Canadian Mining Journal

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Gold: Orla Mining buys Camino Rojo project in Mexico


British Columbia – Goldcorp has agreed to sell its Camino Rojo project in Zacatecas, Mexico, to Vancouver-based Orla Mining. The gold and silver oxide heap leach project holds historic reserves of 1.7 million oz. gold and historic resources of 4 million oz. gold.

Exploration at Camino Rojo in 2008, when the project was owned by Canplats Resources.

Exploration at Camino Rojo in 2008, when the project was owned by Canplats Resources.

In return, Goldcorp will receive a 19.9% stake (31.9 million shares) in Orla, a 2% net smelter return royalty on production from the project (except for metal produced under a JV with Goldcorp), an option to acquire up to 70% of future sulphide projects. Goldcorp will also have the right to nominate a director to Orla’s board, as long as it holds more than 10% of the company’s shares.

Camino Rojo has convenient access to road transportation and power, and as it lies in a historic mining region, skilled labour and contractors are readily available. Camino Rojo consists of a near-surface oxide gold and silver deposit and a deeper sulphide zone containing gold, silver, zinc and lead mineralization.

Orla also holds the Cerro Quema gold project in Panama.

For more information, visit: www.orlamining.com