Orla Mining acquires Musselwhite gold mine

Orla Mining (TSX: OLA; NYSE: ORLA) has completed its acquisition of the Musselwhite gold mine in Ontario from Newmont (XTSE: NGT). Musselwhite is a producing, underground gold mine located on the shore of Opapimiskan Lake in northwestern Ontario. It has been in operation for over 25 years, having produced close to 6 million ounces of gold to date, with a long history of resource growth and conversion.

Based only on the company’s current technical report, Musselwhite has a mine life until 2030. Significant opportunities exist to optimize the operation and extend mine life through known extensions of the ore body.

Jason Simpson, president and CEO of Orla Mining said: "The addition of Musselwhite transforms Orla into a North American-centred, geographically diversified intermediate gold producer with multiple gold-producing assets and a self-funded growth portfolio.  Musselwhite strengthens our North American presence and more than doubles our annual gold production. This important Canadian gold mine also offers growth potential through optimization and mine life extension, something we intend to aggressively pursue.”  

Company officials said the addition of Musselwhite transforms Orla into a multi-asset intermediate producer. According to Orla data, the acquisition will mean an immediate 140% increase in annual gold production to over 300 Koz at competitive costs. Industry observers reported this acquisition builds on Orla's track record of development and operating success.

More information is posted on www.OrlaMining.com.