/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES NEWS WIRE
SERVICES/
- The parties have received the conditional acceptance from the
TSX Venture Exchange
- Transaction is expected to close in June of 2021
VANCOUVER, BC, May 3, 2021
/CNW/ - ORO X MINING
CORP. (TSXV: OROX) (OTC: WRPSF) ("Oro X" or the
"Company") and Mines & Metals Trading (Peru) PLC ("MMTP", also commercially
known as "Latitude Silver") are pleased to provide an update
on their previously announced business combination (the
"Transaction") to form "Silver X Mining". The parties
have received the conditional acceptance from the TSX Venture
Exchange (the "Exchange") for the Transaction and are
diligently working to satisfy the Exchange's requirements for final
approval. The Transaction is expected to close in June of 2021.
In addition, the parties confirm the filing on May 3, 2021 of an amended and restated technical
report on the Recuperada Project dated effective October 15, 2020 entitled "NI 43-101 Technical
Report for the Recuperada Project, Peru" (the "Technical Report").
The Technical Report was amended and refiled to address final
comments received from the Exchange. The Technical Report is
available under the Company's profile at www.sedar.com. Highlights
of the Technical Report includes an inferred resource of 7.3
million tonnes (Mt) at a combined grade of 130.38 g/t Ag, 3.17%
Pb/T and 2.04% Zn/T, along with a fully operational 600 tonnes per
day processing operating plant. The key assumptions, parameters,
and methods used to estimate MMTP's mineral resources includes the
verifiable portion of the historic (Buenaventura, Panamerican
Silver) data by site visits, core examination and database
confirmation and physical verification of the current Gemin and
MMTP exploration data.
Oro X CEO Luis Zapata stated
"receiving conditional acceptance from the Exchange along with the
recent closing of our $14.1 million
subscription receipt financing are key milestones in our
transaction with Latitude to become Silver X Mining. We are excited
to soon bring Silver X Mining to market as Latin America's next public silver producer.
The combination of the Latitude team and its assets including the
15,000 Ha Recuperada Project and a fully permitted and operational
600 tpd processing operating plant is a powerful combination in any
market, but especially today where the demand for silver is at an
all-time high".
About Oro X Mining
Oro X Mining is a Canadian mining company which recently
announced the acquisition of Latitude Silver and its 100%-owned
Recuperada silver project. Following the closing of the Latitude
Silver acquisition the Company will be renamed Silver X Mining.
Founders and management have a successful track record of
increasing shareholder value. For more information visit our
website at www.oroxmining.com.
Qualified Person
Mr. A. David Heyl who is a
qualified person under NI 43-101, has reviewed and approved the
technical content of this news release for MMTP. Mr. Heyl, B.Sc.,
C.P.G., QP is a Certified Professional Geologist and Qualified
Person under NI 43-101. With over 25 years of field and upper
management experience, Mr. Heyl has a solid geological background
in generating and conducting exploration and mining programs for
gold, rare earth metals, and base metals, resulting in several
discoveries. David has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for
Southern Peru Copper, and spent over ten years working in and
supervising underground and open pit mining operations in
Peru.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this news release in the United
States. Such securities have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities
laws, and, accordingly, may not be offered or sold within
the United States, or to or for
the account or benefit of persons in the
United States or "U.S. Persons", as such term is
defined in Regulation S promulgated under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable
state securities laws or pursuant to an exemption from such
registration requirements.
ON BEHALF OF THE BOARD
Luis Zapata
CEO & Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding "Forward-Looking"
Information
Some of the statements contained in this news release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements in this news release include statements in respect of
the anticipated closing date of the Transaction. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond the Company's
control. In particular, there is no assurance that the conditions
precedent to the Transaction and the Finco Amalgamation will be
satisfied on the terms currently proposed or at all. Actual results
and developments are likely to differ, and may differ materially,
from those expressed or implied by the forward-looking statements
contained in this news release. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements, except as may be required by law.
SOURCE Oro X Mining Corp.