VANCOUVER, BC, April 27, 2021 /CNW/ - Orla Mining
Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is
pleased to announce that the Company has completed the third and
final tranche drawdown of US$50
million on its previously announced Project Finance Facility
("Credit Facility"). The funds will be used towards the development
of the Camino Rojo Oxide Gold Project ("Camino Rojo") located in
Zacatecas State, Mexico.
The full US$125 million Credit
Facility has been drawn. The term of the facility is five years
with maturity in December 2024 and
bears interest at 8.8% per annum.
2021 Annual and Special Meeting of Shareholders
The Company's annual and special meeting (the "Meeting") of the
holders of common shares ("Shareholders") will be held on
May 14th, 2021 at
9:00 a.m. (Vancouver time). As part of continued efforts
to prevent the transmission of COVID-19 and mitigate risks to the
health and safety of our communities, Shareholders, employees and
other stakeholders, Orla will hold the Meeting this year in a
virtual-only format, which will be conducted via conference call,
together with a live webcast. Details are as follows:
Toll-free dial-in
number:
877-407-6184
Webcast:
https://78449.themediaframe.com/dataconf/productusers/ola/mediaframe/43841/indexl.html
Orla's Notice of Annual and Special Meeting and Management
Information Circular and Annual Information Form ("AIF") are
available on the Company's website at
https://www.orlamining.com/investors/annual-filings/ and have
been filed on SEDAR on EDGAR under the Company's profile at
www.sedar.com and www.sec.gov, respectively. The Company's
40-F, containing its AIF, Audited Annual Financial Statements, and
MD&A, has also been filed and is available under the Company's
profile on EDGAR.
Shareholders may also receive a copy of the Company's audited
financial statements without charge upon request by e-mail at
info@orlamining.com.
About Orla Mining Ltd.
Orla is developing the Camino Rojo Oxide Gold Project, an
advanced gold and silver open-pit and heap leach project, located
in Zacatecas State, Central
Mexico. The project is 100% owned by Orla and covers over
160,000 hectares. The technical report for the 2021 Feasibility
Study 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. The technical
report is also available on Orla's website at www.orlamining.com.
Orla also owns 100% of the Cerro Quema Project located in
Panama which includes a near-term
gold production scenario and various exploration targets. The Cerro
Quema Project is 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 15, 2014,
which is also available on SEDAR at www.sedar.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 with
respect to the use of funds, the Company's construction and
operation of projects, as well as its 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 were made, including without
limitation, that there will be no material adverse change affecting
the Company or its properties; that all required approvals will be
obtained; 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: risks related to uncertainties inherent in the
preparation of feasibility studies, including but not limited to,
assumptions underlying the production estimates not being realized,
changes to the cost assumptions, variations in quantity of
mineralized material, grade or recovery rates, changes to
geotechnical or hydrogeological considerations, failure of plant,
equipment or processes, changes to availability of power or the
power rates, ability to maintain social license, changes to
interest or tax rates, changes in project parameters, delays and
costs inherent to consulting and accommodating rights of local
communities, environmental risks, title risks, commodity price and
exchange rate fluctuations, risks relating to COVID-19, delays in
or failure to receive access agreements or amended permits, risks
inherent in the estimation of mineral reserves and mineral
resources; and risks associated with executing the Company's
objectives and strategies, including costs and expenses, 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 29,
2021, 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
We prepare our financial statements, which are incorporated
by reference herein, in United
States dollars and in accordance with International
Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board which differs from US
generally accepted accounting principles ("US GAAP") in certain
material respects, and thus are not directly comparable to
financial statements prepared in accordance with US GAAP.
The disclosure in this release uses mineral reserve and
mineral resource classification terms that comply with reporting
standards in Canada, and mineral
reserve and mineral resource estimates are made in accordance with
Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy
and Petroleum — CIM Definition Standards on Mineral Resources and
Mineral Reserves, adopted by the CIM Council, as amended (the "CIM
Definition Standards"). These standards differ significantly from
the mineral reserve disclosure requirements of the United States
Securities Exchange Commission (the "SEC") set forth in Industry
Guide 7. Consequently, information regarding mineralization
contained in this release is not comparable to similar information
that would generally be disclosed by U.S. companies in accordance
with the rules of the SEC. In particular, the SEC's Industry Guide
7 applies different standards in order to classify mineralization
as a reserve. Accordingly, mineral reserve estimates contained or
referenced in this release may not qualify as "reserves" under SEC
standards. In addition, this release uses the terms "measured
mineral resources," "indicated mineral resources" and "inferred
mineral resources" to comply with the reporting standards in
Canada. The SEC does not currently
recognize mineral resources and U.S. companies are generally not
permitted to disclose mineral resources of any category in
documents they file with the SEC. Investors are specifically
cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted into mineral
reserves as defined in NI 43-101 or Industry Guide 7. Further,
"inferred mineral resources" have a great amount of uncertainty as
to their existence and as to whether they can be mined legally or
economically. Therefore, investors are also cautioned not to assume
that all or any part of an inferred resource could ever be mined
economically. It cannot be assumed that all or any part of
"measured mineral resources," "indicated mineral resources," or
"inferred mineral resources" will ever be upgraded to a higher
category. Investors are cautioned not to assume that any part of
the reported "measured mineral resources," "indicated mineral
resources," or "inferred mineral resources" in this release is
economically or legally mineable. The SEC has adopted amendments to
its disclosure rules to modernize the mineral property disclosure
requirements for issuers whose securities are registered with the
SEC under the Securities Exchange Act of 1934 ("Exchange Act").
These amendments became effective February
25, 2019 (the "SEC Modernization Rules") but as a foreign
private issuer that files its annual report on Form 40-F with the
SEC pursuant to the multi-jurisdictional disclosure system, the
Company 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. Investors are specifically
cautioned that there are also significant 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" or other measures 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. For the above reasons, information contained in this
presentation containing descriptions of our mineral reserve and
mineral resource estimates is not comparable to similar information
made public by U.S. companies subject to reporting and disclosure
requirements of the SEC under either Industry Guide 7 or SEC
Modernization Rules.
SOURCE Orla Mining Ltd.
