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Press release by
MONTEVIDEO, Uruguay- Orosur Mining Inc. ("Orosur" or the "Company") (TSX/AIM: OMI), a South American-focused gold producer, developer and explorer is pleased to announce the commencement of drilling in Colombia and the results for the first quarter of its fiscal 2018 ended August 31, 2017 ("Q1 18" or the "Quarter").
Q1 2018 Results
Ignacio Salazar, CEO of Orosur, said: "Q1 18 marks the 20th consecutive quarter of meeting internal production and cash operating cost guidance. We are very pleased with our team's commitment to delivery and optimistic that our recent push in exploration and development activities will shortly begin delivering new reserves and resources. These advances will allow the Company to exploit the potential that exists in both of our core areas, by growing production and mine life in Uruguay and expanding the mineralized potential of our assets in Colombia. We are also excited to announce the recent commencement of drilling at our highly prospective Anza project in Colombia and look forward to updating the market with assay results in the coming months."
|Operational & Financial Summary1||Quarter ended August 31|
|Operating cash cost3||US$/oz||901||693||208|
|Average price received||US$/oz||1,260||1,324||(64)|
|Net profit/(loss) after tax||US$ '000||(290)||2,759||(3,049)|
|Cash flow from operations2||US$ '000||1,454||4,795||(3,341)|
|Cash & Debt Summary||August 31, 2017||May 31, 2017||Diff|
|Cash balance||US$ '000||4,533||3,357||1,176|
|Total debt||US$ '000||330||403||(73)|
|Cash net of debt||US$ '000||4,203||2,954||1,249|
1 Results are based on IFRS and expressed in US dollars
2 Before non-cash working capital movements
3 Operating cash cost is total cost discounting royalties and capital tax on production assets.
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