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Osino Provides Update on DFS for Twin Hills Gold Project, Namibia

Highlights Twin Hills Definitive Feasibility Study (“DFS”) results on track for release in mid-June 2023.Lycopodium, DRA and multiple other…

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  • Twin Hills Definitive Feasibility Study (“DFS”) results on track for release in mid-June 2023.
  • Lycopodium, DRA and multiple other specialist consultants commenced work on the DFS in Oct. 2022.
  • The DFS is based on an updated mineral resource estimate (“MRE”) including infill and resource expansion drilling completed since the release of the PFS in Sept. 2022.
  • Following the PFS published in Sept. 2022, capital and operating cost estimates have been updated, with cost saving opportunities identified during the PFS now reflected in the DFS estimates.
  • The Company is currently assessing a dual listing of its shares on the London Stock Exchange (“LSE”) to enhance the Company’s access to the pools of equity capital available in the UK and the EMEA region.

VANCOUVER, British Columbia, June 07, 2023 (GLOBE NEWSWIRE) — 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

On Behalf of The Board of Directors
Heye Daun, President & CEO

Osino Resources Corp.
Yaron Conforti, Corporate Development
[email protected]

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 The Company does not undertake to update any forward- looking information, except in accordance with applicable securities laws.


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