VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 2, 2017) - Orla Mining Ltd. (TSX VENTURE:OLA) ("Orla" or the "Company") announces that effective as of January 31, 2017, Orla has unilaterally redeemed, in accordance with their terms, the class A shares issued in connection with the arrangement between Orla and Pershimco Resources Inc., as further described in the management information circulars of each of Orla and Pershimco Resources Inc. each dated October 31, 2016. The condition for conversion of the class A shares into common shares of Orla, being the issuance of the ministerial resolution by the Ministry of Environment of Panama accepting the Environmental and Social Impact Study for the Cerro Quema gold project in Panama, was not satisfied prior to the conversion deadline of January 31, 2017. Accordingly, each class A share has been automatically cancelled and the right to receive common shares of Orla has terminated. Similarly, the bonus options issued to optionholders in connection with the plan of arrangement have also been cancelled in accordance with the terms of the plan of arrangement and are of no further force and effect.
Orla's work towards obtaining the ministerial resolution continues to progress.
On behalf of the Board of Directors,
Marc Prefontaine Director, President & Chief Executive Officer
About Orla Mining Ltd.
Orla Mining is a mineral exploration company led by a group of seasoned mining executives with strong financial backing. The company's focus is to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value. The 100% owned Cerro Quema project in Panama includes a near-term gold production scenario and significant exploration upside. Cerro Quema's 14,800 Ha concession boasts paved road access, a supportive local population and private land ownership. The Cerro Quema project is currently in the last stage of the permitting process for a proposed open pit mine and gold heap leach operation. Please refer to the Cerro Quema Project - Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits dated August 22, 2014, which is available on SEDAR.
The company is actively evaluating other opportunities.
This news release contains certain "forward-looking statements" within the meaning of Canadian and United States securities legislation, including, without limitation, statements with respect to the Company's objectives and strategies. 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 are discussed in this news release, including without limitation, assumptions that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained 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: risks and uncertainties inherent in the preparation of preliminary economic assessments, drill results and the estimation of mineral resources; and risks associated with executing the Company's objectives and strategies, including costs and expenses. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.