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Orea Mining has signed a binding letter of intent (BLoI) to acquire gold assets located in the Department of Bolivar, northern Colombia.

The company will acquire full interest in 13 mining concessions in three separate blocks with a combined surface area of 250km², including multiple artisanal gold mines.

The area also includes a fully permitted ore processing plant, which is nearing completion.

As agreed, Orea Mining is expected to complete a due diligence process within 90 days, following which, the corresponding definitive agreement will be signed.

If executed, the acquisition will be carried out in two stages.

Orea president and CEO Rock Lefrancois said: “After evaluating numerous opportunities in 2020, Orea is delivering on its promise to add a quality gold project to its portfolio, in line with its responsible mining approach.

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“As our Montagne d’Or Gold Project in French Guiana has entered mine permitting, this new acquisition within the emerging Northern Andean copper-gold province will be the driver for exciting development and further growth in 2021.”

The mining concessions are located within the northern San Lucas mountain range, northeast of the Colombian Central Cordillera.

Several small-scale near-surface artisanal underground mines are documented over the area and surrounding regions.

Lefrancois added: “The acquisition of this large land package offers excellent exposure for the discovery of epithermal and porphyry gold-copper deposits for the implementation of industrial-scale mining in the region and almost immediate cash flow from the processing plant.”