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Orla Mining Provides Third Quarter 2023 Operational Results and Increases 2023 Annual Gold Production Guidance
Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) is pleased to provide an interim operational update for the third quarter ended September 30, 2023.
During the third quarter of 2023, the Camino Rojo Oxide Mine produced and sold 32,425 and 31,060 ounces of gold, respectively. Year to date, Camino Rojo has been performing better than plan and, as a result, the Company is increasing full year gold production guidance to 110,000 to 120,000 ounces from its initial guidance of 100,000 to 110,000 ounces.
As at September 30, 2023, Orla had a cash position of US$132.7 million and US$36.7 million undrawn on its revolving credit facility for total liquidity of US$169.4 million. Subsequent to quarter end, Orla repaid US$25 million towards its revolving credit facility, reducing the balance outstanding under the facility to US$88.4 million.
| Camino Rojo Mining and Processing Totals | Q3 2023 | YTD 2023 | |
| Ore Mined | tonnes | 1,840,224 | 5,575,892 |
| Ore – processed | tonnes | 1,716,819 | 5,092,788 |
| Low Grade Ore – stockpiled | tonnes | 123,404 | 483,104 |
| Waste Mined | tonnes | 1,087,231 | 3,358,767 |
| Total Mined | tonnes | 2,927,455 | 8,934,659 |
| Strip Ratio | w:o | 0.59 | 0.60 |
| Total Ore Mined Gold Grade | g/t | 0.81 | 0.76 |
| Ore – processed | g/t | 0.85 | 0.81 |
| Low Grade Ore – stockpiled | g/t | 0.28 | 0.29 |
| Ore Crushed | tonnes | 1,882,139 | 5,530,933 |
| Ore Stacked | tonnes | 1,766,828 | 5,257,878 |
| Daily Stacked Throughput Rate – Average | tpd | 19,205 | 19,260 |
| Stacked Ore Gold Grade | g/t | 0.85 | 0.81 |
| Gold Produced | oz | 32,425 | 87,393 |
| Gold Sold | oz | 31,060 | 87,693 |
Qualified Persons Statement
The scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, who is the Qualified Person as defined under NI 43-101 standards.
About Orla Mining Ltd.
Orla’s corporate strategy is to acquire, develop, and operate mineral properties where the Company’s expertise can substantially increase stakeholder value. The Company has three material gold projects: (1) Camino Rojo, located in Zacatecas State, Mexico, (2) South Railroad, located in Nevada, United States, and (3) Cerro Quema, located in Los Santos Province, Panama. Orla is operating the Camino Rojo Oxide Gold Mine, a gold and silver open-pit and heap leach mine. The property is 100% owned by Orla and covers over 160,000 hectares which contains a large oxide and sulphide mineral resource. Orla also owns 100% of Cerro Quema located in Panama which includes a pre-feasibility-stage, open-pit, heap leach gold project, a copper-gold sulphide resource, and various exploration targets. Orla also owns 100% of the South Railroad Project, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada.
Posted October 17, 2023
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