Orea Signs Binding LOI to Acquire Extensive Gold Assets in Colombia

Orea Mining Corp. announced the signing of a Binding Letter of Intent (“BLOI”) to acquire 100% interest in 13 mining concessions in 3 separate blocks (the “Project”) located in the Department of Bolivar, northern Colombia, with an existing ore processing facility, including significant plant and equipment, in Colombia. As a business unit separate from exploration activities, an ore processing plant is under construction on the Project to treat artisanal ore feed from mines within the Project and surrounding mining concessions. The plant is estimated to be 75% complete and US$3M capital expenditures are required for commissioning of the plant at a rate of 150 tonnes per day (tpd).

Source: PRnewswire