SANTIAGO, Chile -- Orosur Mining Inc (‘OMI’ or ‘the Company’) (TSX-V: OMI) (AIM: OMI), a South American focused gold producer and explorer, today announces results for the fiscal year ended May 31, 2011.
The basic living room furniture pieces are usually a sofa, one or more chairs (of various types), a coffee table, maybe some
end tables, and lighting. When you are looking for a sofa, determine if you will be accommodating overnight guests in your living room. If so, you need to explore the sleeper sofa. Sleeper sofas have come a long way from the thin and lumpy mattress with a bar in your back, and provide a very comfortable place for your guests to slumber peacefully. If you don't need a sleeper sofa, then think about the size your sofa needs to be. There are large sectionals that accommodate several people at once. There are sofa and love seat combinations that allow you more freedom in furniture arrangement. Determine what will fit in your room, and purchase accordingly.[Table Omitted]Lighting, though not considered furniture, is a vital accessory to include with your living room furniture. If you plan on reading, crafting, or playing games in your living room, then you will need good lighting. Ambient lighting is also nice in the living room for entertaining and relaxing.Exploration in Uruguay during 2011 was focused on defining additional resources to add to the San Gregorio mine plan. The major projects drilled were Sobresaliente, Vaca Muerta, Picaflor, Santa Teresa, and Crucera. At Sobresaliente a measured and indicated resource of 2,097,000 tonnes at 1.05 g/t for 71,000 ounces was defined. A measured and indicated resource was also defined at Crucera of 237,000 tonnes at 4.05 g/t for 31,000 ounces.Total reserve ounces for San Gregorio increased marginally from 308,786 at May 31 2010 to 339,329 at May 31 2011, meeting the Company’s objective of sustaining a five year mine plan at 50,000 to 60,000 ounces per annum. A number of the ore sources defined during the year will be added to the mine plan for 2012, allowing a cut back on the San Gregorio pit to be deferred. Further drilling and feasibility work will be performed in 2012 to optimize the exploitation of the San Gregorio deposit. Exploration in Uruguay during 2012 will continue to focus on developing resources that can extend mine life at San Gregorio.The company generated US$ 31.3 million in cash flow from operations after working capital movements during fiscal 2011, a significant increase over 2010. Capital expenditure for the year was US$ 11.3 million on exploration and development and US$ 15.9 million in property, plant and equipment, including US$ 10.2 million on Arenal Deeps.ProductionHighlights:The Company now has three active projects in Chile, Pantanillo, Anillo and Talca. Pantanillo is located 125 km east of Copiapo in the Maricunga District and is the most advanced of the Company’s assets in Chile. The Anillo property is an early stage project located approximately 125 km east of Antofagasta in Northern Chile, close to the El Peñon mine operated by Yamana Gold Inc. The Talca project is a historical mining district approximately 375 km north of Santiago.Net profit after tax for the 2011 financial year was US$ 15.9 million, equivalent to basic earnings per share of US$ 0.24. The significant improvement over the prior year resulted from an increase in sales prices and a decrease in operating costs. The average price of gold sold increased from US$ 1,065 in 2010 to US$ 1,347 in 2011. The total cash cost per ounce produced was US$ 754 compared to US$ 827.“Orosur has delivered excellent financial results for the 2011 financial year. We recorded a profit after tax of US$ 15.9 million and generated US$ 29.7 million cash flow from operations realized at a gold price of US$ 1,347 per ounce. This performance demonstrates the potential of the company to generate strong cash and profit relative to its enterprise value at current gold prices and puts us in a strong position to support and develop our existing assets as well as pursue further growth opportunities following the acquisition of the Talca project in June 2011. We remain optimistic about the future and look forward to updating shareholders on our progress through the forthcoming year.”Most families spend the vast majority of their time together in the living room. That is most likely because that is where all of the "fun" things to do in the house are, like the television, stereo, perhaps even game systems. Next to the kitchen, the living room is the heart of the home. That is why it is important that your living room furniture be durable, accommodating (meaning that there is enough seating for family and guests), and comfortable.When you are furnishing and decorating your living room, there is no need to use a particular theme. As long as the colors and patterns coordinate and follow your family's style, it will be a great room to be in. By accessorizing with pictures, wall hangings, shelving, plants, or other personal touches, your living room will be a comfortable place that your family will enjoy spending time in. Your living room furniture is merely the basis upon which family memories are made.Exploration and DevelopmentTotal cash cost per ounce of gold for the year was US$ 754, while operating cash cost (excluding royalties) was US$ 724 per ounce, compared to US$ 827 and US$ 794 respectively in 2010. This is a significant improvement on the Company’s original target of US$ 825 and in line with expectations presented after the third quarter results of a cash cost per ounce of approximately US$ 750. The reduction in costs is a consequence of several factors including lower tonnes mined, higher grade of ore mined (1.42 g/t Au in 2011 compared to 1.06 g/t in 2010), further cost reduction initiatives undertaken since 2009, and increased silver revenues.Another type of living room furniture that is commonly seen is some kind of table. Beginning with the coffee table, you can add surfaces to play games, hold drinks and knick-knacks, even a place for someone to prop their weary feet upon. Coffee tables are often large enough to place sofas and chairs around, and provide a multitude of functions. There are also end tables, which provide a base for lighting fixtures, knick-knacks, magazines, and often act as accent pieces. If you want to use your living room for game playing, and the room is large enough, you can also consider a small game table in a corner.
The Company now has three active projects in Chile, Pantanillo, Anillo and Talca. Pantanillo is located 125 km east of Copiapo in the Maricunga District and is the most advanced of the Company’s assets in Chile. The Anillo property is an early stage project located approximately 125 km east of Antofagasta in Northern Chile, close to the El Peñon mine operated by Yamana Gold Inc. The Talca project is a historical mining district approximately 375 km north of Santiago.
