Oro Mining Ltd.

Oro Mining Ltd.

January 14, 2011 20:31 ET

Oro Mining Announces Brokered Private Placement Oversubscribed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2011) -


Oro Mining Ltd. ("Oro Mining" or the "Company") (TSX VENTURE:OGR) announces that the brokered private placement originally announced on December 10, 2010 and January 11, 2011 has been oversubscribed by 20%. The private placement now consists of a total of 34,285,714 units at a price of $0.35 for aggregate proceeds of $12,000,000. 

The cash component of the agents' commission has been reduced from 6% to 5.5% of the gross proceeds received from the sale of units. The net proceeds of the offering will be used to advance the Trinidad and El Compas properties towards pre-feasibility study level and for working capital and general corporate purposes. 

All other terms of the private placement remain the same. The financing is scheduled to close on or around January 18, 2011 and is subject to the approval of the TSX Venture Exchange. 

Oro Mining is a publicly‐listed company on the TSX Venture Exchange with advanced stage exploration projects in Mexico. The Company is focused on expanding its gold resource base, moving towards production at its advanced projects, and continuing to make exploration discoveries. The district‐scale Trinidad property that hosts the Taunus gold deposit continues to be the Company's priority project.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold within the United States, absent such registration or an applicable exemption from such registration requirements.


John Brownlie
Chief Executive Officer

Certain disclosure in this release, including statements regarding the possible completion of a private placement and its intended business objectives, constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company will obtain required regulatory approvals of, and investor participation in, the proposed private placement and that that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals and investor participation in the proposed private placement on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Oro Mining Ltd.
    John Brownlie
    Chief Executive Officer
    604 646-1580
    604 642-2411 (FAX)