07:13 AM EDT, 04/10/2024 (MT Newswires) -- Orla Mining ( ORLA ) on Wednesday reported first-quarter gold production of 33,223 ounces and gold sales of 32,046 ounces for its Camino Rojo oxide mine in Mexico.

At March 31, Orla had US$29.7 million in net cash and including its undrawn credit facility had total available liquidity of US$179.7 million. Orla had a cash position of US$118.1 million and long-term debt of US$88.4 million. The company will report full first-quarter results on May 14.

In addition, Orla said it filed a notice of intent to arbitrate with the government of Panama regarding the Cerro Quema project. This comes after the Panamanian government rejected the request for extension for three mining concessions comprising the Cerro Quema project and retroactively declared the concessions canceled.

The notice of intent to arbitrate is intended to facilitate consultations between the government and the company. If consultations are not successful, Orla expects to file a formal request for arbitration under the Canada-Panama Free Trade Agreement late in the second quarter.