Resources

Osino Resources Closes Minority Interest Acquisition and Files Technical Report for Twin Hills Gold Project, Namibia

VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — Osino Resources Corp. (TSXV: OSI) (FSE: RSR1) (OTCQX: OSIIF) (“Osino” Where “the company”) is pleased to announce that, further to its press release dated August 16, 2022, the Company has completed the acquisitions of two remaining minority interests in the mining properties comprising the Twin Hills gold project (the “Acquisitions“).

Osino has completed the acquisition of the remaining 10% of the shares in the capital of Osino Namibia Minerals Exploration (Proprietary) Limited (“ON ME“) for an aggregate consideration of CA$870,000 paid by the issuance of 1,000,000 common shares of the Company to Ominda Mineral Resources Close Corporation (“Ominda“), which is at arm’s length from Osino (the “Acquisition of ONMEONME was a 90% subsidiary of Osino and owns 8 EPLs covering a total of 86,409 hectares, including an EPL that hosts gold mineralization from the Clouds deposit, part of the overall Twin Hills gold mineral resource of ‘Osino. As a result of the acquisition of ONME, Osino now owns 100% of ONME. The ordinary shares of the Company issued in connection with the acquisition of ONME are subject to a resale restriction for a period of 24 months from the closing date.

In addition, Osino also acquired 20% of the shares of Richwing Exploration (Pty) Ltd (“richwing”) for a total consideration of C$137,931 (the “Acquisition of Richwing“), paid for by the issuance of 37,615 shares and a cash payment of C$96,552 to Richroad Investments Close Corporation (“richroad“) and South Wing Investments Close Corporation (“south wing“), which deal at arm’s length with Osino. Richwing was 80% owned by Osino and owns an EPL that hosts gold mineralization and industrial minerals south of the Twin Hills project area. transaction, Osino will own 100% of Richwing. Following the acquisition of Richwing, Osino now owns 100% of Richwing. The common shares of the Company issued in connection with the acquisition of Richwing are subject to a resale restriction for a period of 24 months from the closing date.

All common shares of the Company issued in connection with the acquisitions are also subject to a four-month statutory holdback from the date of issue. No finder’s fees were payable with respect to the acquisitions.

Osino also plans to complete an additional acquisition of minority interests of 3% of the shares in the capital of Osino Gold Exploration and Mining (Proprietary) Limited (“Osino GEM“) as previously announced by the Company on August 16, 2022. Following this acquisition, Osino will own 100% of Osino GEM. The Company expects to complete the acquisition of Osino GEM within a few weeks, as the Acquisition is subject to TSX Venture Exchange approval.

Additionally, Osino is pleased to announce that it has filed a technical report titled “Twin Hills Gold Project, Namibia, NI 43-101 Technical Report” dated July 26, 2022 and signed on September 9, 2022 (the “EMR technical report“) for its increased mineral resources announced in the Company’s news release dated August 9, 2022. The MRE Technical Report was prepared and filed in accordance with National Instrument 43-101—Disclosure standards for mining projects (“National Instrument 43-101“). The technical report relating to the Company’s latest pre-feasibility study, made public on September 6, 2022, is expected to be filed in late September or early October.

For additional information, please refer to the MRE Technical Report available on Osino’s website and filed on SEDAR under the Company’s profile at www.sedar.com which contains more complete technical information, which has also summarized in the company’s August 9 press release. 2022.

Declaration of the qualified person

David Underwood, BSc. (Hons) is vice president of exploration for Osino Resources Corp. and has reviewed and approved the scientific and technical information contained in this press release and is a professional natural scientist registered with the South African Council of Natural Science 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-based gold exploration and development company focused on the accelerated development of our Twin Hills gold project (“Twin Hills”) in central Namibia. Twin Hills is at an advanced stage of exploration and development with over 220,000m of drilling completed on the project since its initial discovery by Osino with various advanced development studies underway.

Osino has a large ground position of around 6,900 km2 located in the future Damara sedimentary mineral belt in Namibia, mainly near and along the strike of the Navachab and Otjikoto producing gold mines. The Company is actively exploring a range of gold prospects and targets along the belt using a discovery-driven portfolio approach, targeting gold mineralization that matches the broad orogenic gold pattern.

Our main projects are conveniently located to the north and northwest of Windhoek, the capital of Namibia. Due to their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railways, electricity and water nearby. Namibia is mining-friendly and considered one of the most politically and socially stable jurisdictions on the continent. Osino continues to evaluate new land 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 Directors

“Hey Daun”

Hi Daun
CEO, President and Director

CONTACT INFORMATION

Osino Resources Corp.
Julia Becker: Head of Investor Relations
Such. : +1 (604) 785 0850
This email address is protected from spam. You need JavaScript enabled to view it.

Caution Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the use of proceeds of the Company’s future plans or prospects for the Company, including prospects for economic recovery 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 planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking statements are necessarily based on a number of assumptions which, although considered reasonable by management, are inherently subject to business, economic and market risks, uncertainties and contingencies that could cause actual results , actual performance or achievements 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 the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. 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 that could materially affect such forward-looking information are described in the Company’s most recent annual management report, risk factors, 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.

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.