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Orosur Mining Inc announces drill results for the Mahoma Project, Uruguay

SANTIAGO, Chile, 12 April, 2012. Orosur Mining Inc. (“OMI” or “the Company”) (TSX VENTURE: OMI) (LSE: OMI), a South American-focused gold producer and explorer, today announces drill results from its 100 per cent owned Mahoma Project in Uruguay. The drilling programme is designed to confirm grades and widths found historically at Mahoma.

  • Current drilling campaign confirms similar narrow high grade gold results on Veta II as per historical drilling.
  • Drill program to be expanded to target the definition of a NI 43-101 compliant resource during calendar 2012 with the goal of providing the basis for a feasibility study to target annual mine production of 25,000 ounces of gold that could be processed at the San Gregorio mine.

David Fowler, CEO of the Company, stated, "We are pleased with drill results from our first pass drill program at Mahoma as they have confirmed historically identified grades and widths on Veta II. Orosur will now expand its drilling programme with the objective of defining a resource during calendar 2012. It is anticipated that this resource will provide the basis for a feasibility study to produce a total of 25,000 ounces per annum. The study will be based on ore being transported to the San Gregorio mine to minimise capital expenditure and reduce study and permitting time."

The Company has completed 24 drill holes for 1,815 meters from an initial planned drill programme of approximately 3,000 meters, comprising 2,000 metres of RC pre-collars and 1,000 metres of diamond drilling. The drill programme is designed to generally confirm historical drill results for vein I, vein II and vein IIB. This work is expected to be followed by infill drilling to target an initial measured and indicated resource of 250,000 tonnes.

Table 1. Drill-Hole Results for the Mahoma Project, Uruguay

Target
Drill Hole No
From
To
Interval
Interval g/t Au
VETA II ESTE
MHDD001
No significant results
VETA II ESTE
MHDD002
No significant results
VETA II ESTE
MHDD003
42.30
42.75
0.45
21.86
 
 
60.75
61.15
0.40
14.38
VETA II ESTE
MHDD004
No significant results
VETA II ESTE
MHDD005
85.40
85.70
0.30
56.17
 
 
85.70
86.03
0.33
1.40
 
 
87.53
88.25
0.72
2.00
VETA II ESTE
MHDD006
84.95
85.50
0.55
5.33
 
 
86.70
87.20
0.50
2.45
 
 
88.30
88.62
0.32
46.60
 
 
88.62
88.93
0.31
29.30
 
 
88.93
89.43
0.50
1.13
VETA II ESTE
MHDD007
82.55
82.95
0.40
7.97
 
 
85.55
86.60
1.05
2.83
VETA II ESTE
MHDD008
80.45
80.90
0.45
3.47
VETA II ESTE
MHDD009
71.30
71.75
0.45
41.05
 
 
72.20
72.60
.40
5.67
 
 
73.00
73.50
0.50
3.43
 
 
73.80
74.20
0.40
100.63
 
 
74.60
75.00
0.40
6.10
 
 
75.00
75.40
0.40
3.16
 
 
81.30
81.80
0.50
3.11
VETA II ESTE
MHDD010
83.95
84.35
0.40
5.30
 
 
85.85
86.30
0.45
3.46
VETA II ESTE
MHDD015
83.90
84.40
0.50
19.57
 
 
84.40
85.15
0.75
4.79
 
 
86.65
87.15
0.50
12.23
VETA II ESTE
MHRC001
28.00
29.00
1.00
10.86
 
 
43.00
44.00
1.00
15.20
VETA II ESTE
MHRC002
6.00
7.00
1.00
2.10
VETA II ESTE
MHRC003
No significant results
VETA II OESTE
MHDD022
No significant results
VETA II OESTE
MHDD023
No significant results
VETA II OESTE
MHDD025
57.80
58.30
0.50
2.67
VETA II OESTE
MHRC008
No significant results
VETA II OESTE
MHRC009
No significant results
VETA II OESTE
MHRC010
42.00
43.00
1.00
4.25
 
 
43.00
44.00
1.00
14.13
 
 
44.00
45.00
1.00
2.13
VETA IIB
MHDD018
No significant results
VETA IIB
MHDD019
No significant results
VETA IIB
MHRC004
No significant results
VETA IIB
MHRC005
No significant results

A drill hole plan map and sections are available on the Company’s website.

Diamond drill holes 1 to 10 and 15 and reverse circulation drill holes 1 to 3 were all drilled within the historically defined 600 meter main portion of the II vein. Diamond drill holes 1 and 2 confirm previous drilling that showed no significant mineralisation on the sections and to depths drilled. Short intervals were assayed to understand grade distribution. While many of the intercepts are narrow the current drilling supports the envisaged target of 9-10 g/t Au over a minable width of 1.5 meters.

Drilling on Veta II Oeste and Veta IIB has not confirmed mineralisation identified in a number of historic sections with results less consistent than expected.

Table 2. Drill Hole Location Data, Mahoma Project, Uruguay

Drill Hole No
East_GK
North_GK
RL
Azimuth
Dip
Depth
MHRC003
401915
6219796
91.5
175
-50
40
MHRC002
402064
6219819
88
175
-55
30
MHDD015
402208
6219880
87
175
-65
110
MHDD010
402337
6219899
82
175
-60
96
MHDD009
402360
6219902
81
175
-60
89
MHDD008
402382
6219903
81
175
-60
85
MHDD007
402408
6219908
80
175
-60
91
MHDD006
402436
6219910
80
175
-60
96
MHDD005
402457
6219909
78
175
-60
93
MHDD004
402483
6219911
78
175
-60
81
MHDD003
402507
6219912
77
175
-55
66
MHRC001
402532
6219900
77
175
-60
60
MHDD002
402582
6219923
76
175
-60
110
MHDD001
402631
6219927
75
175
-50
78
MHDD025
401316
6219756
101.5
175
-55
70
MHRC008
401366
6219760
101
175
-60
70
MHDD022
401439
6219787
101
175
-50
76
MHDD023
401464
6219784
100
175
-50
68
MHRC010
401489
6219791
99
175
-50
60
MHRC009
401517
6219773
100
175
-45
70
MHRC005
401741
6219538
97
175
-45
45
MHRC004
401893
6219553
99
185
-55
70
MHDD019
402044
6219550
99
185
-55
80
MHDD018
402116
6219552
98
175
-55
79
 
 
 
 
 
 
1,815

About Mahoma

The Project area contains four principal gold bearing quartz veins that were previously mined via shallow open pits within granodiorite host rocks. The granodiorite stock measures approximately 3 km wide in the Mahoma area and contains additional quartz veins that have not yet been explored. The area is located approximately 130 kilometres from Montevideo and 405 kilometres from the San Gregorio mine in the Florida Greenstone belt.

Four principal veins have been identified; veins I, II, IIB and IV. Vein II is the longest and most consistent that has been historically drilled and mined. It has a drilled strike length of 900 metres and a shallow open pit extends along 450 metres of its strike length. The main portion of Vein II is sub vertical and the average true thickness is around 1.7 metres. A second portion of vein II is approximately 1,200 metres to the east of the main mineralized lens and it has been drilled for over 700 metres of strike with 220 metres showing continuous mineralization. The width of the second vein varies from 0.2 metres to 3.2 metres with an average width of approximately 1.9 metres.

Vein IIB, 300 metres to the south of vein II, is approximately 550 metres in length and exhibits an average width of 1.5 metres. Vein IV is a thicker quartz vein zone than the other zones but also has a lower grade and a shorter strike length of approximately 250 metres. It has been drilled to only 30 metres from the surface. Vein I comprises a series of short and narrow veins with the average width of these veins being 20 centimetres and the largest vein having a strike length of 100 metres.

Only the upper portions of the four drill hole defined veins have previously been mined and there is significant exploration upside potential to define more veins and extend the known veins down dip.

Orosur has held the property since 2009, however, issues with land access had previously prevented exploration. During the second half of 2011 these issues were resolved and exploration is now being conducted.

The Mahoma Project, previously operated by American Resource Corporation, produced 16,419 ounces (73,431 tonnes at 6.98 g/t Au with 91.6 per cent recovery) between 1993 and 1997. A pre-mining non -compliant NI 43-101 probable reserve of 281,000 tonnes at a diluted grade of 9.36 g/t (15 per cent dilution assumed) was estimated by WattsGriffis and McOuat.

Assaying and Qualified Person 

Project geologists log and mark the core then technicians cut the individual lengths with a diamond saw, tag the sample bags and secure them with security clips. The samples are then transported to the Company’s laboratory facility at San Gregorio. They are dried and crushed to -2mm. A 1,000 gram split of the coarse material is then pulverized to -200 mesh. The rejects remained at the prep facility and the pulps are analyzed for gold by 30g fire assay with an AA/gravimetric finish. In addition, a 214 element ICP analysis is conducted on selective samples. A QA/QC program has been implemented as part of the sampling procedure for the drill program. One standard, one blank or one duplicate are inserted per group of ten samples sent to the laboratory. The information in this news release has been approved by William Lindqvist, the Company's Qualified Person under National Instrument 43-101 standards.

ENDS

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Orosur Mining Inc. 

Orosur Mining Inc. is a fully integrated gold producer and exploration company focused on identifying and developing gold projects in Latin America. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay and Chile. The Company is quoted in Canada (TSX-Venture Exchange: OMI) and London (AIM: OMI).

For further information, please contact:

Orosur Mining Inc
David Fowler, CEO
Ignacio Salazar, CFO  + 56 2 9246800; info@orosur.ca

Canaccord Genuity Limited (Nominated Adviser & Broker)
+44 (0) 20 7050 6500
Rob Collins

Blythe Weigh Communications (Investor Relations)
Tim Blythe: +44 (0) 7816 924626
Matthew Neal: +44 (0) 7917 800011

 

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