Osino Signs Amended Ondundu Acquisition Agreement With B2Gold Corp.

VANCOUVER, British Columbia, June 28, 2022 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) ("Osino” or “the Company”) is pleased to announce that B2Gold Corp. ("B2Gold") has agreed to amend (the "Amendment") the Acquisition Agreement dated December 31, 2021 (the "Acquisition Agreement") to acquire the Ondundu gold exploration property in Namibia (“Ondundu”) to allow for payment of a significant portion and up to all of the Purchase Price (as defined below) by issuance of Company common shares to B2Gold instead of cash for the acquisition of the Ondundu gold project.

Heye Daun, Osino’s President and CEO, commented as follows: “We appreciate B2Gold’s agreement to accept Osino shares escrowed over time, as payment of a significant portion and up to all of the purchase price for Ondundu. B2Gold’s willingness to accept shares instead of cash is a vote of confidence in Osino, and goes a long way to preserving cash treasury in this challenging market environment. We look forward to rapidly creating value from Ondundu with the ongoing exploration and development of the project. We are already working on a maiden mineral resource estimate which is expected to be published well before the end of 2022. We have also commenced with additional metallurgical test work, with the aim of demonstrating a development pathway for the Ondundu project. We believe that Ondundu has significant potential.”

About Ondundu

Ondundu is an advanced stage gold exploration project located 250km northwest of Windhoek within exclusive prospecting license (“EPL”) 3195. The license has a surface area of 19,969 hectares and the project is hosted within the Northern Zone of the Neoproterozoic Damara Orogen in north-central Namibia. The project was first discovered in 1917 and has a long history of mining and exploration. First gold was noted in the area in 1917 by European explorers and between 1922 and 1964 approximately 20,000oz of gold were recovered by small scale miners on various mining claims in what is now known as the Ondundu Main Zone (OMZ). More than 55,000m of RC and diamond drilling has historically been completed on the project, including approximately 36,000m of diamond and RC drilling completed by B2Gold between 2015 and 2020.