Orogen Gold
Orogen Gold
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Final Results for the Year Ended 31 December 2011

RNS Number : 1142A
Orogen Gold PLC
27 March 2012

Orogen Gold Plc

(“Orogen” or the “Company”)

Final Results for the Year Ended 31 December 2011

Orogen Gold Plc (AIM:ORE), the AIM listed mineral exploration company focussed on Gold exploration and development in eastern Europe, announces its final results for the year ended 31 December 2011 .

Corporate Highlights

  • Change of focus to new European gold exploration company
  • Orogen Gold Limited acquired
  • AIM re-admission, new ticker “ORE.L”
  • Highly experienced Board built- with fusion of expertise in Geology and Financial Services

Operational Highlights

  • Historic Deli Jovan mine workings fully accessed on all  former operating levels
    • 2km of mine shafts and drives cleared at Rusman and Gindusa over 7 months
  • Underground mapping and sampling programme complete
    • Underground channel and grab sample assay results due towards end April 2012 which will guide drilling programme
  • Diamond drilling programme scheduled for early Q2 2012
  • New prospective gold targets discovered from soil sampling programme
    • Follow up work to commence in Q2 2012 alongside drilling programme

Financial Summary

  • Cash at 31 December 2011 was £2,004,000
  • £549,000 spent on Deli Jovan with further expenditure of £397,000 required to achieve 55% earn-in to Deli Jovan Project

Chief Executive of Orogen Gold Plc, Ed Slowey, commented:

“I am very pleased with what we have achieved in 2011, from a standing start. Deli Jovan was a very interesting prospect to us, but one we knew would require significant input prior to the commencement of drilling. I am delighted that the work involved in clearing and dewatering the shafts at Rusman and Gindusa has run to schedule and is now complete.

“It is pleasing that we have been able to complete both soil sampling and underground sampling/structural mapping programmes at the site within less than a year. We now await the results of the underground sampling which will guide our drilling operation. We will simultaneously be following up on our soil sampling programme, where we will further investigate the anomalies previously highlighted through a surface trenching programme.

“The foundations are in place to make 2012 another year of significant progress for Orogen. We look forward to updating shareholders with operational developments as work progresses.”

Orogen Gold Plc

Ed Slowey, CEO

Alan Mooney, FD

+353 1662 8395

Zeus Capital Limited

Nominated Adviser and Joint Broker

Ross Andrews/Tom Rowley

+44 (0)161 831 1512

XCAP Securities Plc

Joint Broker

Jon Bellis

+44 (0) 207 101 7070

Newgate Threadneedle

Financial PR

Guy McDougall/Josh Royston/ Terry Garrett

+44 (0) 207 653 9842

Notes to Editors

CEO Ed Slowey, PGeo, EuroGeol is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

The Deli Jovan gold project is in eastern Serbia, the site comprising two shallow underground gold mines at Rusman and Gindusa, about 6 kilometres apart along a major shear zone, that were last in production over seventy years ago.

To view the full press release, click here.

To download the Annual Report, click here.