Osino Resources Corp. (
TSXV:OSI)
(
NSX:OSN) (
FSE:RSR1)
(
OTCQX:OSIIF) (“
Osino” or
“
the Company”) is pleased to announce the release
of its Sustainability Report for 2022, which summarises the
company’s social, environmental and economic performance and
outlines plans for the ongoing integration of sustainability into
the design of the Twin Hills Gold Mine.
The Twin Hills Gold Project, located near
Karibib in Namibia, is on track to create approximately 1,000
permanent new jobs in the region and has, since inception,
attracted C$56 million (N$634 million) in foreign direct investment
for the Namibian economy, as detailed in Osino’s 2022
Sustainability Report.
Report Highlights:
Foreign direct investment in Namibia
- During 2022, Osino’s Namibian procurement spend was C$9.5
million (N$124 million)
- Additionally, Osino paid C$2 million (N$27 million) in wages
and C$221k (N$3 million) to the Namibian government (social
security, PAYE, workman’s compensation and training levy)
- Since 2017, Osino has invested a total of C$56 million (N$634
million) in Namibia
Prioritising local employment
- 92% of Osino employees are Namibian nationals and 38% are from
local communities around the Twin Hills Gold Project
- Equal pay for equal positions applies throughout the
company
- 22% female employees in a male-dominated industry
- Approximately 1,000 jobs likely to be created with local and
national employment prioritized, subject to skills
availability
Strengthening local communities and
relationships
- 79% local procurement spend in Namibia, of which a quarter was
within 75km of Twin Hills
- Ongoing support of strategic socio-economic development
projects through the Twin Hills Trust
- Well-attended public engagement meetings held in Windhoek,
Karibib and Omaruru in November 2021. Meetings with local
authorities are ongoing
Rigorous compliance approach
- Completed environmental and social impact assessment (ESIA) for
the Twin Hills Gold Project to establish baseline and identify
potential impacts
- Completed environmental and social management plan (ESMP) for
the Twin Hills Gold Project to guide management of current and
future impacts
- Completed the Pre-feasibility Study (PFS) in 2022 and
Definitive Feasibility Study (DFS) in July 2023
- Received Environmental Clearance Certificate in November
2022
A focus on environmental performance
- Zero significant environmental incidents recorded
- Reduced energy and emission intensity per metre drilled
- Ongoing investigation into carbon-reducing technologies and
strategies for the Twin Hills Mine, e.g. the planned solar PV plant
that will provide about 37% of the mine’s electricity needs
Heye Daun, Osino CEO and President,
commented, “Being a responsible corporate citizen is
central to how we do business and we are working towards our
purpose of ‘building value for all stakeholders’ – the best outcome
for all stakeholders – by embedding sustainability in as many
aspects of our business as possible. The release of the
sustainability report underscores Osino’s goal of becoming another
strong advocate for responsible gold mining in Namibia. This
commitment draws inspiration from several global frameworks and
guidelines, including the United Nations Sustainable Development
Goals, the Mining Principles set forth by the International Council
of Mining and Metals, the Reporting Standards of the Global
Reporting Initiative and the Namibian Best Practice Guide to
Mining.”
Showcasing positive environmental and social impact to
date
The 2022 Sustainability Report showcases Osino’s
substantial positive impact on the Namibian economy and local
communities and details the company’s plans to minimise its impact
on nature and the environment.
As part of its commitment to the economy of
Namibia, Osino has a policy to buy, where possible, from local
companies. In 2022, the company spent C$9.5 million (N$124 million)
on procurement with Namibian suppliers, of which 26%, C$2.4 million
(N$32 million), was spent on suppliers located within 75 km of the
Twin Hills Gold Mine Project.
Of all Osino employees, 90% are Namibian and of
all employees in Namibia, 98% are Namibian. Of these, almost 40%
come from the host communities surrounding Twin Hills, which are
areas grappling with high unemployment rates. Twenty-two percent of
employees in a male-dominated industry are women, and Osino aims to
increase this number.
Osino also supports several strategic
socio-economic development initiatives in its immediate vicinity,
including early childhood development of over 600 children in
Karibib and Omaruru. It has also contributed to developing
low-cost, serviced plots and upgrading and installing basic
sanitation infrastructure in an informal settlement in Karibib.
These projects are managed by local NGOs in collaboration with town
councils and the Twin Hills Trust and are already having a positive
ripple effect on the local economy.
The company’s strong focus on environmental
performances is demonstrated by Osino’s motivation to design the
future mine to minimise water consumption and carbon-emissions, and
to also minimise other environmental impacts. For its exploration
activities, there have been zero significant environmental
incidents since inception.
Definitive Feasibility Study lays
groundwork for sustainable future
Osino recently completed its Definitive
Feasibility Study (DFS) for the Twin Hills Gold Project, which
included the results and recommendations of a series of social and
environmental studies and plans to lay a strong foundation for
minimising the potential negative impacts and expanding on the
positive potential of the Twin Hills Gold Mine.
“Our commitment is to make sure we contribute to
good environmental stewardship and to the socio-economic
development of Namibia, and particularly to that of our host
communities,” says Daun.
“We are, for example, planning to build a solar
PV plant that will generate up to 37% of the required electricity,
we are exploring a dry-stack tailings facility to significantly
reduce water losses, and we are investigating opportunities to
prioritise local hiring, skills development and small business
development.”
The DFS has also de-risked the project, which
allows Osino to move forward with the development of the mine.
Construction is expected to start in 2024.
Daun concludes: “As we transition to mine
development and operations, we continue to focus on and expand our
commitment to responsible mining practices and we are very pleased
to be formally reporting on this for the second time, through our
Sustainability Report for the year 2022. We are proud of the
company’s positive contributions to the local economy to date and
excited about the opportunities ahead.”
Read more about Osino’s sustainability
performance and plans in the report on the company’s
website:
https://osinoresources.com/responsibility/
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 in central Namibia. Since its
grassroots discovery by Osino in August 2019 the Company has
completed more than 240,000m 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 13-year mine
life and average annual gold production of over 169,000oz per
annum.
Osino has a commanding ground position of over
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 and under the Company’s
profile on SEDAR+ at www.sedarplus.ca.
On Behalf of The Board of DirectorsHeye Daun,
President & CEO
CONTACT INFORMATION
Osino Resources Corp.Yaron Conforti Corporate
Development +1-604-687-2038 yconforti@osinoresources.com
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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