Oshino receives 20-year mining license and positive environmental permit review for Namibia’s Twin Hills gold project, The Canadian Business Journal

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• Osino has received confirmation of ‘readiness for grant’ from Namibia’s Ministry of Mines and Energy for a 20-year mining license for Osino’s Twin Hills gold project.
• The Environmental and Social Impact Assessment (ESIA) and Environmental Management Plan (EMP) received a positive review, confirming that there were no critical project flaws.
• A mining license is subject to a number of customary conditions, including compliance with an agreed work programme, concluding environmental permits, implementation of a 5% carried interest to local shareholders, and submission of a poverty compliant strategy to the Namibian government. subject to the performance of Mitigation and socioeconomic enhancement strategies for particularly disadvantaged population groups.
• The granting of conditional mining licenses and advances in environmental permits will reduce permitting schedule risk and confirm Namibia’s regulatory support for Osino’s Twin Hills Gold project to move rapidly into the development phase.

VANCOUVER, British Columbia, October 31, 2022 (GLOBE NEWSWIRE) — Oshino Resources Corporation (TSXV: OSI) (FSE: RSR1) (OTCQX: OSIIF) (“Oshino” Also “Company) is a wholly owned Twin Hills Gold Project (“Twin Hills” Also “project”) in Namibia.

Osino recently introduced pre-feasibility (“PFSThe Twin Hills study, based on reserves of 2.15 Moz, outlines a 13-year open pit mine life with an average annual gold production of 169koz per year at a total 10-year ten-year total maintenance cost of USD 930/oz. increase. surgery. The grant of the mining license confirms that Twin Hills is rapidly progressing in key jurisdictions and establishing itself as a top-tier partially permitted project.

Osino co-founder, president and CEO Heye Daun said:: “Confirmation of readiness to grant a 20-year mining license for the Twin Hills Gold Project from the Ministry of Mining and Energy of Namibia, subject to fulfillment of a number of remaining conditions customary under Namibia’s regulatory regime. I am very pleased to have received it. Receipt of the mining license is a major acknowledgment of the progress Osino has made in advancing his Twin Hills Gold Project and confirms the Namibian government’s support for the ongoing development of the project. Twin Hills’ reputation as one of Namibia’s most exciting mining development projects continues to grow and we are very grateful for the partnership shown by all Namibian permitting agencies throughout this process. “

mining license

Namibia Ministry of Mines and Energy (“MMEs”) completed review of the mining license application filed in August 2021 and subsequently issued a mining license to Twin Hills subject to certain customary conditions.

These conditions include (i) meeting employment quotas for certain disadvantaged groups in Namibia; (ii) 5% carry interest (free carry) by certain disadvantaged groups in Namibia; (iii) issuance of environmental clearance certificates (“ECC”) Ministry of Environment, Fisheries and Tourism of Namibia (“Meft”), and (iv) obtaining the remaining secondary permits to operate the mine.

Osino is very pleased with the partnerships shown by Namibia’s various permitting agencies so far and is confident that with the ongoing progress of the project, it will be able to meet the remaining conditions for the full granting of a mining license. doing.

environmental certification

In conjunction with the mining license application process, environmental and social impact assessments (“ESIA“) Completed. The ESIA included a full baseline expert survey and extensive stakeholder engagement conducted through much of 2021 and early 2022. Completed ESIA and Environmental management plan (“EMPs”) was submitted to MEFT in March 2022 to review the full impact assessment document and no critical flaws were found.

ECC review and issuance is in the final stages. One of the standout aspects is the conclusion of a proper engagement, documentation and management process for the relocation of historic tombs at the Twin Hills project site. Stakeholders have agreed to relocate the grave to an agreed new location. Oshino is currently preparing to submit a final report to the National Heritage Council of Namibia (“NHC”) including recently completed stakeholder engagement and mitigation measures. Following this, the NHC plans to submit his recommendations to the MEFT regarding the issuance of his ECC for the Twin Hills project.

Now that Twin Hills is moving rapidly into the development phase, Osino’s project team is working with the relevant Namibian lines for the necessary site-specific secondary licenses that the company will need to enter into before entering the construction and operational phases. We also work with ministries. These include acknowledgments of:

• Incidental construction permission
• Bulk fuel storage permit
• Explosive magazine license
• Permission to use gunpowder, Permission to incinerate packages
• Borehole water intake permission
• Tailings Waste Disposal Permit
• Drainage Permit
• River diversion permission
• Clearing permission
• Allow Emission Stacks and Towers

Oshino continues to comply with Namibian due process and is working with all relevant Namibian authorities to ensure that Twin Hills is fully licensed as soon as possible within the project development period.

Qualified person statement

David Underwood, BS. (Hons), Vice President of Exploration for his Osino Resources Corp., has reviewed and approved the scientific and technical information in this news release of his, and has signed with the South African Natural Science Professionals Council (Pr. Sci. Nat. No. 400323/11) and a qualified person for the purposes of National Instrument 43-101.

About Oshino Resources

Osino is a Canadian gold exploration and development company focused on the rapid progress of the wholly-owned Twin Hills Gold Project (“Twin Hills”) in central Namibia. Since Osino’s grassroots discovery in August 2019, the company has completed his 220,000m-plus drilling and advanced engineering studies on the project, culminating in the recently unveiled Twin Hills PFS.

Osino has a ground command position of about 6,900 km.² Located within Namibia’s promising Damara sedimentary mineral belt, it is in close proximity to, and along strikes with, the mostly producing Navachab and Ochikoto gold mines. We actively explore various gold prospects and targets along the belt by utilizing a portfolio approach to discovery, targeting gold mineralization that fits a wide range of orogenic models. I’m here.

Our core projects are located north and northwest of Windhoek, the capital of Namibia. Thanks to their location, these projects benefit greatly from Namibia’s well-established infrastructure, with paved highways, railways, power and water nearby.

Namibia is mining friendly and has been hailed as one of the most politically and socially stable jurisdictions on the continent. Osino continues to evaluate new ground with a view to expanding its portfolio in Namibia.

For more information, please visit the company’s website at https://osinoresources.com/.

On behalf of the Board of Directors
Hey Down
Chief Executive Officer, President and Director

contact address

Oshino Resources Corporation
Julia Becker: Investor Relations Manager
Phone: +1 (604) 785 0850
[email protected]

Cautionary Note Regarding Forward-Looking Statements

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 from our future plans or projections, including projections of the economic recoverability of our mineral resources. Forward-looking information is generally disclosed using forward-looking terms such as “plans,” “expects,” “does not expect,” “expects,” “budget,” “planned,” and “estimate.” can be identified using “predict,” “intend,” “predict,” “do not predict,” or “believe,” or variations of such words or phrases, or that a particular action, event, or outcome “may” ‘, ‘could’, ‘could’, ‘could’, ‘may’ or ‘obtained’, ‘occurred’ or ‘achieved’. Forward-looking statements, while believed to be reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies and must be based on a number of assumptions. may cause actual results, performance or achievements to differ materially from those expressed. or implied by forward-looking statements. We have attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking information, but we do not believe that they could cause results to differ from those anticipated, estimated or intended. There may be other factors that There can be no assurance that such information will prove to be accurate, as actual results or future events could differ materially from those anticipated in such statements. You should not place undue reliance on forward-looking information. Other factors that may materially affect such forward-looking information are set forth in our most recent annual Management Discussion and Analysis Risk Factors.This is available on our profile on SEDAR www.sedar.com. We do not undertake to update forward-looking information, except in accordance with applicable securities laws.

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