In This Article:
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2024) - Orea Mining Corp. (TSX: OREA) (OTCQB: OREAF) (FSE: 3CG) ("Orea" or the "Company") is providing an update to its default status report last filed on January 30, 2023. The Company reports that it has exhausted all possible options to move the Company and the Montagne d'Or gold project forward due to the extenuating circumstances resulting from international sanctions imposed against its joint venture partner Nord Gold plc ("Nordgold").
Nordgold is solely responsible under the terms of the joint venture to fund all project expenditures, with Orea being fully carried. Nordgold has not provided funding in nearly 2 years since the Russian invasion of the Ukraine, and under sanctions regulations, Orea is also restricted from directly funding Montagne d'Or expenditures. Orea's proposal to acquire Nordgold's 55.01% interest in Montagne d'Or received approvals or non-objections from all applicable jurisdictions but was not approved by the Canadian government. Orea's situation has become untenable with no viable legal path for Orea to advance the Montagne d'Or project in the absence of Canadian government approval.
Effective immediately, all officers including the CEO, CFO and Corporate Secretary have resigned, and all directors have also resigned from the board. Prior to its resignation, the Board appointed Danielle Sweeting as an authorized signatory. Mrs. Sweeting will be identifying suitable professionals and advisors to proceed, if applicable, with the orderly wind-up of the Company. Mrs. Sweeting is a long-time employee, familiar with all of the Company's systems and records.
Further, the Company advises that it will not be filing its audited annual financial statements and corresponding management's discussion and analysis, and the Annual Information Form (AIF) for the year ended September 30, 2023, including the CEO and CFO certifications that were due to be filed by the required regulatory filing deadline of December 29, 2023.
Danielle Sweeting
Authorized Signatory
Orea Mining Corp.
For more information contact:
604-634-0970
ir@oreamining.com
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "endeavors", "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the wind-up of the Company.