Orosur Mining inks deal to sell Uruguay permits

South America-focussed gold developer Orosur Mining has entered into a non-binding letter of intent to sell its mining and exploration permits in Uruguay to IMC International Mining for a cash consideration of $1m (£0.78m), it announced on Tuesday.

The AIM-traded firm explained that it had entered into a non-binding letter of intent to sell its mining and exploration permits in the San Gregorio area of Uruguay to IMC for $1m, subject to satisfactory completion of due diligence by IMC within 45 days.

“If the sale is completed, the proceeds will be used to pay liabilities in Uruguay in connection with the previously announced court approved creditors’ settlement agreement,” the board said in its statement.

At 0957 GMT, shares in Orosur Mining were up 3% at 3.09p.