Orea decides not to acquire a gold project in Colombia
The company said that the decision to terminate was made after the completion of a detailed due diligence evaluation, which included a site visit. There is no break fee associated with the termination.
The letter of intent was signed with the sellers on December 21st to acquire a 100% interest in 13 mining concessions in 3 separate blocks, located in the Department of Bolivar, northern Colombia. Initially, Orea considered the project to be highly prospective for large epithermal and porphyry gold-copper deposits.
Orea added it continues to evaluate opportunities and remains committed to adding quality gold projects to its portfolio.
Orea is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. In French Guiana, Orea holds a major interest in the world-class Montagne d’Or mine development project, and is also advancing the Maripa gold exploration project.