Day: June 25, 2019

Neil Woodyer, CEO, stated ‘We are very pleased to finalize this debt financing and we appreciate the strong support from our three Joint Lead Arrangers, Societe Generale, Investec Bank plc, and ING Capital LLC and the new syndicate members. The combination of our new 5.5-year amortizing Term Loan and 5.5-year bullet RCF will provide a cost-effective and flexible structure to finance our growth. With long-term funding in place, we will now launch our phased development plan that positions Leagold to become a 600,000 to 700,000 ounce per year gold producer. ‘

‘The completion of the feasibility study for the Camino Rojo Oxide Project marks an important milestone for Orla and substantial progress toward construction of the Company’s first mine’, stated Jason Simpson, President and Chief Executive Officer of Orla. ‘The results demonstrate robust project economics with low development capital and a straight-forward path to approximately 100,000 ounces of expected annual gold production. We will be working towards submitting environmental assessment and permitting documents and securing project finance over the upcoming months with the expectation to deliver gold by mid-2021. With the continued support of local communities and stakeholders, we have a fantastic opportunity to develop a quality mine. We are also considering ways to unlock value from a much larger sulphide mineral resource and have initiated exploration on other priority targets on our extensive concession area’, added Mr. Simpson.

‘Our Lupita delineation and exploration program is emerging as an important success story at Mercedes,’ commented Stephen McGibbon, Executive Vice-President. ‘We are concurrently activating teams in under-explored areas on the property in an effort to discover new deposits’.