Newmont rumors cause Orosur shares to soar

Orosur Mining Inc. \[OMI-TSX, AIM\] shares rallied Thursday, September 3, after the company said it was informed that Newmont Goldcorp Corp. \[NGT-TSX; NEM-NYSE\] will continue to exercise its rights under an option agreement for the Anza Project in Colombia. Orosur said that Newmont has now made the fourth and final cash payment of $ 500,000 required under Phase I of the earn-in agreement to keep his option and move into the third year of Phase I of the agreement. This year, Newmont faces $ 4 million in qualifying spend at Anza. Orosur rose 38.89%, or $ 0.04, to 13 cents on the news on a volume of 1.15 million. The shares previously traded within a range of 11 cents and $ 0.03 for 52 weeks. The Anza project is located in Antioquia, Colombia and consists of 207 km2 in exploitation and exploration license applications covering more than 20 km of the prospective Tonusco fault. The project is located 50 km west of Medellin. In September 2018, Orosur announced that it had completed a $ 2 million unbroken private placement with Newmont Goldcorp and signed a contract giving Newmont an option on the Anza project. The option agreement included a three-phase earn-in for Newmont to acquire up to a 75% interest in the Anaz Project through a spending of $ 30 million over 12 years. Newmont is also required to complete a NI 43-101 Feasibility Study and make cash payments to Orosur of $ 4.0 million through phases one and two. As part of the private placement, Newmont purchased 29.2 million shares of Orosur at $ 0.091 each for $ 2.0 million, giving Newmont a 19.9% ​​interest in the Junior and the right to withdraw its interest by participating in future share offerings. The drilling in the APTA area defined multiple zones of high grade gold mineralization over a strike length of approximately 1.5 km to a depth of over 275 meters with the mineralization open in all directions.