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Orosur to fund operations at San Gregorio using its own cash

Thursday, October 13, 2016 1:21
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Orosur Mining Inc. (LON:OMI, CVE:OMI) chief executive Ignacio Salazar says that the company plans use its own cash to fund the development of mining operations at its San Gregorio gold mine in Uruguay.

“The strategy for the company has been that the Uruguayan operations run on the basis of the cash generated in [the country] by our own operations,” Salazar tells Proactive.

“The plan that we are following and the portfolio of projects that we plan to work on…will be funded by our own cash from operations in Uruguay.”

Salazar also explains that the improved gold price means that projects that were previously dropped because they weren’t economically viable, may rear their heads again.

He says: “With the gold price increasing and our unit cost decreasing, some of the pits that we left aside in the last year have become economic again, so that is another source of additional ore and additional projects.”

Salazar adds that Orosur is making “very solid, very sound steps forward” at its Anzá high grade gold project in Colombia.

Story by ProactiveInvestors

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