VANCOUVER, BC, Oct. 11,
2022 /CNW/ - Orla Mining Ltd. (TSX: OLA)
(NYSE: ORLA) ("Orla" or the "Company") today is pleased to provide
an interim operational update for the third quarter ended
September 30, 2022.
CAMINO ROJO OXIDE MINE OPERATIONAL UPDATE
- Camino Rojo Oxide Mine gold production totalled 28,876 ounces
for the third quarter 2022, and 77,580 ounces year to date.
- Gold production guidance for the full year 2022 has been
increased to 100,000 to 110,000 ounces from 90,000 to 100,000
ounces.
- Camino Rojo's processing throughput for the third quarter
averaged 19,200 tonnes per day, exceeding nameplate capacity of
18,000 tonnes per day.
- Cash position of $89 million at
September 30, 2022, an increase of
$23 million during the third
quarter.
Mining and
Processing Totals
|
|
Q3
2022
|
YTD
2022
|
Ore Mined
|
tonnes
|
2,167,028
|
6,072,010
|
Ore -
processed
|
tonnes
|
1,739,673
|
4,801,952
|
Low Grade Ore -
stockpiled
|
tonnes
|
427,355
|
1,270,058
|
Waste Mined
|
tonnes
|
1,964,871
|
3,978,936
|
Total Mined
|
tonnes
|
4,131,899
|
10,050,946
|
Strip Ratio
|
w:o
|
0.91
|
0.66
|
Total Ore Mined Gold
Grade
|
g/t
|
0.77
|
0.72
|
Ore -
processed
|
g/t
|
0.88
|
0.83
|
Low Grade Ore -
stockpiled
|
g/t
|
0.32
|
0.34
|
|
|
|
|
Ore Crushed
|
tonnes
|
1,721,206
|
4,740,996
|
Ore Stacked
|
tonnes
|
1,766,419
|
5,079,687
|
Stacked Ore Gold
Grade
|
g/t
|
0.88
|
0.83
|
Gold
Produced
|
oz
|
28,876
|
77,580
|
|
|
|
|
Daily Stacked
Throughput Rate – Average*
|
tpd
|
19,200
|
17,799
|
Daily Stacked
Throughput / Nameplate Capacity
|
%
|
107 %
|
99 %
|
Total Crushed Ore
Stockpile
|
tonnes
|
192,176
|
Total Crushed Ore
Stockpile Au Grade
|
g/t
|
0.87
|
Total ROM Ore
Stockpile**
|
tonnes
|
1,669,927
|
Total ROM Ore Stockpile
Grade
|
g/t
|
0.35
|
*Average stacking rate
calculation excludes truck-stacked overliner material (0 tonnes for
Q3 2022 and 220,432 tonnes for YTD 2022).
|
**ROM ore stockpile
includes mined ore but yet crushed, and low-grade
stockpiles.
|
THIRD QUARTER 2022 CONFERENCE
CALL
Orla will host a conference call on Friday, November 11, 2022, at 10:00 AM, Eastern Time, to provide a corporate
update following the release of its financial and operating results
for the third quarter 2022:
Dial-In Numbers:
Conference ID: 5844017
Toll Free: 1
(888) 550-5302
International: 1 (646) 960-0685
Webcast: https://orlamining.com/investors/presentations-and-events/
Qualified Persons Statement
The scientific and technical information related to Camino Rojo
in this news release was reviewed and approved by Mr. J.
Andrew Cormier, P. Eng., Chief
Operating Officer of the Company, who is the Qualified Person as
defined under NI 43-101 standards.
About Orla Mining Ltd.
Orla is operating the Camino Rojo Oxide Gold Mine, a gold and
silver open-pit and heap leach mine, located in Zacatecas State,
Mexico. The property is 100% owned
by Orla and covers over 160,000 hectares. The technical report for
the 2021 Feasibility Study on the Camino Rojo oxide gold project
entitled "Unconstrained Feasibility Study NI 43-101 Technical
Report on the Camino Rojo Gold Project – Municipality of
Mazapil, Zacatecas, Mexico"
dated January 11, 2021, is available
on SEDAR and EDGAR under the Company's profile at
www.sedar.com and www.sec.gov, respectively. Orla also owns
100% of Cerro Quema located in Panama which includes a gold production
scenario and various exploration targets. Cerro Quema is a proposed
open pit mine and gold heap leach operation. The technical report
for the Pre-Feasibility Study on the Cerro Quema oxide gold project
entitled "Project Pre-Feasibility Updated NI 43-101
Technical Report on the Cerro Quema Project, Province of
Los Santos, Panama" dated January 18, 2022, is
available on SEDAR and EDGAR under the Company's profile at
www.sedar.com and www.sec.gov, respectively. Orla also owns
100% of the South Railroad Project, a feasibility-stage, open pit,
heap leach project located on the Carlin trend in Nevada. The technical report for the 2022
Feasibility Study entitled "South Railroad Project, Form
43-101F1 Technical Report Feasibility Study, Elko County, Nevada" dated March 23, 2022, is available on SEDAR and EDGAR
under Gold Standard Ventures Corp.'s profile at www.sedar.com and
www.sec.gov, respectively. The technical reports are available on
Orla's website at www.orlamining.com.
Forward-looking Statements
This news release contains 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 Exchange Act of 1934, as amended,
the United States Private Securities Litigation Reform Act of 1995,
or in releases made by the United States Securities and Exchange
Commission, all as may be amended from time to time, including,
without limitation, statements regarding the Company's gold
production guidance. Forward-looking statements are
statements that are not historical facts which address events,
results, outcomes or developments that the Company expects to
occur. Forward-looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made and they involve a number of risks and
uncertainties. Certain material assumptions regarding such
forward-looking statements were made, including without limitation,
assumptions regarding the price of gold, silver, and copper; the
accuracy of mineral resource and mineral reserve estimations; that
there will be no material adverse change affecting the Company or
its properties; that all required approvals will be obtained,
including concession renewals and permitting; that political and
legal developments will be consistent with current expectations;
that currency and exchange rates will be consistent with current
levels; and that there will be no significant disruptions affecting
the Company or its properties. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements involve
significant known and unknown risks and uncertainties, which could
cause actual results to differ materially from those anticipated.
These risks include, but are not limited to: uncertainty and
variations in the estimation of mineral resources and mineral
reserves, including risks that the interpreted drill results may
not accurately represent the actual continuity of geology or grade
of the deposit, bulk density measurements may not be
representative, interpreted and modelled metallurgical domains may
not be representative, and metallurgical recoveries may not be
representative; the Company's reliance on Camino Rojo and risks
associated with its start-up phase; financing risks and access to
additional capital; risks related to natural disasters, terrorist
acts, health crises and other disruptions and dislocations,
including by the COVID-19 pandemic; risks related to the Company's
indebtedness; success of exploration, development, and operation
activities; foreign country and political risks, including risks
relating to foreign operations and expropriation or nationalization
of mining operations; concession risks; permitting risks;
environmental and other regulatory requirements; delays in or
failures to enter into a subsequent agreement with Fresnillo Plc
with respect to accessing certain additional portions of the
mineral resource at Camino Rojo and to obtain the necessary
regulatory approvals related thereto; the mineral resource
estimations for Camino Rojo being only estimates and relying on
certain assumptions; the Layback Agreement with Fresnillo Plc
remaining subject to the transfer of surface rights; delays in or
failure to get access from surface rights owners; risks related to
guidance estimates and uncertainties inherent in the preparation of
feasibility and pre-feasibility studies, including but not limited
to, assumptions underlying the production estimates not being
realized, changes to the cost of production, variations in quantity
of mineralized material, grade or recovery rates, geotechnical or
hydrogeological considerations during mining differing from what
has been assumed, failure of plant, equipment or processes, changes
to availability of power or the power rates, ability to maintain
social license, changes to exchange, interest or tax rates, cost of
labour, supplies, fuel and equipment rising, changes in project
parameters, delays, and costs inherent to consulting and
accommodating rights of local communities; uncertainty in estimates
of production, capital, and operating costs and potential
production and cost overruns; the fluctuating price of gold,
silver, and copper; global financial conditions; uninsured risks;
competition from other companies and individuals; uncertainties
related to title to mineral properties; conflicts of interest;
risks related to compliance with anti-corruption laws; volatility
in the market price of the Company's securities; assessments by
taxation authorities in multiple jurisdictions; foreign currency
fluctuations; the Company's limited operating history; risks
related to the Company's history of negative operating cash flow;
litigation risks; intervention by non-governmental organizations;
outside contractor risks; risks related to historical data; unknown
labilities in connection with acquisitions; the Company's ability
to identify, complete, and successfully integrate acquisitions;
dividend risks; risks related to the Company's foreign
subsidiaries; risks related to the Company's accounting policies
and internal controls; the Company's ability to satisfy the
requirements of the Sarbanes-Oxley Act of 2002; enforcement of
civil liabilities; the Company's status as a passive foreign
investment company for U.S. federal income tax purposes;
information and cyber security; gold industry concentration;
shareholder activism; risks associated with executing the Company's
objectives and strategies, as well as those risk factors discussed
in the Company's most recently filed management's discussion and
analysis, as well as its annual information form dated March 18, 2022, which are available on
www.sedar.com and www.sec.gov. Except as required by the securities
disclosure laws and regulations applicable to the Company, the
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change.
Cautionary Note to U.S. Readers
This news release has been prepared in accordance with
Canadian standards for the reporting of mineral resource and
mineral reserve estimates, which differ from the previous and
current standards of the United
States securities laws. In particular, and without limiting
the generality of the foregoing, the terms "mineral reserve",
"proven mineral reserve", "probable mineral reserve", "inferred
mineral resources,", "indicated mineral resources," "measured
mineral resources" and "mineral resources" used or referenced
herein and the documents incorporated by reference herein, as
applicable, are Canadian mineral disclosure terms as defined in
accordance with Canadian National Instrument 43-101 — Standards of
Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended (the "CIM Definition
Standards").
For United States reporting
purposes, the United States Securities and Exchange Commission (the
"SEC") has adopted amendments to its disclosure rules (the "SEC
Modernization Rules") to modernize the mining property disclosure
requirements for issuers whose securities are registered with the
SEC under the Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules
more closely align the SEC's disclosure requirements and policies
for mining properties with current industry and global regulatory
practices and standards, including NI 43-101, and replace the
historical property disclosure requirements for mining registrants
that were included in SEC Industry Guide 7. Issuers were required
to comply with the SEC Modernization Rules in their first fiscal
year beginning on or after January 1,
2021. As a foreign private issuer that is eligible to file
reports with the SEC pursuant to the multi-jurisdictional
disclosure system, the Corporation is not required to provide
disclosure on its mineral properties under the SEC Modernization
Rules and will continue to provide disclosure under NI 43-101 and
the CIM Definition Standards. Accordingly, mineral reserve and
mineral resource information contained or incorporated by reference
herein may not be comparable to similar information disclosed by
United States companies subject to
the United States federal
securities laws and the rules and regulations thereunder.
As a result of the adoption of the SEC Modernization Rules,
the SEC now recognizes estimates of "measured mineral resources",
"indicated mineral resources" and "inferred mineral resources." In
addition, the SEC has amended its definitions of "proven mineral
reserves" and "probable mineral reserves" to be "substantially
similar" to the corresponding CIM Definition Standards that are
required under NI 43-101. While the SEC will now recognize
"measured mineral resources", "indicated mineral resources" and
"inferred mineral resources", U.S. investors should not assume that
all or any part of the mineralization in these categories will be
converted into a higher category of mineral resources or into
mineral reserves without further work and analysis. Mineralization
described using these terms has a greater amount of uncertainty as
to its existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, U.S. investors are
cautioned not to assume that all or any measured mineral resources,
indicated mineral resources, or inferred mineral resources that the
Company reports are or will be economically or legally mineable
without further work and analysis. Further, "inferred mineral
resources" have a greater amount of uncertainty and as to whether
they can be mined legally or economically. Therefore, U.S.
investors are also cautioned not to assume that all or any part of
inferred mineral resources will be upgraded to a higher category
without further work and analysis. Under Canadian securities laws,
estimates of "inferred mineral resources" may not form the basis of
feasibility or pre-feasibility studies, except in rare cases. While
the above terms are "substantially similar" to CIM Definitions,
there are differences in the definitions under the SEC
Modernization Rules and the CIM Definition Standards. Accordingly,
there is no assurance any mineral reserves or mineral resources
that the Company may report as "proven mineral reserves", "probable
mineral reserves", "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources" under NI 43-101 would
be the same had the Company prepared the reserve or resource
estimates under the standards adopted under the SEC Modernization
Rules or under the prior standards of SEC Industry Guide 7.
SOURCE Orla Mining Ltd.