Orosur Mining Inc Announces Lithium JV, Nigeria

• Company signs Exploration JV to cover four licences across the Nigerian Lithium belt.
• Exploration programs to start immediately.
• Full exploration team and infrastructure in place.

LONDON, UK / ACCESSWIRE / October 16, 2023 / Orosur Mining Inc. ("Orosur" or the "Company") (TSXV:OMI)(AIM:OMI), the minerals explorer and developer operating in Colombia, Argentina and Brazil, is pleased to announce that as a continuation of the Company's strategy of securing high quality mineral exploration opportunities in key jurisdictions, the Company has signed a joint venture ("JV") agreement to explore a number of exploration licences across Nigeria (the "Project") which the Company considers to be highly prospective for Lithium mineralisation.

The Company has long been examining an entry into the Lithium space to add to its diversified portfolio of high-quality exploration assets but had found few attractive South American opportunities.

Nigeria however is rapidly emerging as one of the most prospective regions of Africa for the discovery of lithium pegmatite mineralisation and as such is now seeing a very high level of interest and activity. The Company's executive team has substantial operating experience and high-level relationships in Nigeria, and the Company has been leveraging these factors over the last 12 months to gain substantial land positions in Nigeria's prime lithium pegmatite districts.

A team of experienced geologists is in place, with all necessary equipment and logistical support such that field programs will be commencing immediately. Work will start initially with preliminary reconnaissance, and it is expected that results and additional work can advance quickly.

Details

The Company has signed a JV with Nigerian company Jurassic Mines Ltd ("Jurassic"), whereby Orosur, via a new 100% owned UK subsidiary, Lithium West Limited ("Lithium West"), may earn up to 70% equity in the Project in two phases:

1. Phase 1 - Lithium West can earn 51% equity in the Project by spending a total of US$3m over a maximum of three years.

2. Phase 2 - Lithium West can earn an additional 19% equity in the project, up to a total of 70%, by spending an additional US$2m over a maximum of two years.

The Project at inception will comprise four exploration licences across Nigeria's primary pegmatite belt, covering a total of circa 322km2. Other prospective areas are currently being examined and it is possible that additional licences may be added to the Project in the near term.