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EURO Ressources S.A.
EURO Ressources S.A.
Registriert in: Frankreich WKN: 894825 Rohstoffe:
Art: Originalaktie ISIN: FR0000054678 Gold
Heimatbörse: Paris Alternativ: ERRSF
Währung: EUR    
Symbol: EUR.PA Forum:

EURO Ressources invests US$7.15M to acquire silver stream on Orezone gold's Bombore project

01.03.2021 | 14:30 Uhr | GlobeNewswire
Paris, March 1, 2021: EURO Ressources S.A. ("EURO" or "the Company") (Paris: EUR) is pleased to announce today that it has entered into a binding letter of intent with Orezone Gold Corporation ("Orezone") to acquire 50% of the payable silver production (the "Silver Stream") on Orezone's Bombor? Project ("Bombor?"), located in Burkina Faso, West Africa for US$7,150,000.

Bombor? is one of the largest undeveloped gold deposits in Burkina Faso. The 2019 Feasibility Study highlights Bombor? as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life. Assay data and metallurgical studies suggest there is a silver component to the Bombor? deposit, with EURO's review of assay data indicating that the silver to gold ratio is approximately 1:1.

The Silver Stream entitles EURO to receive 50% of payable silver production over the life of mine. The agreement also includes a minimum guaranteed delivery obligation in favour of EURO of 37,500 ounces of silver per annum, until delivery of 375,000 ounces of payable silver.

Transaction Highlights

  • Expanded Asset Base and with Near Term Cash Flow: Orezone is fully funded for Bombor? construction with the first gold-pour scheduled for Q3 2022.
  • Long Life, Low Cost Operation: The 2019 Feasibility Study outlined a 13.3 year operation at Bombor? producing a total of approximately 1.6 Moz of gold at an AISC (All-In Sustaining Cost) of US$ 730/oz with AISC of US$ 672/oz in the first ten years. Historic assay data indicated a silver to gold ratio of approximately 1:1. EURO will receive 50% of the payable silver production at Bombor? over the life of mine.
  • Exploration & Expansion Potential: EURO will benefit from the future expansion of the Bombor? project, which has been designed by Orezone to accommodate future throughput expansion. Significant exploration potential exists around Bombor?, which comprises several mining exploration permits totaling approximately 14,934 hectares, which has the potential to extend mine life beyond the 13.3 years outlined in the 2019 Feasibility Study.

Silver Stream Terms

The definitive silver purchase agreement (the "Stream Agreement") will be with Orezone's Burkina Faso subsidiary. Pursuant to the terms of the Stream Agreement:

?EURO will make a cash payment of US$7,150,000 to Orezone on the Stream Closing (defined below) as consideration for the purchase of 50% of the payable silver produced at Bombor? for life of mine.


  • Orezone has granted a payment guarantee in favour of EURO to secure its obligations under the Silver Steam which shall require Orezone to deliver a minimum annual payment, commencing from the date of declaration of commercial production by Orezone, equivalent to 37,500 ounces of silver. Should there be a shortfall in the annual silver deliveries, to the extent any catch up payment is required, Orezone will make an initial catch up payment only on the later of: (a) the fifth anniversary from the date of the initial silver delivery under the Stream Agreement and (b) repayment of senior secured term loan for development of Bombor? to ensure the aggregate minimum annual payment has been satisfied for each of the preceding years. Thereafter, Orezone will only be required to make catch up payments on an annual basis until the delivery or payment of 375,000 ounces of silver, following which the minimum annual payment guarantee will no longer be applicable.
  • If, within the first five years of the life of mine, Bombor?'s processing plant achieves an average production rate with respect to sulphide ore of 3,300,000 tpa, Orezone has the right to reacquire 50% of the Silver Stream from EURO for US$7,150,000.
  • EURO has a right of first refusal, for the life of mine, over any further silver production from Bombor? that has not been purchased by EURO pursuant to the Silver Stream.
  • The completion of the Silver Stream is subject to standard precedent conditions for a transaction of this nature.

Expected Closing

Acquisition of the Silver Stream is expected to close in the second quarter of 2021 ("Stream Closing"), and EURO intends to fund the US$7,150,000 investment through current cash on hand.

Bombor? Project

Orezone Gold Corporation (TSX.V: ORE OTCQX: ORZCF) is a Canadian development company which owns a 90% interest in Bombor?, one of the largest undeveloped gold deposits in Burkina Faso. The 2019 feasibility study highlights Bombor? as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life at an AISC of US$730/ounce with an after-tax payback period of 2.5 years at an assumed gold price of US$1,300/ounce. Bombor? is underpinned by a mineral resource base in excess of 5 million ounces of gold and possesses significant expansion potential.

Orezone plans to develop Bombor? in two phases: Phase 1 is focused on the Free Dig Oxides as a CIL operation with no crushing and minimal grinding with average recoveries of 87% and Phase 2, which is scheduled to commence in year 3 of operations, will focus on the underlying higher-grade sulphides with a separate crushing and grinding circuit with a supplemental feed to the same CIL circuit as the oxides. This staged expansion will reduce upfront capital and increase annual production and recovered ounces over the life of mine.

For more information on Bombor?, please visit www.orezone.com.

About EURO

EURO is a French company whose main assets are a royalty on the Rosebel gold mine production in Suriname (the "Rosebel royalty"), a royalty on the Paul Isnard concessions, and marketable securities. The Rosebel gold mine is 95%-owned by IAMGOLD Corporation ("IAMGOLD"), and is operated by IAMGOLD. The royalty on the Paul Isnard concessions is a net smelter returns production royalty on future production of the Paul Isnard concessions and an area of interest surrounding the concessions in French Guiana, owned under a joint venture agreement between Orea Mining Corp. and Nord Gold SE.


EURO has approximately 62.5 million shares outstanding. At January 31, 2021, IAMGOLD France S.A.S. ("IAMGOLD France"), an indirect wholly owned subsidiary of IAMGOLD, owned approximately 89.71% of all issued outstanding shares of EURO. As at January 31, 2021, IAMGOLD France held 56,058,191 shares representing 112,116,382 voting rights or 94.25% of the voting rights of EURO. This threshold crossing results from a double voting rights allocation.

Statements Regarding Forward-Looking Information: Some statements in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties. There can be no assurance that future developments affecting the Company will be those anticipated by management.

Not for distribution to United States newswire services or for dissemination in the United States. The securities referred to herein have not been registered under the United States Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States or to a U.S. person absent registration, or an applicable exemption from the registration requirements of the Securities Act.

Additional information relating to EURO Ressources S.A. is available on SEDAR at www.sedar.com. Further requests for information should be addressed to:

Tidiane Barry
Directeur G?n?ral
Tel: +1 450 677 0040
Email: tbarry@euroressources.net
Sophie Hall?
Directeur G?n?ral D?l?gu?
Tel: +1 450 677 0040
Email : shalle@euroressources.net

Attachment

  • PR 21-03EN 2021 03 01 EURO - News release-2021 Orezone transaction V1_final

 
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