Osino Announces Filing of Definitive Feasibility Study Technical Report for Twin Hills Gold Project, Namibia
July 13 2023 - 6:00AM
Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
("
Osino” or “
the
Company”) is pleased to announce that further to
the announcement of its Definitive Feasibility Study on June 12,
2023, it has now filed the Technical Report entitled, "Definitive
Feasibility Study of the Twin Hills Gold Project, Namibia, NI
43-101 Technical Report" with an effective date of June 12, 2023,
signed July 5, 2023 (the "
Technical Report" or
"
DFS").
The DFS is for the Company's flagship Twin Hills
Gold Project ("Twin Hills" or the
"Project"), which is located in central Namibia
and is being advanced rapidly through accelerated drilling and
fast-tracked development studies.
The DFS was prepared by Lycopodium Minerals
Canada Ltd. ("Lycopodium") in accordance with
National Instrument 43-101—Standards of Disclosure for Mineral
Projects ("NI 43-101") and contemplates a
low-risk, technically simple, open-pit gold mine utilizing contract
mining and a conventional processing plant utilizing three-stage
crushing, milling, gravity separation and carbon-in-leach
("CIL") at a planned processing capacity of 5
mtpa.
For additional information and the most current
technical information, please refer to the Technical Report
available on the Osino website (www.osinoresources.com) and filed
on SEDAR under the Company's profile at www.sedar.com.
Qualified Person
Mr. David Underwood, BSc. (Hons) is
Vice-President Exploration of Osino and has reviewed and approved
the scientific and technical information in this news release. He
is a registered Professional Natural Scientist with the South
African Council for Natural Scientific Professions (Pr.Sci.Nat. Nr
400323/11) and is a Qualified Person for the purposes of NI
43-101.
Issuance of DSU’s
The Company also announces that is has approved
the grant of 35,716 deferred share units ("DSUs") having an
aggregate value of $40,000 to independent directors of the Company
pursuant to the Company's Omnibus Long-Term Incentive Plan, which
was approved by the Company's shareholders at its last shareholder
meeting.
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 Definitive Feasibility Study
(“DFS”) dated effective June 12, 2023. The DFS 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
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 recently completed financings, and the 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 SEDAR at www.sedar.com. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
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.
(Not for dissemination in the United
States of America.)
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