VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 2, 2017) - Orla Mining Ltd. (TSX VENTURE:OLA) ("Orla" or the "Company") announces that effective as of January 31, 2017, Orla has unilaterally redeemed, in accordance with their terms, the class A shares issued in connection with the arrangement between Orla and Pershimco Resources Inc., as further described in the management information circulars of each of Orla and Pershimco Resources Inc. each dated October 31, 2016. The condition for conversion of the class A shares into common shares of Orla, being the issuance of the ministerial resolution by the Ministry of Environment of Panama accepting the Environmental and Social Impact Study for the Cerro Quema gold project in Panama, was not satisfied prior to the conversion deadline of January 31, 2017. Accordingly, each class A share has been automatically cancelled and the right to receive common shares of Orla has terminated. Similarly, the bonus options issued to optionholders in connection with the plan of arrangement have also been cancelled in accordance with the terms of the plan of arrangement and are of no further force and effect.
Orla's work towards obtaining the ministerial resolution continues to progress.
About Orla Mining Ltd.
Orla Mining is a mineral exploration company led by a group of seasoned mining executives with strong financial backing. The company's focus is to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value. The 100% owned Cerro Quema project in Panama includes a near-term gold production scenario and significant exploration upside. Cerro Quema's 14,800 Ha concession boasts paved road access, a supportive local population and private land ownership. The Cerro Quema project is currently in the last stage of the permitting process for a proposed open pit mine and gold heap leach operation. Please refer to the Cerro Quema Project - Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits dated August 22, 2014, which is available on SEDAR.
