Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF)
(
“Osino” or “the Company”) is pleased to provide
an update on the definitive feasibility study for Osino’s Twin
Hills Gold Project (
“Twin Hills” or “the
Project”). The DFS is being consolidated by Lycopodium
Minerals Africa (Pty) Ltd. (“
Lycopodium”) in
accordance with National Instrument 43-101—Standards of Disclosure
for Mineral Projects ("
NI 43-101"), with
input from several consultants and Osino.
Heye Daun, Osino’s President and CEO
commented: “Our team is on track to deliver the Twin Hills
DFS in mid-June. During the preparation of the DFS we have
continued to optimise the project with respect to cost estimates,
performance across the flow sheet and further de-risking of the
project towards construction. The DFS optimisations and updated MRE
result in a robust project with strong economic fundamentals that
establish Twin Hills as a top-tier African gold development
project.”
The Twin Hills Gold Project is located within
Namibia’s prospective Damara sedimentary mineral belt, in proximity
to and along strike of the producing, open-pit Navachab and
Otjikoto gold mines. Twin Hills is amenable to conventional
open-pit gold mining and conventional, whole-ore CIL metallurgical
processing.
Proposed Project Development
Plan
The latest mineral resource and reserve
estimates, production and financial results and key valuation
metrics determined during the PFS were previously reported in a
Technical Report filed on October 26, 2022. The DFS is based on an
updated mineral resource estimate (“MRE”) taking into account
additional infill (resource conversion) and resource expansion
drilling completed since the release of the PFS.
The DFS has generated cost estimates with an
accuracy range of approximately ± 15%. In July 2023 our team
intends to commence a five-month front-end engineering design
(“FEED”) package. A small Owner’s Project team will coordinate the
activities of the main engineering, procurement and construction
management (“EPCM”) contractor and several other consultancies,
with Owner’s team responsibilities including direction of project
implementation as well as detailed planning and early
implementation of Operational Readiness activities.
In parallel to finalising the DFS, Osino has
also progressed financing negotiations with a credible mining
project financier and is working closely with their team to advance
due diligence and transaction structuring towards relevant
approvals in H2 2023. Osino will provide a further update on the
financing process upon such approvals being received. Project
implementation will commence once permitting has been completed,
full project financing is in place and a formal investment decision
(“FID”) has been made by Osino’s Board of Directors.
London Stock Exchange
Assessment
From time to time the Board of Osino, in
conjunction with its advisors reviews its current capital markets
profile, including access to institutional investors and financing
alternatives. To that end, and to broaden its shareholder base and
capital markets access, the company is currently assessing a dual
listing of its Shares on the standard listing segment of the
Official List of the FCA and admission to trading on the main
market of the London Stock Exchange.
Osino's portfolio of assets are located in
Namibia, and an LSE listing, from its geographical, time-zone
friendly and historic investment perspective are expected to
increase investor awareness of the Company’s African projects. The
Board will update the market as and when a formal decision is made
to pursue a London listing which should enhance the Company's
access to the pools of equity capital available in the UK and in
the EMEA region.
Qualified Person’s
Statement
David Underwood, BSc. (Hons) is Vice President
Exploration of Osino Resources Corp. and has reviewed and approved
the scientific and technical information in this news release and
is a registered Professional Natural Scientist with the South
African Council for Natural Scientific Professions (Pr. Sci. Nat.
No.400323/11) and a Qualified Person for the purposes of NI
43-101.
About Osino Resources
Osino is a Canadian gold exploration and
development company focused on the fast-tracked development of our
wholly owned Twin Hills Gold Project (“Twin Hills”) in central
Namibia. Since its grassroots discovery by Osino in August 2019 the
Company has completed more than 225,000m of drilling and has
completed a suite of specialist technical studies culminating in
the recently published Twin Hills Pre Feasibility Study (“PFS”).
The PFS describes a technically simple and economically robust
open-pit gold operation with a 2.15moz gold reserve, 13-year mine
life and average annual gold production of over 169koz per
annum.
Osino has a commanding ground position of
approximately 8,000km2 located within Namibia’s prospective Damara
sedimentary mineral belt, mostly in proximity to and along strike
of the producing Navachab and Otjikoto Gold Mines. The Company is
actively exploring a range of gold prospects and targets along the
belt by utilizing a portfolio approach geared towards discovery,
targeting gold mineralization that fits the broad orogenic gold
model.
Our core projects are favourably located north
and north-west of Namibia’s capital city Windhoek. By virtue of
their location, the projects benefit significantly from Namibia’s
well-established infrastructure with paved highways, railway, power
and water in close proximity. Namibia is mining-friendly and lauded
as one of the continent’s most politically and socially stable
jurisdictions. Osino continues to evaluate new ground with a view
to expanding our Namibian portfolio.
Further details are available on the Company's
website at https://osinoresources.com/
On Behalf of The Board of DirectorsHeye Daun,
President & CEO
CONTACT INFORMATIONOsino
Resources Corp.Yaron Conforti, Corporate
Developmentyconforti@osinoresources.com+1-604-687-2038
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding
Forward-Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the use of proceeds from the
Company's future plans or prospects of the Company, including
prospects for economic recoverability of mineral resources.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
statements are necessarily based upon a number of assumptions that,
while considered reasonable by management, are inherently subject
to business, market and economic risks, uncertainties and
contingencies that may cause actual results, performance or
achievements to be materially different from those expressed or
implied by forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Other factors
which could materially affect such forward-looking information are
described in the risk factors in the Company's most recent annual
management's discussion and analysis which is available on the
Company's profile on SEDAR at www.sedar.com. The Company does
not undertake to update any forward- looking information, except in
accordance with applicable securities laws.
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