Orea Mining Corp. (OTCMKTS:OREAF) Stock Sees Profit Booking At Higher Level

September 28, 2021September 28, 2021 Ash K Orea Mining Corp. (OTCMKTS:OREAF), OREAF, OREAF news, OREAF stock, OTCMKTS:OREAF

Orea Mining Corp. (OTCMKTS:OREAF) stock is seeing a bit of selling pressure in the opening session on Tuesday after the recent jump. The stock has already gained 60% over the past month.

Market Action

As of 10:33, OREAF is trading lower by 2.51% to $0.19. More than 871k shares have exchanged hands, above its average volume of 1.17 million shares. The stock opened at $0.2015 and moved in a range of $0.1851 – 0.2130.

Orea Provides Update on the Renewal Status of the Montagne d’Or Gold Deposit Concessions

Here are the highlights:

Orea Mining is pleased to provide an update on the renewal of the Montagne d’Or Gold Deposit (“Montagne d’Or”) concessions (the “Mining Titles”), located in French Guiana, France, owned 44.99% by Orea and 55.01% by Nord Gold plc (the “JV”).

As announced on July 22, 2021, the Court of Appeal of Bordeaux rejected the French Government’s appeal and its request for a stay of execution of the initial court rulings of December 24, 2020, which were in favour of the JV, ordering the renewal of the Mining Titles. In its ruling, the Court of Appeal concluded that the arguments put forth by the French Government were without merit and that the JV submitted complete applications and met all requirements for the renewal of the Mining Titles.

The French Government had until September 17, 2021, to file a second and final appeal to the French Supreme Court (Conseil d’Etat). As of today, September 27, 2021, the JV has not received or located any official communication that a second and final appeal has been lodged.

The JV expects to know in reasonable due-course if an appeal has been lodged. If an appeal has been lodged, the Supreme Court will conduct an analysis on whether to admit or reject to hear the appeal. To be admissible, the appeal must be based on reasoned arguments and serious grounds. No deadline is provided for such an analysis and the appeal will be communicated to the JV only if it is admitted for hearing.