Orosur Mining Inc. said May 25 that it decided to terminate an option to acquire a 65% stake in Codelco's Anillo gold project in Chile following the lack of positive exploration results in the first phase.
The miner secured the option from Codelco in 2010, in which it would earn a 65% interest in the property by incurring a US$4 million spend over four years and complete a bankable feasibility study.
In 2015, it signed a definitive agreement to option 40% of its interest in the Anillo project to investment bank Asset Chile Exploración Minera Fondo de Inversión Privado, which later did not materialize.
Due to the agreement's termination, Orosur will write down approximately US$5.5 million in its subsequent financial results.
