Orea Mining Corp., Bankruptcy

Orea Mining Corp., which carried on business as a gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America, filed an assignment in bankruptcy on April 17, listing nearly $1 million in liabilities.

The company, through its subsidiaries, holds a 44.9% interest in the 5-million-ounce Montagne d’Or gold mining development project in French Guiana. It is not expected that the project can continue to be developed due to the various exploration permits and licenses being on hold or having expired, mainly due to international sanctions placed on Nord Gold S.E., the Russian-controlled majority JV partner on the project.

Crowe MacKay & Company is the bankruptcy trustee.

By: Dina Milivojevic