Osino Receives Environmental Clearance Certificate For Its Twin Hills Gold Project, Namibia

• Osino receives an Environmental Clearance Certificate (“ECC”) from Namibia’s Ministry of the Environment, Forestry and Tourism (“MEFT”) for its Twin Hills Gold Project in Namibia.

• The ECC is subject to the relocation of historical graves which are located within the Twin Hills project area. A process is underway to secure the necessary consent to conclude this to the satisfaction of Namibia’s National Heritage Council (“NHC”).
• The issuance of the ECC thus concludes one of three significant outstanding conditions for the conclusions of a full mining license (“ML”) for the Twin Hills gold project, to be issued by Namibia’s Ministry of Mines & Energy (“MME”). The process has been further described in a news release dated 31 October 2022.
• The other conditions to the issuance of a full, unconditional ML are the implementation of a 5% non-carried minority interest for local shareholders and achievement of customary affirmative action quotas (20% of management) and the submission of a strategy for adherence to the Namibian government’s poverty alleviation and socio-economic upliftment strategy of especially disadvantaged population groups.
• Granting of the ECC thus substantially de-risks Osino’s permitting timeline and confirms Namibian regulatory support for the rapid advancement of Osino’s Twin Hills Gold Project into the development phase.
• Applications to obtain the necessary secondary permits have commenced with the aim of concluding all permitting, initiating early works and commencing with construction during H2 2023.

VANCOUVER, British Columbia, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) (“Osino” or “the Company”) is pleased to announce that the Namibian Ministry of Environment, Forestry and Tourism (“MEFT”) has issued an Environmental Clearance Certificate (“ECC”) for the Twin Hills Gold Project (“Twin Hills” or “the Project”) which is valid for three years and renewable on a three yearly cycle.

Twin Hills’ most recent technical study, a pre-feasibility (“PFS”) study released in September 2022, outlines a 13-year open-pit mine life with an average annual gold production rate of 169koz per annum at all-in sustaining costs of US$930/oz in the 10 years of operation. This is based on 2.15 Moz in reserves.

Heye Daun, Osino’s co-founder, President and CEO commented: “We are very pleased to have received environmental authorization for full-scale mining for our Twin Hills gold project. We recognize that there are still a few outstanding approvals and consents to be achieved (such as the grave relocation, conclusion of the site-specific secondary permits, and the additional conditions to the mining license explained below). Nevertheless, this milestone takes us one step closer to being fully permitted. This again confirms Namibia as one of the world’s top mining jurisdictions, where it is possible to permit and advance a large-scale open pit gold mining project, according to global best practices, from inception to approval within less than three years. We commend our Namibian regulators and service providers for this remarkable achievement.”