Orla Mining Announces Layback Agreement With Fresnillo to Expand the Camino Rojo Oxide Gold Project

news-release-orla-fresnillo-letter-agreement-asdadd

VANCOUVER, BC – March 23, 2020 – Orla Mining Ltd. (TSX: OLA) (“Orla” or the “Company”) is pleased to announce that the Company has entered into a non-binding letter agreement with Fresnillo Plc (“Fresnillo”) as to the commercial terms on which Orla would obtain the right to expand the Camino Rojo oxide pit onto part of Fresnillo’s mineral concession located immediately to the north of Orla’s property under a definitive layback agreement (the “Layback Agreement”). On completion, the Layback Agreement will allow access to oxide and transitional heap leachable Mineral Resources on Orla’s property below the open pit outlined in the June 2019 Feasibility Study. In addition, the Layback Agreement will provide Orla with the right to mine from Fresnillo’s mineral concession, and recover for Orla’s account, all oxide and transitional material amenable to heap leaching that are within an expanded open pit. The completion of the Layback Agreement is expected to result in a material increase in Mineral Reserves at the Camino Rojo project. Orla expects to publish an updated Mineral Reserve estimate for material on Orla’s concession following the completion of the Layback Agreement.

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