oxide and sulphide mineral resources. Orla also owns 100 percent of Cerro Quema located in Panama, which includes a pre-feasibility phase, an open pit and heap leach gold allocation, a copper-gold sulfide resource and exploration targets. Orla also owns 100 percent of the Ferrocarril Sur Project, an open pit gold and heap leach allocation in the feasibility phase, located in the Carlin Corridor in Nevada. Technical reports on the Company’s significant allocations are available on Orla’s online page at www. orlamining. com, and on SEDAR+ and EDGAR under the Company’s profile at www. sedarplus. ca and www. sec. gov , respectively.
Forward-looking Statements
This press release includes certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Securities Law. Exreplace Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in press releases issued through the United States Securities and Exchange Commission, all of which may be amended from time to time. Matrix that adds statements related to the Company’s strategy. In Panama. and the expected benefits of the Cerro Quema project. Forward-looking statements are statements that are not past facts and that address events, effects or progressions that the Company expects to occur. Forward-looking statements are based on the Company’s beliefs, estimates and reviews of control as of the date the statements are made and involve a number of threats and uncertainties. Certain general assumptions have been made relating to such forward-looking statements, including, among others, assumptions relating to: the impact of political, legal and social developments in Panama; the long-term value of gold, silver and copper; the Company’s expected charges and its ability to fund its programs; the Company’s ability to interact in exploration, progression and mining activities; tonnage of ore to be extracted and processed; mineral grades and recoveries; decommissioning and recovery estimates; the Company’s ability to secure and comply with its legal responsibilities under proprietary agreements, including the severance agreement with Fresnillo plc; that all positions on the Company’s credit line will be satisfied; the timing and effects of drilling programs; estimates of mineral reserves and mineral resources and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company’s mineral properties; that political and legal advances conform to existing expectations; timely receipt of required approvals and authorizations, addition of required approvals and authorizations for permitting, successful structure and operation of projects; synchronization of money flows; charges for operating and exploration expenses; the Company’s ability to operate safely, successfully and effectively; the Company’s ability to obtain financing as needed and on moderate terms; the effect of the COVID-19 pandemic on the Company’s operations; that the Company’s activities will be consistent with the Company’s public statements and stated objectives; and that there will be no adverse replacements or discontinuations of curtains affecting the Company or its properties. Therefore, there can be no assurance that such statements will prove to be accurate and of real effect, and long-term developments may also differ superficially from those anticipated in such statements. Forward-looking statements involve known and unknown life threats and uncertainties, which may also cause actual effects to differ materially from those anticipated. These threats include, among others: insecurity and diversifications in the estimation of mineral resources and mineral reserves; the Company’s dependence on the Camino Rojo oxide mine; threats related to the Company’s debt; threats related to exploration, progression and exploitation activities; threats such as natural disasters, terrorist acts, health crises and other disruptions and upheavals, in addition to the COVID-19 pandemic; political and foreign country threats, adding relevant threats with operations abroad and expropriation or nationalization of mining operations and relevant threats with operations in Mexico and Panama; threats of concession in the Cerro Quema project; delays in unloading or inability to unload governmental entry permits, or failure to comply with entry permits; environmental and other regulatory needs; delays or inability to enter into an upcoming agreement with Fresnillo plc relating to access to additional safe quantities of the mineral resources of the Camino Rojo Project and the discharge of mandatory regulatory approvals in connection therewith; mineral resource estimates for the Camino Rojo Project are estimates only and are based on safe assumptions; loss, delays or inability to download access by surface rights owners; insecurities related to mineral asset titles; water rights; threats to financing and access to more capital; threats related to indicative estimates and uncertainties inherent in the preparation of feasibility and pre-feasibility studies; uncertainty in estimates of production, capital and operating costs and potential production and cost overruns; fluctuating values of gold, silver and copper; unknown procurement-like responsibilities; global monetary situations; threats without insurance; climate replaces threats; festival of other companies and individuals; conflicts of interest; similar threats to compliance with anti-corruption legislation; volatility in the market value of the Company’s securities; testing across tax governance in multiple jurisdictions; foreign currency fluctuations; the Company’s limited operating history; threats of litigation; the Company’s ability to successfully identify, consummate and integrate acquisitions; intervention of non-governmental organizations; threats related to external contractors; threats to ancient knowledge; that the Company has not distributed dividends; threats related to the Company’s foreign subsidiaries; similar threats to the Company’s accounting policies and internal controls; the Company’s ability to meet the requirements of the Sarbanes-Oxley Act of 2002; execution of civil liabilities; the Company’s standing as a passive foreign investment corporation for U. S. federal income tax purposes; information and cybersecurity; concentration of the gold industry; shareholder activism; and relevant threats to the execution of the Company’s objectives and strategies; as well as the threat points discussed in the Company’s recently filed maximum MD&A as well as its annual filing report dated March 20, 2023, which are available at www. sedarplus. ca and www. sec. gov. Except as required by securities disclosure laws and regulations applicable to the Company, the Company assumes no legal responsibility to update such forward-looking statements if beliefs, estimates or control reviews, or otherwise, should be superseded.
SOURCE Orla Mining Ltd.
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