Orla Mining Increases Gold Mineral Reserves by 54% With Updated Feasibility Study at the Camino Rojo Oxide Gold Project

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VANCOUVER, BCJan. 11, 2021 /CNW/ – Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide the results of an updated Feasibility Study and mineral reserve estimate on its Camino Rojo Oxide Gold Project (the “Project” or “Camino Rojo”) located in Zacatecas, Mexico. The updated Feasibility Study highlights a 54% increase in contained gold mineral reserves and a 3.5-year extension to the mine life of the Project, which is currently in construction. The estimated Project after-tax net present value (“NPV”) (5% discount rate) is now $452 million with an after-tax internal rate of return (“IRR”) of 62% at a gold price of $1,600 per ounce.

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