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As Orosur Mining Inc (TO:OMI) continues to extend San Gregorio’s mine life (a raft of new exploration programmes seek to extend reserves by more than 100koz), the company recently sought additional funds to advance exploration at its very promising Anzá gold and base metals project in the highly prospective middle-caucus region of Colombia. With initial drilling to recommence shortly, historical exploration results highlight the area’s potential. We believe Anzá has the potential to provide a long overdue re-rating of this highly competent gold producer.
A solid start to FY18 production at San Gregorio
San Gregorio (SG) produced 35,751oz Au at cash operating costs of US$829/oz (our FY17e cash cost was US$924/oz – net of minor silver by-product credits). Production and cash costs both came in at the bottom end of previous guidance (35koz to 40koz at AISC between US$800/oz and US$900/oz). Now in production (the first full quarter of production was Q4), the SG West UG mine will provide the mainstay of FY18 production (NB development thus far has been cash flow funded).
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