Orla Mining Ltd. (Orla) (TSX-V: OLA) acquired the Camino Rojo Project, a gold and silver oxide heap leach project located in Zacatecas State, Mexico from Goldcorp Inc. (TSX: G, NYSE: GG) (Goldcorp) for 31.9 million common shares of Orla (a 19.88-per-cent interest in Orla) and a 2-per-cent net smelter royalty. Orla and Goldcorp have also entered into an option agreement regarding the potential development of multiple sulphide operations at Camino Rojo in which Goldcorp will, subject to the applicable sulphide project meeting certain thresholds, have an option to acquire a 60-per-cent or 70-per-cent interest in the applicable sulphide projects.
Orla Mining is a mineral exploration company led by a group of seasoned mining executives with strong financial backing. Orla’s focus is to acquire mineral exploration opportunities where Orla’s exploration and development expertise and corporate share structure could substantially enhance shareholder value.
Goldcorp is a senior gold producer focused on responsible mining practices with safe, low-cost production from a high-quality portfolio of mines.
Orla was represented by Goodmans LLP with a team that included Kari MacKay, Grant McGlaughlin, David Coll-Black and Alex Ginther (corporate/mining) and Alan Bowman (tax); and in Mexico by Mauricio Herias of VHG Servicios Legales S.C.
Goldcorp was represented internally by Randall Chatwin, Vice President, Assistant General Counsel, Andrew Spencer, Legal Counsel, Abel Martinez, Legal, Goldcorp Mexico, and Alejandro Guevara, Legal, Goldcorp Mexico. Cassels Brock & Blackwell LLP acted as external counsel to Goldcorp with a team that included Darrell Podowski, John Christian and Stefanie Sebanc (securities/mining/M&A); and in Mexico by Todd y Asociados, S.C. with a team that included Fernando Todd Dip, Jorge García Díaz and Jesús Bueno Cardona.