Orosur Mining Inc has received $690,000 from Newmont Colombia.
This cash enables Newmont to maintain earn-in rights under the exploration agreement with venture option over the Anza project in Colombia. Newmont had already funded exploration costs of $310,000. The minimum work commitment was $1m.
There was $548,000 in the bank at the end of August 2019.
The net proceeds of the sale of Loryser’s assets in Uruguay and the issue of ten million Orosur shares will fully satisfy Loryser creditors.
At 3.15p a share, Orosur is valued at £4.7m.
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