ASX Announcement / Media Release
23 December 2016
ASX Code: ORN Issued Capital:
Ordinary Shares: 613M Options: 85M
Directors: Denis Waddell
Chairman
Errol Smart
Managing Director, CEO
Bill Oliver
Technical Director
Alexander Haller
Non-Executive Director
Management: Martin Bouwmeester
Company Secretary &
Business Development Manager
Suite 2
64 Thomas Street West Perth WA 6005 ABN 76 098 939 274
T: +61 8 9485 2685
E: [email protected]
Share Issue - Notice under Section 708A(5)(e)
Orion Gold NL (ASX: ORN) announced today that it has issued 57,016,664 fully paid ordinary shares (Shares) in the Company at 1.8 cents per Share.
In accordance with section 708A(5)(e) of the Corporations Act 2001 (Act), the Company advises as follows:
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this notice is being given under paragraph 708A(5)(e) of the Act;
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the Company issued the Shares under the placement without disclosure to investors under Part 6D.2 of the Act;
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as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company;
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as at the date of this notice, the Company has complied with section 674 of the Act; and
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all information of the kind that would be required to be disclosed to the market for the purposes of section 708A(6)(e) of the Act has been disclosed to ASX Limited.
Denis Waddell
Chairman
Company Enquiries:
Errol Smart - Managing Director and CEO Denis Waddell - Chairman
T: +61 8 9485 2685
E: [email protected]
W: www.oriongold.com.au
About Orion
Orion Gold is focused on acquiring, exploring and developing large tenement holdings or regional scale mineral opportunities in world-class mineral provinces. The Company has acquired quality projects in proven mineral provinces.
Recently, the Company has secured an outstanding growth and diversification opportunity in the global gold and base metals sectors and has secured options and earn-in rights over a combined area of 1790km2 on the highly prospective Areachap belt, North Cape Province of South Africa (Figure 1). These include:
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An option to acquire an advanced volcanic massive sulphide copper-zinc project with near- term production potential. The option gives Orion the right to acquire an effective 73.33% interest in a portfolio of projects including an exploration project at the Prieska Copper Project, located near Copperton in the Northern Cape province of South Africa, and the Marydale Prospecting Right, a virgin gold discovery of possible epithermal origin, located 60 km from the Prieska Copper Project. The Company is progressing extensive due diligence investigations. (refer ASX release 18 November 2015).
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An earn in right to ultimately earn a 73% interest in a 980km2 prospecting right area located approximately 80 km north of the Prieska copper Project. The project area contains several VMS and VHMS zinc and copper targets including the advanced stage Kantienpan zinc - copper project. (refer ASX releases 29 April 2016 and 31 May 2016).
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An earn in right to ultimately earn an 80% interest, via a South African registered special purpose vehicle which will be 74% owned by Orion, to prospecting and mining right applications covering a combined and partially overlapping area of 626km2. The mineral rights areas include an advanced stage ultramafic hosted nickel - copper project, analogous to the geology of the Fraser Range, Western Australia. Several VMS and VHMS copper-zinc targets are also located within this mineral rights package. (refer ASX release 14 July 2016).
The Company also continues to explore a large tenement package on the Connors Arc in Queensland, where a significant intermediate sulphidation, epithermal gold and silver system has been identified at Aurora Flats. The project lies between the Cracow and Mt Carlton epithermal deposits. The Company is increasing its focus on this project, following promising reports from expert consultants, and its fieldwork has led to the discovery of substantial epithermal systems at the Veinglorious and Chough Prospects.
The Company also holds a substantial tenement holding in the Albany-Fraser Belt, host to Australia's two most significant discoveries of the last decade (the Tropicana Gold Deposit and the Nova Nickel- Copper-Cobalt Deposit). Part of this tenement holding was acquired from entities associated with Mark Creasy who is a large shareholder in Orion. Orion's intensive, systematic exploration programs have successfully defined 34 targets to date by a combination of geological, geochemical and geophysical methods.
Additionally, the Company owns the Walhalla Project located in Victoria, which is prospective for gold, copper - nickel and PGEs.
The Company has an experienced management team with a proven track record in exploration, development and adding shareholder value.
Figure 1: Regional geology map of the Areachap Belt showing prospecting rights currently under option to Orion and noted mineral occurrences as per published data from South African Council for Geoscience.
Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward-looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Orion. Actual results and developments may vary materially from those expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Orion makes no undertaking to subsequently update or revise the forward-looking
statements made in this release to reflect events or circumstances after the date of this release. All information in respect of Exploration Results and other technical information should be read in conjunction with Competent Person Statements in this release. To the maximum extent permitted by law, Orion and any of its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers:
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disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions;
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do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and
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disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).