Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF)
(
"Osino” or “the Company”) is pleased to provide
an update progress with activities in support of the planned
development of Osino’s Twin Hills Gold Project (
“Twin
Hills” or “the Project”), following the successful
completion of a Definitive Feasibility Study in June 2023.
Heye Daun, Osino’s President and CEO
commented: “The award of this FEED study marks another key
milestone for Osino as it moves the Twin Hills Gold Project closer
to production. Having worked closely with Lycopodium on successive
technical studies over the last few years, we are delighted to have
selected them as the engineering lead towards the implementation of
the Twin Hills project. Lycopodium is recognized for their gold
processing plant design expertise and their world-class track
record of on-time and on-budget project delivery in Africa and
globally.
At the same time, the Osino team is making great
strides in further advancing various studies and activities towards
completing bulk power and water supply and towards concluding the
permitting process for the 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 planned to be a conventional
open-pit gold mine with a whole-ore carbon-in-leach (“CIL”)
metallurgical processing plant.
Proposed Project Development
Plan
The latest mineral resource and reserve
estimates, production and financial results and key valuation
metrics determined during the DFS were reported in the Company’s
press release dated June 12, 2023, and a Technical Report filed on
July 13, 2023.
Osino is currently putting in place the
necessary service agreements with multiple consultants for a
five-to-six-month FEED package and related work. Most consultants
being engaged in the Project were actively involved in the
preparation of the recently completed DFS.
An Owner’s Project team will coordinate the
activities of the main engineering, procurement and construction
management (“EPCM”) contractor and other
consultants, and in addition will be directly responsible for
supplementary resource drilling, detailed planning and early
implementation of Operational Readiness activities.
The main objectives of the FEED package and
related activities include:
- Develop plant
designs and procurement documents for major long lead equipment
items and construction packages to the point of being ready to
place orders when project implementation finance is in place.
- Compile the
overall process plant and infrastructure project master schedule
and control budget estimate.
- Initiate
detailed planning of borehole water supply, access road re-routing
and power line design and construction.
- Investigate
alternative tailings filtration equipment with potential to reduce
capital costs, as well as finalising the remainder of the process
engineering design for the plant.
- Update proposals
from preferred vendors to re-validate capital and operating cost
estimates.
- Optimise the
orientation of the TSF to utilise topography on site more
effectively.
- Test the planned
use of calcrete as one element of the composite lining for the
tailings storage facility (TSF).
- Enhance the
mining schedule to reduce or defer waste stripping where
possible.
- Prepare
trade-off studies of Owner vs Contract mining and mine vehicle
maintenance strategies.
- Update the
hydrological and hydrogeological models as well as the flood
mitigation plans for the site.
- Enhance the
geotechnical information and earthworks designs for the process
plant.
- Continue all
work necessary to obtain secondary permits and services for the
planned operation.
- Investigate use
of local building materials and resources for infrastructure design
and construction.
- Continue
investigating the potential to supply most of the Project’s
electrical power from renewable energy sources.
Additional resource drilling is expected to
improve the definition of the mining reserve, increase the extent
of the identified mineral resource, and ensure that the planned
process plant site is not underlain by potentially economically
recoverable mineralised material. The Operational Readiness
activities in this period will be focused on items that Osino needs
to put in place on site before construction activities can
commence.
In parallel to finalising the DFS, Osino has
also progressed detailed technical, environmental and social due
diligence with a credible mining project financier through their
internal approvals process and is aiming to complete legal
documentation and achieve financial close in H2 2023.
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.
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 National
Instrument 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 Definitive Feasibility Study
(“DFS”). 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
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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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