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Orinoco achieves higher Cascavel gold sales in December 2018, restructures board

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Orinoco achieves higher Cascavel gold sales in December 2018, restructures board

Orinoco Gold Ltd. said Jan. 3 that its Cascavel gold mine in Brazil has seen an operational turnaround in recent weeks that led to monthly gold sales of about 96 ounces in December 2018, the highest since July 2018.

Meanwhile, the company completed the final 10 meters of development mining at Mestre level 7, which will allow mining of expected high-grade mineralization.

As part of a board restructure, Orinoco accepted Jeremy Gray's resignation as managing director and appointed director Matthew O'Kane as interim executive director.

O'Kane will lead an operational and financial review to optimize production and cash flow at Cascavel in 2019 and develop a sustainable, long-term plan for all projects.

Additionally, Orinoco agreed with Empire Capital Partners on a two-year, A$2.5 million equity placement facility to fund ongoing project development and fast-track the production and optimization plans.

The facility will be used to fund capital expenditures at the Cascavel mine and for general corporate and working capital purposes.

The company also appointed Empire as lead manager of a A$556,200 placement at 0.7 Australian cents apiece with a three-year free attaching option exercisable at 0.1 cents apiece.

A further A$470,000 of debt will be converted to equity on the placement terms, Orinoco added.