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Orosur Mining shares jump after Q2 results

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(Kitco News) - Orosur Mining (OMI:KSE), the South American-focused gold developer and explorer announced its results for the second quarter ended November 30, 2020.

In the highlights it was announced an additional cash payment of $500k, in addition to the $500k received in March 2020, was received by the Company from Newmont Colombia.

Newmont, entered into a Joint Venture with Agnico Eagle whereby it was agreed that the two companies jointly assume and advance Newmont's prior rights and obligations with respect to the Anzá Project in Colombia on a 50:50 basis. Orosur's position with respect to the Anzá project, and all terms and conditions of the Exploration Agreement remain unchanged.

The firm also stated it had a cash balance of $1.5 million (May 31, 2020 - $0.8 million). As of January 12, 2021 the cash balance was $7.6 million, subsequent to the private placement and options exercised.

This firm has had a massive year, the share price has jumped 697% and at one stage hit 1482%. Now there has been a pullback the blue wave high resistance is the one to watch as if there is a breakout then the old highs could be tested. On the downside, the next support is at 20p if the market stays above there it could be bullish for the stock. 

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