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Press Release: Orosur Mining Inc. - Q3 2017 -3-

3 Apr 2017 6:00 am

Orosur Mining Inc. is a fully integrated gold producer, developer and explorer focused on identifying and advancing gold projects in South America. The Company operates the only producing gold mine in Uruguay (San Gregorio) and has assembled an exploration portfolio of high quality assets in Uruguay, Chile and Colombia. The Company is listed in Canada (TSX: OMI) and London (AIM: OMI).
 
 
                                                  Orosur Mining Inc. 
     Condensed Interim Consolidated Statements of Financial Position 
          Thousands of United States Dollars, except where indicated 
 
                                   As at February 28,  As at May 31, 
                                             2017 ($)       2016 ($) 
------------------------------     ------------------  ------------- 
 
Assets 
 
Cash                                            2,400          4,320 
Accounts receivable and other 
 assets                                         1,939          1,770 
Inventories                                    12,189         12,069 
                                   ------------------  ------------- 
Total current assets                           16,528         18,159 
 
Accounts receivable and other 
 assets                                           550            550 
Property, plant and equipment and 
 development costs                             14,686         10,106 
Exploration and evaluation costs               18,785         17,250 
Deferred income tax assets                      2,534          2,534 
Restricted cash                                   228            221 
                                   ------------------  ------------- 
Total non-current assets                       36,783         30,661 
 
Total assets                                   53,311         48,820 
                                   ------------------  ------------- 
 
 
 
Liabilities and Shareholders' 
 Equity 
 
Trade payables and other accrued 
 liabilities                                   10,981         10,586 
Current portion of long-term debt                 161            253 
Environmental rehabilitation 
 provision                                        360            360 
                                   ------------------  ------------- 
Total current liabilities                      11,502         11,199 
 
Long-term debt                                      -             99 
Environmental rehabilitation 
 provision                                      5,232          5,327 
                                   ------------------  ------------- 
Total non-current liabilities                   5,232          5,426 
 
Total liabilities                              16,734         16,625 
                                   ------------------  ------------- 
 
Capital stock                                  61,110         60,751 
Contributed surplus                             5,832          5,925 
Deficit                                      (29,433)       (33,497) 
Currency translation reserve                    (932)          (984) 
                                   ------------------  ------------- 
Total shareholders' equity                     36,577         32,195 
                                   ------------------  ------------- 
 
Total liabilities and 
 shareholders' equity                          53,311         48,820 
                                   ------------------  ------------- 
 
 
 
 
  Orosur Mining Inc. Condensed Interim Consolidated Statements 
 of profit/(loss) and Comprehensive profit/(loss) Thousands of 
      United States Dollars, except for loss per share amounts 
 
                   Three months ended     Nine months ended 
                      February 28       February 28 February 
                      February 29                29 
                   2017 ($)  2016 ($)  2017 ($)     2016 ($) 
---------------    --------  --------  ---------  ------------ 
 
Sales                 8,845     8,936     32,268        33,591 
Cost of sales       (8,376)   (8,187)   (27,186)      (33,352) 
                   --------  --------  ---------  ------------ 
Gross profit            469       749      5,082           239 
 
Corporate and 
 administrative 
 expenses             (457)     (474)    (1,688)       (1,664) 
Restructuring 
 costs                (144)     (217)        144       (1,911) 
Exploration 
 expenses and 
 exploration 
 written off            (6)       (3)       (17)          (14) 
Obsolescence 
 provision              (1)         -      (101)             - 
Other income            471     2,722      1,328         3,467 
Net finance cost       (53)      (68)      (143)         (205) 
Derivative loss           -         -      (412)             - 
Net foreign 
 exchange 
 gain/(loss)             78       378      (110)           560 
                   --------  --------  ---------  ------------ 
                      (112)     2,338      (999)           233 
 
Profit before 
 income tax             357     3,087      4,083           472 
 
Recovery 
 (provision) for 
 income taxes             6      (16)       (19)             3 
                   --------  --------  ---------  ------------ 
Net profit for 
 the period             363     3,071      4,064           475 
                   ========  ========  =========  ============ 
 
Other 
 comprehensive 
 profit/(loss) 
Cumulative 
 translation 
 adjustment             109     (144)         52         (951) 
 
Total 
 comprehensive 
 profit/(loss) 
 for the period         472     2,927      4,116         (476) 
                   ========  ========  =========  ============ 
 
 
Profit per common 
 share: 
Basic                  0.00      0.03       0.04          0.00 
Diluted                0.00      0.03       0.04          0.00 
 
 
 
 
                                                    Orosur Mining Inc. 
               Condensed Interim Consolidated Statements of Cash Flows 
            Thousands of United States Dollars, except where indicated 
 
                                                 Nine months ended 
                                              February 28  February 29 
------------------------------------------ 
                                                 2017 ($)     2016 ($) 
------------------------------------------    -----------  ----------- 
Net inflow/(outflow) of cash related to the 
 following activities 
 
Cash flow from operating activities 
Net profit for the period                           4,064          475 
Adjustments to reconcile net income to net 
 cash provided from operating activities: 
Depreciation                                        4,208        5,006 
Exploration and evaluation expenses written 
 off                                                   17           14 
Obsolescence provision                                101            - 
Fair value of derivatives                             181            - 
Accretion of asset retirement obligation               57           57 
Stock based compensation                               49           28 
Gain on sale of property, plant and 
 equipment                                          (187)         (15) 
Other                                                 213          337 
                                              -----------  ----------- 
Subtotal                                            8,703        5,902 
Changes in working capital 
Accounts receivable and other assets                (259)      (2,325) 
Inventories                                         (220)        3,137 
Trade payables and other accrued liabilities          395      (4,142) 
                                              -----------  ----------- 
Net cash generated from operating activities        8,619        2,572 
                                              -----------  ----------- 
 
Cash flow from financing activities 
Loan payments                                       (191)      (1,066) 
Proceeds on sale of common shares of Anillo 
 SPA                                                    -          710 
                                              -----------  ----------- 
Net cash used in financing activities               (191)        (356) 
                                              -----------  ----------- 
 
Cash flow from investing activities 
Purchase of property, plant and equipment 
 and development costs                            (8,829)      (2,638) 
Environmental tasks                                 (152)        (198) 
Proceeds from the sale of property, plant 
 and equipment                                        240           33 
Exploration and evaluation expenditure 
 assets                                           (1,607)      (2,239) 
                                              -----------  ----------- 
Net cash used in investing activities            (10,348)      (5,042) 
                                              -----------  ----------- 
 
Decrease in cash                                  (1,920)      (2,826) 
 
Cash at the beginning of period                     4,320        4,787 
                                              -----------  ----------- 
 
Cash at the end of period                           2,400        1,961 
                                              ===========  =========== 
 
 
 
 
       Orosur Mining Inc. Condensed Interim Consolidated Statements of 
   Changes in Shareholders' Equity Thousands of United States Dollars, 
                                                except where indicated 
 
                                              Nine months ended 
                                         February 28     February 29 
                                              2017 ($)        2016 ($) 
------------------------------------    --------------  -------------- 
 
 Capital stock 
Balance at beginning of period                  60,751          60,544 
Termination consideration                            -             195 
Exercise of stock options                          326               - 

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