Orosur Mining Inc Announces Operational Update

• Minera Monte Aquila reviewing its position in relation to Anzá.
• Mapping and sampling at El Pantano enhances prospectivity.
• Regional sampling results from Ariquemes provide vectors for next phase.

LONDON, UK / ACCESSWIRE / May 4, 2023 / Orosur Mining Inc. ("Orosur" or the "Company") (TSXV:OMI)(AIM:OMI), announces an update on the progress of exploration activities across its project portfolio.

Anzá - Colombia

The Anzá Project ("Project") is an advanced stage exploration project in the mid-Cauca belt of northern Colombia that plays host to most of that country's major gold deposits.

Anzá comprises a number of contiguous granted exploration titles and applications totalling roughly 200km².

Since late 2018, Anzá has been the subject of an Exploration Agreement with Venture Option ("Exploration Agreement") with Colombian company Minera Monte Águila ("MMA"). MMA is itself a 50/50 joint venture ("JV") between Newmont Corporation ("Newmont") (NYSE: NEM, TSX: NEM) and Agnico Eagle Mines Limited ("Agnico") (TSX: AEM), and is the Colombian vehicle by which these two companies jointly exercise their rights and obligations with respect to the Exploration Agreement over the Project.

The first phase of the Exploration Agreement was completed in September 2022, with MMA spending in excess of US$10m on the Project and in so doing earning an equity interest of 51%. MMA subsequently informed the Company of its intention to progress to Phase 2. This included the payment to the Company of a US$2m option fee (received in February 2023) and formation of a new mining company required to crystallise the various ownership stakes.

As at December 31, 2022, MMA had already incurred some US$3.65 million in excess Qualifying Expenditures for Phase 1. This excess may be carried forward and credited towards MMA's investment obligation of US$4 million for the first year of Phase 2.

MMA has advised the Company that it has reduced exploration expenditures on the Project and effectively placed it in care and maintenance. The Company expects that MMA will continue to focus on protecting the asset and maintaining positive relationships with local community groups while it explores options regarding its involvement in the Project.

The Company will keep shareholders informed as MMA reaches a decision regarding their involvement in the Project. The Company has great faith in the prospectivity of the Anzá Project and stands ready and able to reassume operatorship of Anzá if that is deemed a viable option.